Regardless of its accuracy, word that Donald Trump is ‘improving’, and could be back in the White House this Monday, allowed the markets to rebound as the session got underway.
It’s hard to ascertain what state the President is actually in, given his history of misinformation and obfuscation on every topic, but especially his own health. Nevertheless, another video message on Sunday afternoon, and an irresponsible drive-by appearance to wave at MAGA fans outside the Walter Reed medical center, seems to have backed-up the shaky idea that Trump is doing better.
It was how investors took it, at least, with Europe uniform in its green open. The FTSE climbed back across 5900, and neared 5950, as it jumped 0.8%, with the DAX edging towards 12750 with a 0.6% increase, and the CAC a touch below 4850 following a 0.7% rise.
As for the Dow Jones, the futures are currently slightly more reserved than the European markets, pointing to a 0.4% increase after the bell. That would just about lift the Dow back to 27800, having fallen as low as 27165 last week.
Beyond Trump watch, the markets have the final services PMIs to contend with: the Eurozone is looking at a reading of 47.6, with the UK far better at 55.1. The final Markit figure in the US is expected to be unchanged at 54.6, but with its ISM counterpart dipping from 56.9 to 56.3.
Confirming reports in the Sunday Times that it is temporarily closing all of its UK and US cinemas following news that new Bond film No Time To Die has been pushed until April next year, Cineworld was Monday’s major covid casualty, shedding 32.5% after the bell. And that, shockingly, is an improvement on where it was at the open, when it plunged 56%. It’s another huge blow to an arts sector that has been hung out to dry by the government, with 5,500 UK employees facing unemployment.
