U.S. indices gain ahead of Trump vs Biden
Ahead of tomorrow’s televised U.S. Presidential election debates, several U.S. indices rose on Monday, as stocks look to rebound from last week’s bearish moves.
Once again, tech was a big contributor as Banking stocks also rallied. Facebook and Amazon climbed close to 0.6% and 1.7%, respectively. Whilst Apple and Alphabet gained 1%. Microsoft traded higher by 0.8%.
Of the banks, JPMorgan, Bank of America, Citigroup, Goldman Sachs and Morgan Stanley all rose by more than 2%, after being down in recent weeks as a result of a leaked report from the state department claiming negligence.
EU and UK set for final trade talks
The EU and UK are set to commence the final round of Brexit talks this week, as the October 15th deadline set by UK Prime Minister Boris Johnson nears.
Talks so far have only increased tensions between the two sides, with the likelihood of a no-deal scenario rising. However, with the deadline 3 weeks away, it seems something must give.
A spokesman for the UK government stated, “As we are entering the final stages of the negotiations our focus is on what it will take to get a trade agreement in place, although the last two weeks of informal talks have been relatively positive there remains much to be done”.
The FTSE 100 was up 1.46%, with the DAX gaining 3.22%.
Uber granted London License
Uber, which has been one of the hardest hit technology companies in recent years, both from a PR and financial perspective, seems to have finally caught a break.
After being stripped of its operating license by Transport for London in 2019, Uber was told that this ban will be overturned. The tech company won its legal battle to continue operating in London, as a judge not only overturned the ban placed on it by the city’s transport regulator, but also granted the company a new 18-month license.
The company’s share price rose by 4.5% as of writing
Quote of the day – “In trading/investing, it’s not about how much you make but rather how much you don’t lose.”Bernard Baruch
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Senior Market Analyst