US Q3 Rebound And ECB Stimulus Hints Keep Rebound Alive, But Dow Jones Struggles

US Q3 Rebound And ECB Stimulus Hints Keep Rebound Alive, But Dow Jones Struggles

Spreadex  | Oct 30, 2020 04:45

Though they started the day with little reason to rebound, a couple of hand-holds emerged for the markets as Thursday went on.

The two main headlines this afternoon came from the Eurozone and the US. Out of the former, ECB chief Christine Lagarde indicated that the central bank will expand its bond-buying programme in December, as the region prepares itself for a ‘very negative’ November following the lockdown announcements in France and Germany.

In the States, meanwhile, it was revealed that the economy rebounded by a better than forecast 33.1% at the annualised rate, compared to the 31.4% contraction seen in Q2. And even though that number masks a lot of pain for the average American, likely to materialise figures-wise in the fourth quarter, the surface-level positivity was just about enough for investors.

Europe outstripped the US in terms of gains. The FTSE climbed half a percent, remaining shy of 5600, while the DAX and CAC maintained the 0.8% and 0.6% increases seen this morning.

But with the dollar strong against the pound and the euro – the greenback rose 0.6% and 0.7% respectively, as the US Q3 GDP reading came alongside growth revisions for the UK and Eurozone – the Dow Jones puffed its way through the open.

Up a handful of points, the Dow barely scratched at yesterday’s losses, stuck the wrong side of 26,550. The index will be hoping that Apple (NASDAQ:AAPL) and Google-parent Alphabet (NASDAQ:GOOGL), both of which update investors this evening, will give it something to smile about heading into the end of the month.

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Hassan Khalid
Hassan Khalid

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Oct 30, 2020 10:47 GMT· Reply
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