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We enter the last trading day of October with stock markets once more under pressure following some disappointing Big Tech third-quarter reports yesterday evening, volatility spikes close to 40 and the consequence price pressure resulting in the Stoxx 600 MTD losing -5% and the S&P down by - 1%. However, while the Wall Street barometer is still up 3% year-to-date, the European one has lost 18%, driven not least by more targeted, partial Covid-19 lockdowns.

Details of the data release show an increasingly broad recovery, keeping the country on track for positive year-on-year growth. The pandemic seems to be almost forgotten.

When COVID-19 hit, the UK government introduced a ‘rent holiday’ which allowed renters of commercial property (such as restaurants, shops, offices) to not pay their rent and not get evicted until 30 September 2020.

Whether an appreciating currency is good or bad for economic growth, inflation and corporate earnings depends on why this is happening.