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Gerald Fitzgerald’s Market Review November 2nd

02 November 2020

 

 

LAST WEEK IN 30 SECONDS...

Market sentiment moved firmly into negative territory last week. Despite strong earnings results, markets were spooked as rising Covid-19 cases and accompanying lockdowns instilled angst amongst investors. Global equities finished the week down 4.1% in euro terms.

Oil prices plummeted by over 10% as an amplification in global lockdowns slashed the demand outlook, sending investors running for cover.

 

THIS WEEK IN 30 SECONDS...

This week sees a raft of significant events influencing markets. Tuesday sees the US Presidential election-taking place, with key swing state battlegrounds being bombarded by last minute pledges from both sides to secure precious votes.

From an economic point of view, Monday sees US Manufacturing PMI updates with Eurozone retail sales updates on Thursday. The US Federal Reserve announce its latest interest rate decision on Thursday and with no US stimulus being secured in advance of the US presidential election, investors will look for some level of comfort at the subsequent press conference.

Quarterly earnings results continue this week including oil giant Aramco providing an update on Tuesday in what are challenging conditions for the energy sector, along with payments provider PayPal disclosing results on Monda

 

EMERGING MARKETS WITHSTAND MARKET AGITATION

October saw contrasting fortunes for global equity markets. Whilst developed markets faltered, finishing the month down 2.4% in euro terms, emerging market equities remained in positive territory and up 2.7% for the period.

Ger Fitzgerald

By Gerald Fitzgerald,