Spreadex | Oct 30, 2020 09:30
It was another fragile start on Friday, a fraught October currently set to quietly come to a close ahead of an explosive start to November next week.
After Thursday’s rebound petered out by the end of the session, the FTSE slowly began to rouge itself up this morning, dipping a handful of points as it fell below 5560.
One of the question marks over the FTSE at the moment is whether or not it has priced in the potential for a nationwide lockdown in the UK, something it feels like the country is creeping towards as the Conservative’s piecemeal approach fails to stem the growth of the virus.
That, as well as how much it is considering next Thursday’s Bank of England meeting, and the potential stimulus boost that will come with it.
To be fair to the FTSE, a week feels like a year, especially since these developments probably lay beyond Tuesday’s Presidential election in the US.
Over in the Eurozone the losses were slightly more pronounced, a few more investors getting the hell of out dodge as Germany and France prepare for their own nationwide lockdowns. The DAX slipped another half a percent, leaving the bourse perilously close to falling under 11,500.
In a worrisome sight for Europe, the Dow Jones is heading for a 430 point decline when trading gets underway stateside, a move that may well exacerbate the morning session’s losses.
Set to leave the Dow below 26,250 for the first time since mid-July, the index is suffering from an earnings hangover after last night’s blockbuster releases – including a 5% post-market drop from Apple (NASDAQ:AAPL) after collapsing sales in China undid any good will gained from beating analysts’ estimates.
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