Good afternoon, it is November 25th 2020 and here is your economic and market update from BlackBee.
- Dow Jones closes above 30,000.
- Ireland remains an attractive destination for companies to set up base.
Following the election of Joe Biden as US President earlier in the month combined with positive vaccine results, there has been an upward trend in stocks that would benefit from an economic recovery. Yesterday President Trump instructed his administration to co-operate with the transition team of President-elect Joe Biden which boosted markets and spurred the Dow Jones to close over 30,000 for the first time. Investors are looking past the short term problems of the rising number of coronavirus cases and potential of further restrictions and focusing on the longer term outlook in which the economy recovers. Investors have poured into a broad range of risk assets as the threat of a contested transfer of power has been removed. Energy companies were a major beneficiary as energy companies in the S&P500 jumped 4% as oil climbed above $45/barrel. The S&P500 climbed 1.6% and gold fell to $1,804 an ounce (Source: Bloomberg).
In March, online education provider Udemy announced plans to hire 100 people at its newly expanded Dublin base over the next year. In addition to this, Udemy have recently announced it plans to create a further 100 jobs in Dublin. Udemy first established operations in Dublin in 2014. Udemy’s EMEA managing director Bill O’Shea told the Irish Times that their plan “is to continue to significantly increase our footprint in Dublin”. Mr O’Shea also told the Irish Times that they are a little bit ahead in terms of hiring and that they expect to “take on a similar number of people next year, if not more”. The continuous creation of new jobs shows the resilience of the Irish job market and how Ireland remains an attractive destination for companies to set up base (Source: Irish Times).
Best & Worst Performers of Large Cap US Stocks on Tuesday
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Global Market Update
(as at close of markets 24/11/2020)