Stock markets started the new month in a positive mood with indices moving higher after two months of losses. The German lockdown started today and the UK’s more severe version will start on Thursday, but much of this was already priced into the recent decline and for now, investors seem in a more positive mood at the start of an important week that will bring the US election and the Fed decision. Data releases confirmed that China’s recovery remains on track, which helped – although Japanese rather than Chinese markets outperformed overnight. In Europe, the DAX, which sold off sharply last week, rallied 1.9%, while the FTSE 100 underperformed with a gain of 1.2%, after the lockdown announcement over the weekend. US futures are posting gains of more than 1% after the Nikkei closed 1.4% higher, the Hang Seng jumped 1.5% and CSI 300 and ASX lifted 0.5% and 0.4% respectively. Oil prices meanwhile declined and the front end WTI future is trading at USD 34.80 after more countries added travel restrictions and as Libya accelerated production.
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