TODAY ON WALL STREET: Europe’s second wave grips markets

10/15/2020 | 08:26am

U.S. stock futures fell today, after Europe implemented further restrictions to contain the resurgence of Covid-19. No one wants a second lockdown on the Old Continent, but considerable efforts will have to be made in the coming weeks to prevent the situation from escalating. Stock exchanges seem to have heard the message and are taking a more cautious approach this mid-week. The increasing number of unknowns logically weighs on the trend.

This week, the European daily coronavirus count is again exceeding the American count and executives are tightening physical distancing measures. Several governments have called on citizens to take responsibility for limiting the spread of the pandemic.

Meanwhile, investors are also reacting to the absence of a bipartisan economic support plan in the United States, the publication of corporate results, Brexit and the US presidential election. In addition to the results of some large companies, the day's session will be dominated by the EU Brexit Summit and a televised remote debate between Donald Trump and Joe Biden, who are each expected to answer questions from voters at the same time, but on different channels.

The main indicators of the day are the Empire State Index and the October Philly Fed Index along with the weekly unemployment registrations, and oil inventories. China announced today its inflation for the month of September. Its inflation rate slowed sharply in September to 1.7% year-on-year from 2.4% the previous month, even slightly below market expectations (1.8%).  This deceleration can be explained by an improvement in food supply.

 

Romain Fournier
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