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Markets Drop as new strain of virus is revealed

Markets drop as new strain of virus revealed – 21st December

Markets around the globe fell on Monday’s open, in response to the UK announcing that a new mutation of the COVID-19 virus was rapidly spreading.

This news saw numerous countries around the world ban travel from the UK, whilst also increasing lockdown restrictions as we approach Christmas.

In Europe, France, Germany, Italy, Ireland and the Netherlands have all barred flights from the UK, other countries, including India, Canada and Israel.

The FTSE 100 and DAX 30 were down 1.7% and 2.8% respectively. Indices in the United States were also in the red but recovered during the morning with the Dow in positive territory by mid-day. Tesla was today’s biggest loser, dropping as much as 6% the day after it entered the S&P 500.  The electric car-marker was down 4.3% as of 2pm EST.

U.S. Stimulus deal finally agreed

After months of posturing from both sides of the aisle, it was announced today that a COVID-19 stimulus package was finally agreed.

With four days until Christmas, Congress confirmed that a rescue package worth $900 billion was on its way to Americans, in a bid to aid financially strained households.

Many Americans have been economically impacted by the coronavirus, as many businesses have been forced to shut, and citizens told to stay at home.

The bill includes plans to send direct payments of $600 to adults and $600 per child.

This news prompted Senate Majority Leader Mitch McConnell to state, “At long last, we have the bipartisan breakthrough the country has needed”.

Losses in U.S. stocks indices were lessened by the news.

Eurozone Consumer confidence up in December

Despite many nations in the Eurozone being under severe lockdown restrictions and travel bans, Consumer confidence has mostly been on the rise in December.

Data released by the European Commission today showed that consumer morale had increased to -13.9 in December from -17.6 last month.

Markets had expected a rise to -16.8. EURUSD fell to an intraday low of 1.2129 on the news, before rebounding to 1.2245 by mid-afternoon.

 What you need to watch this week?

Quote of the day – “Everyone has 24hours in a day. What matters is how you utilize your 24 hours”.

J. Paul Meyer

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