Though nowhere near as bad as they were at the open, the European and US markets nevertheless remained in the red on second wave fears this Monday.
The Dow Jones was one of the worst hit, shrinking by 500 points. That leaves the index the wrong side of 25100, returning it to levels last seen at the end of May, the rapid gains of early June now wiped out completely.
Interestingly this godawful start in the US didn’t force Europe back to its morning lows. The DAX, which at one point was down 300 points, trimmed its losses to a manageable 50 points, while the CAC only fell 0.3%.
With its commodity stocks in a bad, the FTSE was left with a nastier 0.7% drop, keeping the UK index under 6050.
As the week goes on investors seem like they will be keeping a close eye on covid-19 case numbers out of China and the USA, especially the latter, which never really got a lid on the pandemic in the first place.
For the UK Tuesday marks the start of a busy run of data, from the latest jobs report to Wednesday’s inflation reading and Friday’s retail sales numbers. And that’s not to mention a potentially huge Bank of England meeting on Thursday.
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