Daily summary: US stocks rise on stimulus hopes

European equities finished today's session in mixed moods, with the DAX 30 ending flat, while IBEX 35 dropped 0.6% and other major indices rose between 0.1% and 0.7% as concerns over a prolonged pandemic persist. WHO reported a record one-day increase in global virus cases Thursday, led by a surge of infections in Europe. On the data front industrial production figures from both France and the UK came in below markets expectations while Italy's output surprised on the upside. Meanwhile, UK Chancellor Rishi Sunak announced an expansion of the Job Support Scheme, which will last for six months from November 1st. The government will cover two-thirds of worker salaries, up to a maximum of £2,100 a month, at companies that are forced to close temporarily due to the pandemic.

 

US indices are trading higher amid renewed hopes of further stimulus. The House Speaker Nancy Pelosi and Treasury Secretary Steven Mnuchin spoke on the phone on Thursday, with Mnuchin saying President Trump is interested in getting an agreement on a comprehensive aid package. Today White House presented a $1.8 trillion coronavirus plan, an increase from the $1.6 trillion it had previously proposed. House Democrats passed a $2.2 trillion bill earlier this month and both parties cannot find an agreement in between those figures. The latest events took place only few days after the President Trump decided to cancel the stimulus talks. During today’s session Dow Jones rose 0.61%. The S&P 500 is up 0.86%, while the Nasdaq Composite gained 1.16%.

 

WTI crude is trading around $41.25 a barrel and Brent is trading near $43.41 a barrel as energy companies evacuated 183 offshore oil platforms and halt nearly 1.67 million barrels per day of output so far as Hurricane Delta heads toward the US Gulf Coast. Also strike of the Norwegian workers’ over pay supported higher prices. Norwegian oil company and labour officials said they will meet with a state-appointed mediator later in the day in an attempt to end a dispute that began on September 30th when wage talks between Lederne and the Norwegian Oil and Gas Association collapsed. Elsewhere, spot gold jumped to $1,929 an ounce on, extending previous session gains while silver is trading near the $24.70 an ounce.