Thursday’s mood – Nothing done

Published on 17-09-2020 13:24:59

A day after the US Federal Reserve spooked stock markets by doing nothing, worries that the Bank of England may follow suit and not announce any fresh stimulus packages are helping send the FTSE 100 lower.

Nobody understands what Singapore has done to have the world’s lowest COVID-19 death rate, as the UK nears its highest infection rate since May. Not many eyelids were batted when someone used a snake as a facemask in Manchester.

Boris has also made only a small concession to head off a Brexit rebellion.

Inactivity is proving profitable for some. The Hut Group’s surging stock market debut has minted a new billionaire and Mark Carney has another new job he probably didn’t apply for

For others, this is a time to get creative. Renters are fleeing central London, while some wealthy Americans are protecting themselves against a Joe Biden presidency.

Coughing dummies are helping Boeing and United Airlines track viruses on planes and airlines are also raising funds on the back of frequent flyer programmes.

Streaming companies are discovering the magic of adding a plus sign to their names. A Hong Kong bakery studio is selling ’illusion cakes’ that appear to be everyday objects until you take a slice. And someone has figured out that the world’s largest fish are female.

Grave concerns are still being voiced. JP Morgan says $200bn may flow out of stocks this quarter, while hedge fund billionaire Ray Dalio is warning that the dollar’s role as the world’s reserve currency is under threat.

For others, the worst has already happened. Tiffany is suing because it wasn’t taken over and John Lewis has slumped to a £55m interim loss. China’s giant piles of abandoned bikes are still there.

Yet, there are signs that hard work is paying off for some. Next has raised its profit outlook again, while Edison client Boku has posted strong interim results. And one of the modern pioneers of giving money away is finally broke – and says he couldn’t be happier.

Until tomorrow,

The Stream Team

Share this with friends and colleagues