The market mood has soured with coronavirus vaccine euphoria wears off, stocks under pressure, and the dollar rising. Europe and Asian markets had a largely negative start to the market open. Concerns about the spread of the virus outweigh vaccine hopes. US inflation and jobless claims, and Powell, Lagarde, and Bailey will speak later today.
US coronavirus cases have hit a record high above 144,000 and hospitalisations have topped 65,000 for the first time. Deaths are also on the rise as the winter wave is worsening. Germany’s caseload has stabilised but mortalities are on the rise while Italy is under pressure to follow other countries in Europe and start a nationwide lockdown.
The FTSE (^FTSE) was lower by 1% in early trading on Thursday. Elsewhere in Europe, the CAC 40 (^FCHI) fell by 0.7% in Paris and the DAX (^GDAXI) dropped by 1% in Frankfurt.
President-elect Joe Biden continues working on his transition, announcing his appointee for Chief of Staff. President Donald Trump refuses to concede tweeted “we will win and is asking for support to his “Official Election Defence Fund.” Georgia will begin a manual recount, yet experts do not expect Biden’s lead to change there. The Democrat is also ahead in several other states as counting continues.
European Central Bank President Christine Lagarde will host Federal Reserve Chairman Jerome Powel and Bank of England Governor Andrew Bailey in a panel at an ECB forum. Comments about additional stimulus may rock markets.
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