Daily Digest: Monday 4th November
Equities
Heading into a new week, traders across Europe have had the weekend to break down and dive into the details of last week’s Autumn budget. The budget, delivered by a Labour chancellor for the first time in fourteen years saw the treasury implement a reformed tax regime targeting £44 billion in additional revenues, while setting key spending targets for the National Health Service alongside education, defence, and housing sectors. The London listed equity has somewhat improved from the end of last week as the UK’s benchmark index, the FTSE 100 (FTSE) rose 24.22 points (0.30%) to 8,201.37. This outlook should in theory remain somewhat cautious into Tuesday as the US election takes place and former President Donald Trump faces current Vice-President Kamala Harris. On the continent, sentiment was marginally weaker as the STOXX 600 (STOXX) fell 1.69 points (0.33%) to 509.21.
Market movements in the US were not dissimilar to those in Europe as we edge closer to tomorrow’s elections. Polls remain tight into Tuesday, with Pennsylvania emerging as a key battleground between the candidates, and the possibility of a greater legal challenge over the election result grows. The Dow ($INDU) experienced the sharpest declines falling 257.59 points (0.61%) to 41,794.60, while the Nasdaq 100 ($NDX) fell 59.93 points (0.33%) to 18,179.98, and the S&P 500 ($SPX) fell 16.11 points (0.28%) to 5,712.69.
What to Watch Tomorrow
UK Services PMI
US Presidential Election
US Services PMI
Sources:
https://uk.finance.yahoo.com/world-indices/
https://uk.finance.yahoo.com/commodities
https://www.londonstockexchange.com/indices/ftse-100
https://www.binance.com/en-GB/price/bitcoin
https://www.binance.com/en-GB/price/ethereum
https://qontigo.com/index/sxxp/
Stock Market Activity Today & Latest Stock Market Trends | Nasdaq
https://coinmarketcap.com/charts/#market-cap
https://www.forexfactory.com
Definitions:
YoY - Year on Year, or, Year over Year
MoM - Month on Month, or, Month over Month
QoQ - Quarter on Quarter, or, Quarter over Quarter
ECB - European Central Bank
BOJ - Bank of Japan
Fed - Federal Reserve
BOE - Bank of England
SNB - Swiss National Bank
DOJ - Department of Justice