Spreadex Market Update

FTSE fall on fresh covid-19 records, rescue-package-focused EU summit continues



Another alarming weekend for covid-19 cases in the US and across the globe, and increased talk of the threat of a second wave in the UK, soured Monday’s start.

That Donald Trump is reportedly seeking to stop billions of dollars in track-and-trace funding – despite the United States marking a 41st record-setting day of fresh cases – just added an extra bit of spice to the European open.

The FTSE dropped 0.8%, sinking the wrong side of 6250, with the DAX down slightly less, shrinking 0.4% to dip below 12900.

There are potentially positives on the horizon, however. The rescue-package-focused European summit continues this Monday, and though the news coming out of Brussels hasn’t exactly been stellar – mainly due to the so-called ‘frugal four’ of Austria, Denmark, Netherlands and Sweden, and their antipathy towards helping the EU’s struggling Southern nations – there is still a chance the €750 billion deal can get approval.

There’s also the small matter of a vaccine, with Oxford publishing the results of its latest trials. It will be interesting to see if that generates a green outcome market-wise, given the markets already rose on Robert Peston’s update-revealing tweet last week.

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