All Eyes On The Chancellor’s ‘Winter Economy Plan’
Yesterday proved a volatile day across financial markets. The morning was characterised by positive sentiment as European PMIs displayed robust expansion across the manufacturing and service sectors. The greenback softened while equity markets regained recent losses. However, the tables turned in the afternoon as sentiment dampened. The buck exerted itself while equities hit the reverse button.
Thursday’s trading session will be key in gauging sentiment; so far this week it’s been tough to define risk appetite with markets swaying to and fro. The UK sees a big announcement from Chancellor Sunak who recently cancelled the Autumn Budget in favour of focusing more on the short-term rather than longer-term policy creation.
Sunak will give details on his ‘Winter Economy Plan’ today in Parliament. Its focus will revolve around avoiding job losses once the furlough scheme is set to end in October as well as providing further support of businesses via loans. The aim is essentially to prevent business failures and provide additional support to the millions of individuals still on furlough. Watch this space…
Written by Viv Savani. 8:21am, September 24th 2020
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