Financial Markets Daily Report 13 November 2020
This past week's stock market vaccine rally went into reverse on Thursday as Covid-19 cases and deaths climbed across the world.
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- This past week's stock market vaccine rally went into reverse on Thursday as Covid-19 cases and deaths climbed across the world.
- In Europe, investors traded in a risk-off mood and the Eurostoxx50 was down 1.1% on the day, while sovereign bond yields were also down in both core and periphery countries.
- In the US, the S&P 500 fell 1%, while the tech-heavy Nasdaq, which had previously benefited from the stay-at-home trends in times of worsening of the pandemic, was also down 0.7%.
- US 10-year Treasury yields reversed some of their climb from earlier this week, and were down 10 basis points on Thursday. Despite this fall, 10-year yields are still up 12 basis points for the week.
- The prospect of an imminent trade post-Brexit deal between the UK and the EU pushed the pound up 1%.