Spreadex Market Update

Austrian lockdown sends markets spiralling across Europe and US



FTSE(-0.48%), DAX(-0.40%) and CAC(-0.51%) are all currently in the red after Austria took the decision to impose another lockdown this morning, due to a surge in COVID cases across Europe.

Matters were not helped when Germany’s health minister also said he could not rule out new lockdowns.

Travel companies are taking the biggest hits, as British Airways owner, IAG, and Rolls-Royce, who make airline engines, are both currently down 4.20% and 4.51%, respectively.

In the same tone however, there are some companies that stand to gain from further restrictions, hence why Ocado’s shares surged over 10% by lunchtime.

All this is despite news earlier on, of very positive retail sales, hence why open was quite promising.

Sales rose by 0.8% after five months of no growth, no doubt thanks to many consumers getting their Christmas shopping done early.

Does this mean we will not see as much of a boost in sales during November/December as we would normally, thanks to worries of supply chain issues?

US markets have also felt the impact of the European COVID restrictions, as the DOW, still at -0.55%, and S&P both opened lower.

There is a strong sentiment that the US could see further lockdowns, given their population has lower rates of vaccination than most of Europe.

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