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Market Outlook: Travel stocks slip on lockdown ad infinitum + Apple, Tesla earnings previews

The mood in London is subdued as the seriousness of the pandemic's latest stage sinks in
Market Outlook: Travel stocks slip on lockdown ad infinitum + Apple, Tesla earnings previews

European stock markets are a flattish, unexciting mixed bag in early trade on Monday as they continue to tread the range of the last fortnight without too much conviction. Shares in Frankfurt nudged up as London slipped a fraction. US stocks closed down on Friday after a choppy week. Asian shares were broadly higher overnight.

Democrats are hopeful of making swift progress on stimulus, but the impeachment proceedings of Donald Trump could see bipartisan support struggle. The pandemic continues to eat away at confidence – now the British government is said to be considering extending lockdown for another 3 months beyond Easter. This is to get the second dose of vaccines to all over-50s, but just extends the pain for everyone, particularly travel stocks as it’s starting to appear as though another peak summer season will be affected by Covid restrictions. IAG, Ryanair and EasyJet declined 6-7 per cent in early trade. It’s lockdown ad infinitum: the government continues to act as the executive branch of the NHS. I’m reminded of a Malcolm X quote, which goes something like ‘nobody can give you freedom, you take it’.

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