Economy

Triggering hopes will boost European stocks and Dow futures

On October 4, 2020, US President Trump rides from the back of a car on a motorcycle outside Walter Reed Medical Center in Bethesda, Maryland.

Alex Edelman / Agencies France-Press / Getty Images

European stocks rose on Monday in the hope that it would boost the last economic stimulus to the economy ahead of the US election and a clear end on election day.

Stokes Europe 600 SXXP,
+ 0.59%
The German DAX gained 0.7%, with similar gains to the DAX,
+ 0.61%,
French CAC 40×1,
+ 0.71%
And UK FTSE 100 UKX,
+ 0.67%.
Steel Manufacturers Tysen Group DKA,
+ 6.75%
And ArcelorMittal MD,
+ 1.16%.

Futures on the Dow Jones Industrial Average YM00,
+ 0.52%
152 points higher.

Politico said House Speaker Nancy Pelosi and Treasury Secretary Steven Munuchin discussed Federal Reserve Chairman Jerome Powell on their stimulus plan talks. It is not clear what role the central bank will play. The central bank had a stake in the first stimulus plan. In an interview with CBS, Pelosi said airlines should not lay off workers individually and that assistance would be reactivated.

In addition to the brief car ride, President Donald Trump spent the weekend at Walter Reed Medical Center, recovering from COVID-19. In or out of the hospital, recent public opinion polls suggest his challenge to former vice president Joe Biden.

“Financial markets have eased expectations of long-term uncertainty after the election, and now there seems to be little concern about close and competitive elections,” strategists at Barclays told clients. Strategists say Trump’s hospitalization could prove to be “politically motivated.”

On the political front, British Prime Minister Boris Johnson and European Commission President Ursula van der Leyen issued a statement urging their negotiators to “actively” work out a trade deal, with Johnson announcing in an interview that he was ready to leave. Trade camp without one.

News of the Corona virus front continued to worry that Paris was on the verge of closing its bars, although its restaurants would remain open, and Marseille is reopening restaurants.

Cinworld CINE,
-31.84%
Shares fell 31% as it said it would suspend its operations from Thursday at 536 Regal theaters in the United States and 127 Cineworld and Picturehouse theaters in the UK. Cinworld said it “evaluates multiple sources of extra cash flow”.

WEIR of Veer Group,
+ 17.38%
Shares rose 16% after Fordworth agreed to sell its Texas-based oil and gas products business to Caterpillar Gate.
+ 2.20%
$ 405 million in cash. Veer said the deal would help realize the $ 70 million tax concession and turn it into “pure drama of premium mining technology”.

Thelma Binder

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