A switch seems to have flipped over the long weekend – the ominous mood has lifted and things are light, bright and breezy as stock markets recover and the oil price has risen once again to over $34/barrel. S&P 500 futures spike (and New York traders return to work today), only three FTSE 100 stocks were in the red and things look particularly sunny in Japan, although a cloud hangs over Hong Kong after weekend protests against China’s proposed national security bill.
It’s certainly looking up for investors in Europe as Lufthansa is saved by the German government, BP and Shell react positively to the oil price rise and travel and leisure sectors are up, though environmentalists might not share that view…
In the UK, darkness continues to hang over the property sector, but there’s plenty of good news as shops re-open on 15 June, the government could be launching the UK’s first sovereign wealth fund and Aston Martin shares soar after CEO Andy Palmer steps down. Meanwhile, Edison client Marshall Motors beat the market, trading up 6%, with our analyst Andy Chambers expecting ‘a decent bounce back in volumes of activities’.
Good news as well for Edison client Exasol. Its IPO was not only the first successful initial listing in Germany for 2020, but was carried out through a fully virtual IPO process. And Edison’s chief investment strategist, Alistair George, in a comment from Friday thinks larger manufacturers are likely to suffer little disruption once lockdowns ease.
The light and cheerful mood is also extending to a new record for internet speeds, new developments in bionic eyes and our emerging clarity of how flexible hours, success metrics, social impact measures and authentic relationships will define the future of work.
And while Big Tech is being called upon to save news media down under, will someone please calm down Jay-Z who is very, very upset by technology right now. That said, probably not as cross as Sir Richard is with his latest space failure. As we look to the skies, let’s hope Musk’s launch of NASA’s finest to the ISS will show us how it’s done.
The Stream Team