World News – UK – Dow down 950 points, worst day since June

Investor sentiment takes a hit as COVID-19 cases rise globally

CAMEROON MAGAZINE - GM26/10/20202 Mins read68 Views

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BMO Capital Markets Chief Investment Strategist Brian Belski explains why the markets are down and shares his investment tips

Shares fell on Monday as traders questioned whether US lawmakers would pass yet another fiscal stimulus bill to support the economy and as Europe put additional restrictions in place to tackle the COVID-pandemic 19

The Dow Jones Industrial Average fell more than 950 points or 34% on pace for the worst session since June As the S&P 500 and the Nasdaq Composite sank 28% and 27%, respectively The two headed for the worst day since September

Oil fell below $ 40 a barrel, a three-week low, making energy stocks the worst performing group in S&P along with industry

Investors are also gearing up for the busiest week for S&P 500 earnings, with over a third of companies reporting including Amazon, Apple, Caterpillar and Exxon Mobil to name a few

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On the stimulus front, over the weekend, House Speaker Nancy Pelosi and White House Chief of Staff Mark Meadows both accused the other side of moving the posts of goal Pelosi, however, added that a deal « could come » this week

European indices also fell on Monday, as the Italian government announced it would close bars and restaurants at 6pm, as gyms and cinemas were closed to fight the second wave of COVID-19 infections Separately, Spain said it would introduce a curfew, from 11 a.m.

The German DAX fell 27%, while the French CAC 40 fell 12% and the UK FTSE 100 declined 06%

On Sunday, the US reported 60,789 new cases of coronavirus, down from previous days, but still rising Deaths in US topped 225,000, the highest number of any country, according to data compiled by the University Johns Hopkins

New home sales in September fell unexpectedly to 959,000 from previously 994,000 Economists polled by Refinitiv expected sales to climb to $ 1,025 million

However, the results season will shift into high gear, with Twilio Incet NXP Semiconductor ready to share their results

SAP shares fell after the European enterprise software maker lowered its outlook for 2020, noting that the coronavirus pandemic has pushed back investments from its customers

Dunkin ‘Brands shares soared after the company held talks to sell to Inspire Brands, FOX Business confirmed The deal was first reported by The New York Times

Chinse’s fintech company Ant Group said it would raise $ 34.5 billion in an IPO in Hong Kong and China, the biggest IPO of all time Chinese trading giant electronics Alibaba owns about a third of the Ant group, according to filed documents