Hair trigger

Published on 02-07-2020 13:20:00

Markets are on a hair trigger because we’re living in an ever more bizarre world. So today, they’re up at the slightest suggestion of a vaccine being available earlier than expected and on the hopes that US job numbers will be better.

Tesla is now the planet’s most highly valued car maker but has yet to turn a profit, while Britain’s only specialist song investment company is raising another £200m, despite nobody knowing how to make money from recorded music.

Two days before ’Super Saturday’ with shoppers rushing to bargain hunt at reopened Primark, London has found a way to reopen to touring in kayaks. Even Amsterdam’s red light district has taken down the shutters (though strictly no kissing).

There’s a bizarre new planet 40 times bigger than earth, while no one ever expected the words ‘100 years’, ‘Austrian bonds’ and ‘double your money’ to appear in the same sentence. Three years ago, you might have had to pinch yourself if you learned that Boris would be PM, and be offering British citizenship to three million in Hong Kong.

Still, there’s plenty to keep our feet on the ground, with 10,000 redundancies at Harrods, Arcadia and elsewhere. The IMF is urging Rishi and Boris to focus on more jobs and less carbon, while in the US, rising COVID 19 cases and a wave of job cuts are threatening Trump’s re-election, as the nation snaffles everyone’s Remdesivir.

We certainly now know that Putin has 16 more years to rule in Russia. Edison client Avon Rubber has pulled off a £180m exit from its dairy activities and can now focus elsewhere. And oil traders are discovering that Apple’s real-time data isn’t the holy grail.

 Will they also be disappointed by Goldman’s prediction of oil demand not returning to pre-COVID levels until 2022? And will Branson’s £200m be enough to rescue Virgin Atlantic?

Google’s Fitbit buyout is still causing waves, big tech is apparently ever closer to tighter regulation and more economists may be banned from tweeting.

But it’s not just markets that are on a hair trigger. New research used light to trick brains into detecting non-existent smells. This is a strange world indeed.

Until tomorrow,

The Stream Team

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