Good morning from the Financial Times. Today is Tuesday, September 29th.

This is your FT news briefing.

Financials gave global markets a life jacket on Monday,

and tonight is the first US presidential debate of 2020.

The series of bombshell stories from just the past couple of days put President

Donald Trump on the defensive. Plus the 60-40 portfolio has been a mainstay of financial planning for decades.

But with the fallout from the pandemic, is it no longer a good bet?

I'm Mark Filipino, and here's the news you need to start your day.

September has been a tough month for equity markets, but stocks made back some of their losses with a healthy Monday.

The S&P 500 closed up 1.5% and the Euro stock 600 index closed up a little more than 2%.

Here to explain the sudden bounce is the F.T.'s U.S. capital markets reporter,

Richard Henderson.

Rich, what happened on Monday to get investors back on track?

Well, in a word, it was cyclicals, it was banks,

it was a bit of a reduction in concern

over this recent coronavirus wave we've had.

The big story I think was really financials and what financials tell us about the stock market.

So in Europe we had the likes of Commerce Bank, B&P Paribar, Deutsche Bank, all gaining more than 5% and that followed in the US where we had moderate gains for J.P. Morgan, Bank of America's Citigroup, all up 2 or 3%.

So what does that tell us?

As one person told me yesterday, these are the back-to-work stocks are doing well rather than the work from home stocks like those

attractive tech companies that have been doing so well this year so it's a return to growth it It's cyclicals, financials, value stocks doing quite well.

Richard Henderson is the F.T.'s U.S. capital markets reporter.

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