Market Outlook

Daily Market Developments


Boris Johnson imposes stricter restrictions which could last for 6 months

UK PM set to win vote over violation of divorce bill

BoE Governor Baily rules out use of negative rates

Preliminary Eurozone Consumer Confidence for September hits -13.9 vs -14.6 expectations

Facebook to restrict circulation of content if US election descends into chaos

Pfizer-BioNTech vaccine could publish results before rivals

Tom Bonney
Posted Tue 22 September 2020
by Tom Bonney


FTSE recovers from yesterday’s sell-off as Boris says lockdown is last resort:

  • Asian indices were down, Shanghai’s CSI 300 fell 1.19% to 4,636 pts, S&P/ASX200 shed 0.66% to 5,784 pts, and KOSPI was down 2.38% to 2,332 pts
  • FTSE recovers from sell-off, FTSE100 closed down 0.95% to 5,854 pts, Nasdaq is up 0.2% to 11,003 pts, and S&P500 is unchanged at 3,281 pts

Facebook could restrict content over US election and Pfizer-BioNTech vaccine could be front-runner:

  • Facebook’s Head of Global Affairs Nick Clegg say it could restrict the circulation of content if US election descends into chaos. Facebook is up 1.8% to 252.5 pts
  • Pfizer-BioNTech vaccine could publish results before other rivals with just 32 COVID-19 infections accumulating across 44,000-person trial. Pfizer is down 0.6% to 35.8 pts and BioNTech is down 1.5% to 65 pts

Pound falls amid concerns of second national lockdown and no deal Brexit:

  • GBP/USD is down 0.75% to $1.2722 over Brexit and lockdown concerns
  • EUR/USD is down 0.55% to $1.1706 with the US Dollar Basket up 0.45%
  • USD/JPY is up 0.35% to ¥105.02

Oil holds ahead of weekly API figures:

  • Gold is down 0.55% to $1902 per ounce and Silver is down 1.5% to $24.36 per ounce
  • WTI is up 0.55% to $39.77 a barrel and Brent Crude is up 0.8% to $42.18 a barrel

UK bond yields are up (prices falling) as Boris says lockdown is last resort:

  • UK 2-Yr is +0.068 to -0.045% and 10-Yr is +0.05 to 0.208%
  • US 2-Yr is -0.002 to 0.135% and 10-Yr is +0.006 to 0.677%
  • German 2-Yr is -0.002 to -0.706% and 10-Yr is -0.003 to -0.503%


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

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