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Markets stutter as COVID-19 deaths exceed 1 million

Today’s Waves – 29th September

Markets stutter as COVID-19 deaths exceed 1 million

Today, it was reported that the total number of COVID-19 casualties surpassed 1 million people.

With cases once again rising in recent weeks, many fear the problem is far from finished, and has the potential to worsen as we enter winter. As such indices the world over fell on the news. The FTSE 100 in the UK was down 0.51%, Germany’s DAX fell 0.35%, while the benchmark S&P 500 in the U.S. was down 0.51% as of writing.

Roughly half of the world’s Coronavirus related deaths have occurred in four countries, the United States, Brazil, India and Mexico.

U.S. Consumer Confidence continues to increase

Data released today showed that the confidence of the American consumer continues to rise as the nation engages in an ongoing battle against the COVID-19 outbreak.

Figures released from the Conference Board showed that consumer confidence had increased to a reading of 101.8 in September vs 89.5 expected, up from 86.3 last month.

The better than expected data, did not result in a U.S. market rally, as markets across the board were in red, as of writing.

Markets waiting for Trump vs Biden tonight

With the eyes of the world firmly fixed on tonight’s U.S. Presidential election debate, financial markets have continued to move with uncertainty prior to the event.

This comes as current incumbent President Trump and Democratic nominee Joe Biden are set to debate in Cleveland, Ohio, in the first of three televised events.

National polls, which are typically a good guide as to how popular a candidate is across the country, show that Joe Biden currently leading 50% to President Trump’s 43%. Although an indication of the nation’s current sentiment, they are not necessarily a sure fire way to predict the result of the election.

Quote of the day –  “Do not anticipate and move without market confirmation – being a little late in your trade is your insurance that you are right or wrong.

Jesse Livermore

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