November 27, 2020

Global stocks hit a record high after Biden victory – live updates –

Good morning. The FTSE 100 is set to open firmly in the green after Joe Biden was elected the 46th President of the US over the weekend. Asian markets soared overnight, with Japanese stocks hitting a 30-year high. 

Brexit will also come back in focus this week as trade deal talks between the two sides approach the latest deadline. 

5 things to start your day 

1) Scrap air passenger taxes or risk 8,000 jobs, MPs tell Sunak. MPs are piling pressure on the Chancellor after a report finds a 12-month ban on duties could prevent an industry wide collapse. 

2) Mike Ashley complains of being ‘frozen out’ of rival brand’s auction. Sports Direct tycoon accuses insolvency consultants of withholding key data about the auction for three Edinburgh Woolen Mill brands. 

3) Banks seek government reassurance they will not become Covid villains. As lenders begin to creak under the weight of demand for Covid loans, they have been airing concerns to the Treasury about potential reputational damage when the time comes to demand repayments

4) The energy source engineers hope will fuel the future. Politicians and industrialists are throwing their weight behind hydrogen, but many obstacles remain before it can power Britain.

5) Steel industry calls for “Buy British” taskforce. Manufacturers want UK contracts to stay “in-house” after major work on the HS2 project was handed to foreign firms. 

What happened overnight 

Asian shares and US futures rose on Monday on the news that Joe Biden had crossed the threshold of the 270 electoral college votes required to cinch the title of US President. In expectation that Biden will be less confrontational in his approach to China, the Chinese yuan rose slightly to reach a 28-month peak. Strong Chinese trade date also emerged from the weekend. 

Japan’s Nikkei 225 surged 1.9pc to 24,794.44. Australia’s S&P/ASX 200 added 1.6pc to 6,291.10. South Korea’s Kospi added 1.1pc to 2,444.13. Hong Kong’s Hang Seng rose 1.3pc to 26,037.96, while the Shanghai Composite gained 1.2pc to 3,350.34.

Coming up today

Bank of England chief economist Andy Haldane is expected to give a speech on ‘The economic impact of coronavirus and long-term implications for the UK’.

Trading statement: Dignity, On the Beach, Ultra Electronics

Economics: Trade balance (Germany, Japan)