Gains slip away for FTSE 100 and Wall Street

UK and US stocks continue to be held in check by the upcoming political events in both these countries, says Chris Beauchamp, Chief Market Analyst at online trading platform IG.

Unilever and Barclays lift FTSE 100

Good news from Unilever and Barclays has driven the FTSE 100 higher today, though uncertainty around next week’s Budget continues to hobble UK assets overall. The FTSE 100 has spent weeks trying to rally, but to no real effect. Just as the US election hangs over Wall Street, so UK investors have decided to sit things out until Rachel Reeves finishes talking next week.

Wall Street stumbles

Perhaps unsurprisingly, Tesla’s earnings have not been enough to breathe life into the wider US stock market. Instead, we have seen a trimming of gains all day, as the traditional pre-election weak period sets in. This should persist at least until the end of the month, and probably until after the election, when history suggests we see stocks resume their march higher.