Market Outlook

Morning Market Update

Headlines

UK government considers second national lockdown as R-rate jumps to 1.1-1.4

Rishi Sunak weighs extending COVID-19 loans to support businesses

Rightmove House Price Index (MoM) for September rises to 0.2% vs -0.2% previously

Superdry shares tumble as full-year sales drop by almost a fifth

Informa downgrades full-year revenue forecast amid pandemic

Tom Bonney
Posted Mon 21 September 2020
by Tom Bonney

Markets

FTSE tumbles amid concerns of a second lockdown:

  • Asian indices were down, Shanghai’s CSI 300 fell 0.96% to 4,691 pts, S&P/ASX200 shed 0.71% to 5,823 pts, and KOSPI was down 0.95% to 2,389 pts
  • FTSE tumbles as Boris considers second lockdown, FTSE100 is down 2.7% to 5,856 pts, Nasdaq futures are down 0.8% to 10,835 pts, and S&P500 futures are down 0.8% to 3,291 pts

Superdry’s full-year sales fall by a fifth and Informa downgrades full-year sales:

  • Superdry shares are down 11.3% to 134.8 pts after reporting a 19.2% fall in full-year sales to £704.4m
  • Exhibitions organiser Informa downgraded full-year sales forecast to £1.7bn from £2bn but said China is back to “operating capacity”. Informa is down 2.7% to 370 pts

Pound falls amid concerns of a second lockdown:

  • GBP/USD is down 0.3% to $1.288 as Boris considers a second lockdown
  • EUR/USD is down 0.13% to $1.1826 with the US Dollar Basket up 0.13%
  • USD/JPY is down 0.35% to ¥104.19

Commodities fall as US Dollar gains:

  • Gold is down 0.15% to $1947 per ounce and Silver is down 0.5% to $26.65 per ounce
  • WTI is down 2.2% to $40.39 a barrel and Brent Crude is down 1.9% to $42.68 a barrel

Bond yields are mixed awaiting further market developments:

  • UK 2-Yr is -0.017 to -0.123% and 10-Yr is -0.023 to 0.162%
  • US 2-Yr is -0.002 to 0.137% and 10-Yr is -0.028 to 0.666%
  • German 2-Yr is -0.009 to -0.699% and 10-Yr is -0.023 to -0.506%

To come:

We have Chicago Fed National Activity Index for August at 13:30GMT, as well as Canadian House Price Index for August.

 

Sources: Reuters, Financial Times, Wall Street Journal, CNBC and Bloomberg

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