Mood – Uncharted territory

Published on 25-11-2020 13:00:00

After the Dow broke through the 30,000 barrier, other new peaks are being scaled. Bitcoin is trading past $19,000 for the first time since 2017, while Tesla is nearing a $500bn stock market value. The M&A boom is stepping up the pace with Bertelsmann eyeing a ‘Random’ merger with Simon & Schuster and fellow publisher Future buying Go Compare’s owner for £594m. In banking, Virgin Money hopes that its bad debt charge has peaked at £501m. In engineering, Melrose Industries has issued an upbeat trading update.

 

FIGHTING AN HISTORIC HEALTH BATTLE

A former US health chief says the nation is ‘in the middle of the fight of the century,’ while American retailers also fear a ‘shipageddon,’ At home, PPE price rises have cost UK taxpayers an extra £10bn and now the world’s top latex glove maker is itself being hit by COVID-19.

 

ON A DOWNWARD TRAJECTORY

Some peaks have passed. The FTSE 100 is down, awaiting news of the £4.3bn support package in Rishi Sunak’s spending review, President Macron is scaling back France’s lockdown and Babcock International’s profits have fallen. A leaked Cabinet Office report says Britain is facing a systemic economic crisis, while the car industry claims a no-deal Brexit would cost it £55bn. The AA is accepting a return to private equity ownership and Debenhams may close up to 60 stores.

 

CROSSING BOUNDARIES

bizarre ‘space oddity’ monolith has appeared in the Utah mountains. Justin Trudeau has been pranked by a fake Greta Thunberg, while an Australian hedge fund has collapsed after falling for a Zoom scam. Meanwhile, a new survey is trying to kid everyone that British voices are sexier than French accents.

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