Market Summary 13th November
Investment contributor Riccardo Pierre discusses the market movements in the week of the 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.
