Rolling coverage of the latest economic and financial news
Good morning, and welcome to our rolling coverage of the world economy, the financial markets, the eurozone and business.
The Dow jumping 400 points yesterday shows the exact same nervy trading that sent it lower hundred of points last week. We don’t read this as a ‘confident in stocks’ 400 points but more an ‘too uncertain to keep selling’ 400 points.
A 10-point Biden lead according to a poll from the NBC/Wall Street Journal may have offered investors some more strength in their convictions.
Our pricing is suggesting a strong open for European and US stocks tonight, ahead of what’s going to be a manic 24-hours. Election day has finally arrived, and although the market seems to be betting on a Biden victory, there’s so many potential outcomes to this event, that the way trade will unfold is almost unknowable.
However, best and the worst result for the market is pretty clear: a definitive result, if not on election night, then in the couple of days following, will be greeted with great relief by the markets; a close, and subsequently contested, result would bring trepidation.
Markets grinding higher through Asian session.