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Markets live: FTSE 100 volatile amid US election uncertainty

With results trickling in from key swing states and Donald Trump vowing to contest the election in the courts if he loses, markets face a volatile time

Ben Chapman
Wednesday 04 November 2020 08:01 EST
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(AFP via Getty Images)

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European stock markets are volatile on Wednesday as the result of the US election remains uncertain.  

As traders digested Donald Trump's unexpectedly strong early showing and the prospect of votes continuing to trickle in from key battleground states, the FTSE 100 fell sharply before quickly regaining ground.

Asian-focused banks HSBC and Standard Chartered are among the biggest fallers. Both could take a hit from four more years of President Trump’s trade war with China.

UK service sector shows signs of weakness heading into lockdown

Bad news for the UK as the services sector which makes up close to 80 per cent of the economy showed signs of slowdown.

A survey of companies’ purchasing managers has come in weaker than expected. The IHS Prchasing Managers’ Index, which is seen as an early indicator of future performance, stood at 51.4 in October, down sharply from 56.1 in Septmeber.

Anything above 50 indicates growth. However, the measure is likely to fall further as businesses including pubs, bars restaurants, gyms and non-essential retailers are ordered to close from tomorrow.

Ben Chapman4 November 2020 10:26

The FTSE 100 index of leading shares opened 1.3 per cent lower in London before bouncing back to trade 0.6 per cent up at 5,821.41.

The prospect of a contested result as Donald Trump vowed to drag things through the courts if necessary spooked investors across the UK and Europe.

In Germany, the Dax dipped 0.6 per cent before recovering while France's Cac 40 is 0.6 per cent higher.

 

Ben Chapman4 November 2020 10:18

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