What did I miss? Markets in Europe steadied but failed to really bounce after a brutal sell-off on Wednesday saw all the major indices deeply in the red and trading at levels not seen for some time. The instigation of second national lockdowns in Germany and France rattled markets. Election nerves may also be present, particularly as the path to a stimulus package in the US will not become clear until after the results are known. We know that governments are supportive of business, but we also know it was a long slog out of lockdown last time and won’t be easy this time. Markets had become a little complacent about the recovery and secondary lockdowns tell a different story – it will be rocky and uneven.
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