Though it’s not quite clear what the markets are expecting exactly – beyond two socially-distanced old men attempting to slam dunk each other – US investors clearly weren’t interested in doing anything ahead of tonight’s presidential debate.
Unchanged at the open, leaving yesterday’s 400 point-plus rebound intact, the Dow Jones sat just under 27600 at the start of Tuesday’s trading. It is going to be fascinating to see how the futures behave during the debate, and after the dust has settled on Biden v Trump 1, and whether or not it will mark a renewed focus on the election now that it sits just 5-weeks away.
Calming down as the session went on, the Eurozone indices began to echo the Dow’s dull start. The DAX and CAC reduced their losses to 0.2% apiece, despite the euro shooting 0.6% higher against the dollar and 0.4% against the pound.
Unable to significantly reduce its early decline, the FTSE remained down around half a percent, keeping it just above 5900 but off of yesterday’s 1-week peak. In perhaps a better reflection of how the country is doing, the UK-focused FTSE 250 dropped close to 1%, dragged lower by a 7.2% plunge from Greggs, which warned of a tough time for the ‘foreseeable future’ while cautioning of shrinking staff hours and job cuts.
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