Spreadex Market Update

Global markets recover some losses from Omicron sell off



An hour prior to close the European markets seem to have recovered most of their losses from Monday as the FTSE is currently +1.19% with the DAX (+1.18%) and CAC (+1.17%) also in the green.

However, it seems this may only be temporary, as most of the gains came as investors seemed to like the delay in decision making regarding new Covid restrictions in the UK.

The current weekly case average in the UK is the highest of the entire pandemic, surely it is only a matter of time before British ministers decide it is time to enforce more restrictions, even if only for a short while over Christmas.

Rishi Sunak has also announced today that the government will provide a £1bn fund for UK hospitality firms hit by the latest surge in cases, as pressure grew from business groups to provide extra support amid cancellations and reduced footfall.

JD sports lead the way in the FTSE today as across the pond, Nike posted a strong earnings update, causing the UK firm to grow over 4%.

The US has also regained some of the losses from the beginning of the week, but not quite to the extent of Europe as the DOW (+0.94%) and S&P (+0.52%) are both in the green.

It comes as investors digest news that the White House will step in to help in the fight, by deploying military personnel to hospitals, and providing American citizens with greater access to at-home testing.

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