European stock picks up and US equity futures fall after chaotic presidential debate

People sit and watch a broadcast of the first debate between President Donald Trump and Democratic presidential candidate Joe Biden on September 29, 2020 in West Hollywood, California.

Mario Tum / Getty Images

European stocks were choppy and US equity futures fell on the last trading day of the month and quarter, broken by filthy presidential debates by the US president with investors, and escalating coronovirus cases.

Stoxx Europe 600 index bounced around SXXP,
The previous was down 0.4%. According to data from the Dow Jones Market, the index gained just 0.3% in the quarter, but a 1.4% decline for September, the largest monthly decline since March. German DAX DAX,
And French CAC 40 px 1,
Fell 0.5%, and FTSE 100 UKX,
Slipped 0.1%.

Dow Futures YM00, Reducing Deep Prior Losses
The S&P 500 fell 200 points with the ES00,
And Nasdaq-100 futures NQ00,
0.7% and 0.9% drop respectively. The futures had grown into debate, but then as soon as it ended. This is after Tuesday’s weak finish on Wall Street.

Analysts said it did not change voters’ minds after the heated debate between President Donald Trump and Democratic contender Joe Biden late Tuesday.

Ian Williams, Echo Williams and Strategy Analyst said in a note to Peel Hunt’s clients, “If anything the betting market has moved slightly in the direction of Biden and US Futures”.

Futures’ losses indicate that a Biden win would mean higher corporate taxes, which could be negative for the stock market. In the meantime, investors will make a final effort to pass coronovirus fiscal stimulus packages by US lawmakers.

Read: Here’s how the stock market performs after the first presidential debate

Somewhere, the data showed that China had boosted China’s economic recovery rate last year due to its coronovirus outbreak. The official manufacturing purchasing managers index rose to 51.5 in September, beating the forecasts and 51.0 of August. The service sector also rebounded with a strong September.

Europe is grappling with growing coronovirus cases, with what some are calling a second wave. Britain reported the largest increase in new cases on Tuesday, with a spurt in deaths.

William Hill shares WMH,
+ 0.07%
US-based Caesars Entertainment said it agreed to a 272 pence per share deal for the UK betting company, which is 2.9 billion pounds ($ 3.73 billion).

Royal Dutch Shell RDSA shares,
+ 0.15%

The energy company said it would cut 9,000 jobs by the end of 2022, as it expects to book fees between $ 1 and 1.5 billion for the third quarter.

Shares of French waste management group Suez SEV,
+ 5.06%
Veolia Environnement climbed more than 6% after VIE,
+ 1.47%
Angry SA increased its offering to 3.4 billion euros ($ 3.99 billion) for the majority of the Suez stake. Veolia’s shares were slightly changed.


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