Spreadex Market Update

EU/UK vaccine tensions contribute to slow, red-tinged start to Monday’s trading



 

Following on from last Friday’s bumpy landing, the European markets couldn’t shake their anxieties at the start of Monday’s trading.

Much of the focus, in Europe at least, is on the vaccine-related tensions between the UK and EU.

Over the weekend European Commission chief Ursula von der Leyen issued a warning to AstraZeneca, and by extension the UK, stating that the EU has the power to ‘forbid’ exports of the vaccine.

This as a third wave of covid-19 creeps its way across continental Europe in the face of a sluggish vaccine rollout, leading to fresh lockdowns in France and Italy.

And with a delay in 5 million Oxford/AstraZeneca doses from India already threatening the UK’s own vaccine timetable, there are fears that this EU export ban would further hinder the country’s restriction-easing plans.

These anxieties, coupled with last week’s post-Fed bond sell-off, made themselves felt after the bell.

The FTSE was back below 6,700 as it shed half a percent, lurking at levels last seen 2 and a half weeks ago.

And though the DAX, bruised at the end of last week but not too far off its all-time highs, kept its own losses to a minimum, the CAC fell 0.8% to a 12-day low of 5,951.

Looking ahead and the Dow Jones is facing its own 10-day low this afternoon, with a prospective 0.2% decline leaving it hovering around 32,550.

It’s another busy week for Jerome Powell, who speaks at a virtual event this Monday before testifying in front of the House and Senate this week, so the US markets could be in for more central bank drama.

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