U.S. indices up on Trump recovery hopes

U.S. indices up on Trump recovery hopes

After being in free fall on Friday, U.S. markets were once again in the green as President Trump seems to be on the mend after recently contracting COVID-19.

Markets today anticipated the potential return of President Trump to the Oval Office, after he gave several updates over the weekend concerning his health.

Heading into the close of trading the Dow Jones was up 1.64%, the S&P 500 gained close to 1.8% with the NASDAQ rising 2.10%. Tech giants Microsoft And Amazon were up 1.94% and 2.34% respectively.

Euro area Retail Sales rise

Data released from the Euro area showed that Retail Sales figures came in better than initially expected.

Stats showed that Retail Sales within the 19 countries sharing the euro rose and came in up 3.7% vs the expected increase of 2.2%

The main contributor of the increase was said to be due to an annualized surge in mail and internet orders, which came in up 12.4% monthly and 23.8% respectively.

The DAX was up 1.10% on the data release.

Cineworld announces temporary closures

Today it was announced that cinema chain Cineworld will be temporarily closing all its venues due to the impact the coronavirus pandemic has had on its bottom line.

The company stated that its decision would affect close to 45,000 workers, almost 6,000 of them being in the UK. The news saw the company’s share price down by over 36%.

In a statement regarding the matter the Company stated, “Cineworld confirms that it will be temporarily suspending operations at all of its 536 Regal theatres in the US and its 127 Cineworld and Picturehouse theatres in the UK from Thursday 8 October 2020”.

Quote of the day – “I don’t think you can get to be a really good investor over a broad range without doing a massive amount of reading. I don’t think any one book will do it for you.”

Charlie Munger

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Eliman Dambell

Senior Market Analyst