A September to Not Remember… It’s a Bloody Monday to start the week, with the market suddenly viewing a slew of “old” risks (the upcoming election, US-China tension, eco-data slowing) in a much more concerning light, but the primary driver of today’s dour mood is the threat of renewed lockdowns in the UK as the virus reemerges (just look at ZM +5%, GRUB +1%, PTON +5%). Tech/Semis are holding up relatively well amid the uneasiness as investors look to the old lockdown favorite for shelter (more below), and defensives Utilities and Food Retail are faring better. On the flipside, more Cyclical sectors Autos, Cap Goods, and Materials are handing back some of their rotationary gains. Energy is also lower as DXY strength and Libya resuming some oil exports delivered a blow to crude. And then there’s Banks… the perennial punching back is being bruised again on back of the ICIJ suspicious transactions report involving several global players.
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