Strong U.S. Retail Sales boost stocks
Retail Sales data in the U.S. rose more than expected in September.
Retail sales jumped by 1.9% last month, led by increased spending in motor vehicles and clothing. Analysts had initially forecasted retail sales would rise 0.7% in September. In Europe, Core Inflation came in at the expected 0.2%.
This news, along with news that Pfizer is making progress on a COVID-19 vaccine helped stocks rally on Friday, after a three day losing streak.
As of writing, the Dow Jones was up 0.72%, S&P 500 gained 0.69%, and the Nasdaq was up close to 0.2%
FTSE 100 rallies as Boris expects no-deal Brexit
The FTSE 100 was up 1.49% on Friday as UK Prime Minister, Boris Johnson, today expressed his dissatisfaction with the EU, as they failed to meet his deadline for sealing a Brexit deal.
Negotiators from the UK and EU were unable to agree on a trade deal ahead of Prime Minister Boris Johnson’s self-imposed October 15th deadline. As a result, the PM stated that, “Unless there’s a fundamental change of approach, we’re going to go to the Australia solution, and we should do it with great confidence”.
This ultimately means that the UK may seek a no-deal Brexit if hostilities continue.
Trump and Biden resume campaigning
With just under three weeks before the November 3rd U.S. elections, President Trump and Democratic candidate Joe Biden returned to the campaign trail on Friday.
The pair both conducted individual town hall styled meetings, with face-to-face debates postponed as a result of the President contracting COVID-19.
Data released today showed that a record 21.2 million Americans have already voted, with Joe Biden currently leading the polls by 51.9% to Trump’s 41.8%. After today, President Trump will head to Florida and Georgia, which are vital in his push to retain his Presidency. Meanwhile Joe Biden will travel to Michigan, another battleground state.
Quote of the day – “Throughout my financial career, I have continually witnessed examples of other people that I have known being ruined by a failure to respect risk. If you don’t take a hard look at risk, it will take you.”Larry Hite
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Senior Market Analyst