Initial Jobless Claims up as U.S. indices tread water
Data released today showed that Initial Jobless Claims in the United States unexpectedly rose.
Claims for unemployment benefits increased by 53,000 within the last 7 days, coming in at 898,000 for the week which ended October 10th. Analysts had initially forecasted 825,000 applications.
The increase in applications comes as a result of COVID-19 cases once again spiking in the United States, with federal aid talks on going.
In late afternoon trading the Dow Jones was up marginally by 0.07%, while the S&P 500 fell a modest 0.08%. The NASDAQ dropped 0.25%.
DAX falls as EU Summit commences
Today was the start of the EU Summit, where members of the Union met to discuss key topics such as Brexit, the health crisis, and the economic impact COVID-19 is having on member states.
The uncertainty surrounding Brexit talks impacted the Summit, as Boris Johnson’s mid-October deadline, looks to pass without a deal. The continent is also now reporting roughly 100,000 daily infections of the novel coronavirus.
At the close of trading the DAX was down 2.49%. continuing it longest losing streak since mid-September.
London faces Lockdown restrictions
London Mayor, Sadiq Khan today confirmed that the country’s capital will be moved to a Tier-2 lockdown commencing this Saturday as COVID-19 continues to rise.
Mr Khan stated that “Nobody wants to see more restrictions, but this is deemed to be necessary in order to protect Londoners”.
Today’s news came as it was announced that a further 18,980 people tested positive for the virus in the UK. The FTSE 100 finished the trading session down 1.73%.
Quote of the day – “We want to perceive ourselves as winners, but successful traders are always focusing on their losses.”Peter Borish
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Senior Market Analyst