The UK jobs data are the worst since 1971 or a decade ago depending on which measure you use. And tomorrow there’s a forecast 21% fall in GDP to deal with.
But today the market feels unshackled from such gloom, buoyed by an overnight rise in Asian stocks. China may be freeing itself from reliance on Brazilian soybeans to find favour with the US. The oil price is showing signs of uncoupling from its recent comfort zone on renewed hope of a fresh US stimulus package. Trump is considering cutting Americans looser from capital gains tax.
Some companies are feeling unshackled too. McDonald’s is cutting loose its former CEO, while InterContinental Hotels sees some signs of customers returning.
SoftBank is ditching operating profit as a measure, stating that it is ‘not useful’. Edison client Gamesys Group has broken free by exceeding expectations for its interim results. HelloFresh and Germany’s Zalando are benefiting from the boom in home deliveries, but Domino’s Pizza has been hit hard by the pandemic.
Not everyone wants to let go. The Netherlands is fighting hard to cling onto Unilever, while Trump is claiming credit for the US tech frenzy. Bellway has no way to unchain itself from the UK housing market.
Canada is reuniting with former Bank of England governor Mark Carney, Tim Cook is happily joining the billionaire club and our EdisonTV audio interview shows how top fund manager Nick Train is endeavouring to stick to picking winners.
If you really want to show your freedom by being different, you could embrace kaleidoscopic, tie-dyed clothing. But hold on. It’s fast becoming a trend.
The Stream team