The UK wants more concessions from the EU before it is willing to restart trade talks. Britain’s chief negotiator David Frost tweeted “the EU still needs to make a fundamental change in approach to the talks, and make clear it has done so”. Regarding coronavirus restrictions; the government has given Manchester’s political leaders until noon today to accept tighter measures or have them imposed.
The latest survey from IHS Markit showed that Britain’s household finances continued to worsen in October, and that consumers have been using up more savings to fund some purchases, while expectations for job security remained gloomy.
US stock index futures rose late Monday after House Speaker Nancy Pelosi expressed hope for a breakthrough in partisan stimulus negotiations ahead of a Tuesday deadline she set to reach an agreement before the 2020 election. However, even if Pelosi and Treasury Secretary Steven Mnuchin can forge a deal, top Republicans are likely to doom it in the Senate. At the same time, rising coronavirus cases in some US states added to concerns that the economic recovery from the pandemic might be slower than previously expected.
On Monday: European stocks ended weak as persisting worries about rising coronavirus cases and uncertainty about a Brexit deal outweighed mild optimism about a U.S. fiscal stimulus ahead of November 3 elections and dragged down stock prices. US stocks showed a lack of direction early in the trading session but pulled back sharply over the course of the day. The major averages all showed notable moves to the downside after ending last Friday’s trading mixed. In a post on Twitter, House Speaker Nancy Pelosi’s deputy chief of staff Drew Hammill revealed that the Democratic leader spoke with Treasury Secretary Steven Mnuchin for just over an hour on Saturday.
Disclaimer: ‘Where the business has expressed opinions, they are based on current market conditions, they may differ from those of other investment professionals and are subject to change without notice. The information contained within this communication is believed to be reliable but Realm Investment Management Limited does not warrant its completeness or accuracy. This communication is not intended as a recommendation to invest in any particular asset class, security or strategy. Regulatory requirements that require impartiality of investment/investment strategy recommendations are therefore not applicable nor are any prohibitions to trade before publication. The information provided is for illustrative purposes only, it should not be relied upon as recommendations to buy or sell investments.’