Monday’s mood: Sluggish

Published on 10-08-2020 13:04:08

The oppressive heat is reflected in the sluggish mood today: we’re seeing progress in a number of areas…but it’s ever so slow. The markets are a case in point. They’re largely static as renewed US-China tensions hit tech stocks, but rising oil prices, hopes of more US stimulus and a slowing decline in China’s producer prices provide balance.

There’s steady progress in European investor morale as a survey shows it rose for a fourth consecutive month in August, but it’s from a low base and Europe is still in a recession in Q3. France’s economic recovery can’t keep up the pace after an initial surge, while in the UK the news is a little grimmer: one in three UK firms expect to cut jobs by the autumn and an official declaration of recession is expected later this week.

Looking a little further ahead, Bill Gates thinks developed countries should largely be able to end the pandemic by the end of 2021 – there’s no quick fix – while in other US multi-billionaire news, Warren Buffett backs himself in a $5.1bn Berkshire buyback.

In company news, Capita bags $464mn from Transport for London while Edison client, Tinexta’s Q2 results showed an exceptional performance.

An Indonesian volcano is erupting again, while a new row erupts between the UK and France over migrant channel crossings. Russia is getting upset about US digital activity – oh the irony – and the US is turning to unorthodox methods to prevent election hacking.

To prevent any torpor setting in, know that there’s a Shazam for deadly critters, New Zealand is paying a wizard to be, well, a wizard, while a boar and a nudist go viral.

Until tomorrow,

The Stream team

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