November 28, 2020

FTSE falls as Europe imposes tighter restrictions – live updates –

Good morning. The FTSE 100 is set to fall after Monday’s Moderna rally as European countries continue to impose tighter Covid restrictions.

German Chancellor Angela Merkel urged people to limit public and private gatherings, while Sweden imposed its toughest restrictions yet as intensive care beds started to fill up. 

“Don’t go to gyms, don’t go to libraries. Don’t host dinners, don’t host parties. Cancel,” Prime Minister Stefan Lofven said. 

5 things to start your day 

1) Foreign takeover rules could create ‘economic nationalism’: A top business lobby group warns new security laws restricting foreign takeovers risk a “chilling effect” on investment in the UK economy.

2) Moderna briefed market-moving jab data before public release: The US drugmaker briefed journalists on data that its jab is almost 95pc effective against Covid, almost an hour before publishing the details.

3) ‘Zoom boom’ helps Japan escape recession: The decision to shun strict lockdown bore fruit for Japan as its economy surged out of recession in the third quarter, helped by a “Zoom boom”.

4) Airbnb reveals substantial losses ahead of $30bn IPO: Airbnb revealed it has lost more than $1.7bn (£1.3bn) over the last three years as it filed for the most anticipated US stock market float of the year.

5) Tesla shares soar as it joins the gilded ranks of the S&P 500: The electric car maker has been joined America’s blue-chip index after reporting five consecutive quarters of profit, sending shares up 14pc.

What happened overnight 

While most Asian benchmarks were little changed, energy and financial stocks pushed higher, and health care and communication shares lagged. US futures retreated after the S&P 500 closed at an all-time high as Moderna Inc.’s vaccine was shown to be 94.5pc effective.

Stocks poised to benefit from a reopening, such as cruise lines and air carriers, were among the day’s best performers on Wall Street. European futures slid.

Coming up today

Corporate: Intermediate Capital, Telecom Plus, Homeserve, Big Yellow Group, Assura, Experian, Ninety One (Interim result); Imperial Brands, Petra Diamonds, Easyjet (Full year); Aggreko, Energean (Trading statements)

Economics: Retail sales, industrial production, NAHB housing market index (US); credit card spending (UK)