It’s been a rough 24 hours for global stocks, which have finally declined on the news of rising coronavirus cases around the world, with Europe experiencing their worst session of the year
What’s happening around the world?
In New York, the Dow Jones Industrial Average tumbled more than 2%….major indexes in France and Germany also fell.
London fell 2.6% to below the 7,000 level, led by broadcaster ITV and British Airways-owner
In England, most remaining Covid restrictions have now been lifted.
However, new cases are continuing to rise in some countries fuelled by the Delta variant…
Two of Australia’s largest cities Sydney and Melbourne are still in lcokdown, while South Australia has also imposed tough new restrictions overnight.
So investors have finally started to pay attention and react to the Delta variant spread
James Whelan from VFS Group says its the correction that needed to happen, and it’s just a minor blip.
Christopher Uhl from 10 minute Trading says “we were due for a pull back”
“We finally got the pull back that we were calling for for the last couple of weeks. The market is well overdue with the S&P500 at one point up over 16% on the year,” Uhl told ticker.
The S&P closed near session lows with a 2 per cent selloff.
“There’s a good chance we will see a bounce this week as we saw the exact same thing happen almost a month to the day where the S&P dropped 1.7% on June 18 then rocketed up 5.5% over the next three weeks. As far as technicals go, this is a dangerous position for the market, if we don’t get a reversal tomorrow, there’s a chance that there’s a lot further this could drop.”
Big Markets spill
Big market spill, oil spilt a lot more after OPEC increases production.
This has more of a feel of beginning of Covid’s effect on markets in March 2020. A lot is being attributed to delta variant, but this is not new news over the weekend.
Oil biggest fall since March, Europe worst equity move of 2021.
Oil now has certainty for its reduced cuts, but we were near 2 year highs, and again markets just don’t know what the delta variant will do to global demand .
F45 already down 15 per cent from IPO price based on Covid fears after commencing trading on Thursday last week
Robinhood IPO announced, value will be close to $40Bn. Now all that needs to happen is a collaboration between them, Peleton and F45 and tradercise will be the next big thing.
