The UK stock-market was lower this week.
- European markets were weighed down by concerns about the economy due to the continued surge in coronavirus cases across the continent.
- In the UK PM Boris Johnson imposed a tier-3 lockdown in Manchester and S. Yorkshire. A full lockdown was introduced in Wales.
- he pound hit a six-week high lifted by Brexit optimism after the UK restarted talks with the EU on Thursday, and comments by Bank of England deputy governor Dave Ramsden who said now was not the time to cut interest rates below zero.
- Our Breadth Indicator stayed positive but our Momentum Indicator is negative and ticked lower again.
The US stock-market was lower this week with third quarter earnings season well underway.
- Markets had been hoping for some kind of agreement regarding US stimulus negotiations to be reached last week but this didn’t happen although US House Speaker Pelosi said Democrat lawmakers and White House officials were “just about there” on a coronavirus aid package but warned that it could take “a while” for Congress to approve relief legislation.
- Market sentiment took a hit midweek after a top U.S. intelligence official claimed that Iran and Russia were attempting to interfere in the 2020 US election.
- US President Trump and Joe Biden took part in their last debate before the Election. A calmer head-to-head this time as they debated topics including the coronavirus pandemic, health care and national security.
- Our Breadth Indicator stayed positive this week but our Momentum Indicator, although still positive, ticked down again.
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