Market Summary 13th November

1. President Trump’s lead eroded in

Pennsylvania, and Georgia flipped to Mr. Biden by a hair. Markets embraced the growing likelihood of a divided government, which could hamper passage of a big stimulus package but also limit tax increases and regulatory shifts for businesses. At the same time, rising cases of Covid-19 are renewing worries about the economy.

2. The election-induced drop in Treasury yields rippled overseas, dragging down borrowing costs in Europe as investors wrote off hopes that a big U.S. spending package could give the global economy a jolt.

3. The S&P 500 and the Dow Jones Industrial Average on Thursday both recorded their fourth consecutive gain of 1% or more — the longest such streak for both indexes since October 1982.

4. After much hype and speculation, disaster has befallen Ant Group after its record $34.5 billion IPO in Shanghai and Hong Kong was suspended.