A week out from the US Presidential election and any hopes of a stimulus package being agreed ahead of the vote look increasingly forlorn,” says AJ Bell investment director Russ Mould.
“Investors are likely to be kept busy this week with several of the biggest companies in the US set to serve up their third quarter earnings – these could help determine if the market’s mood sweetens or sours in the coming days.
“Coronavirus concerns as a second wave builds in Europe and the US are giving investors indigestion at the beginning of the week. Brexit-inspired sterling weakness helped spare the FTSE 100 from the larger losses seen in other European markets with the DAX down more than 2%, thanks to poor results for giant tech firm SAP.
“The laggards in the UK all had links to a travel sector, which will be one of the worst hit if countries can’t get Covid-19 under control – aviation engineer Rolls-Royce the biggest faller.”