Everything is sober on Wall Street at This is a wonderful daySo here’s a quick summary.
Global stock markets posted their strongest weekly gains since AprilWhile Joe Biden is getting closer and closer to the US presidency.
The US S&P 500 Corporate Index put in 7% this weekA big retreat from last week’s losses. This is the strongest rally since markets were recovering from their March drop:
Investors are welcoming the prospects of some political certainty, after a long and arduous campaign. All eyes are now turning to the issue of the new fiscal stimulus package.
Oliver Jones, Capital Market Leader EconomicsHe told the Guardian:
There is certainly some relief that things like tougher tax policy and tougher corporate reforms seem off the table without Democrats controlling Congress.
“Basically, it will look more like the status quo, which is the result that most companies like,”
However, the Senate battle was not officially over – It could remain unresolved until JanuaryIn Georgia, if both seats were decided by a run-off, this could result in a 50:50 split.
Control of the Senate will determine the size of the next fiscal stimulus package, the prospects for tax reforms and regulations for big technology
In London, the FTSE 100 recorded its best week since June, Ending at the highest in three weeks.
The global rally also pushed Japan’s Nikkei index to its highest closing level in 29 years Since the 1980s the asset boom has exploded.
The latest US jobs report showed the challenge facing the White House. Encouragingly, the unemployment rate fell sharply to 6.9% last month, as non-farm payrolls jumped by 638,000. But that still means 10 million jobs lost since the pandemic began.
In other news …
More than 860 people lost their jobs instantly, and another 2,000 jobs were at risk after the Edinburgh chain, Woolen Mill and hardware retailer Ponden Home called in officials.
UK house prices rose at the fastest annual rate in more than four years in October.
EasyJet is scaling back its flight schedule further after the introduction of new lockdown measures in the UK and mainland Europe, A maximum of 20% of planned trips will be operated for the rest of the year.
Stay tuned for our awesome blog, US Politics Live for the latest election actions – and Joe Biden is due to speak later …. Gw