It was like deja vu all over again. First, the market reacted immodestly to headlines indicating there was little chance of pre-election fiscal stimulus in the US. It was hardly new news. Then the market seemed to react with surprise that there was no last-minute breakthrough in the UK-EU trade negotiations. Prime Minister Johnson could abandon the talks, but his chief negotiator had already judged that a deal was still possible, and this seems to allow negotiations to continue. The firm close in US equities failed to carry over much to Asia Pacific trading earlier today. Only Hong Kong and Indian equities gained. In ... (full story)