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Bitcoin crosses $16k

Bitcoin has blown through another price milestone, reaching over $16,000 for the first since since January 2018, the month after cryptocurrency markets topped.

MARKETS

News
• Asia-Pacific shares dip as U.S. coronavirus cases surge. An unexpected rise in U.S. crude stockpiles exacerbated virus-linked economic fears in commodity markets, pushing U.S. crude oil 1.63% lower to $40.45 per barrel. Bitcoin continues to soar, flirting with $16,500;
• Donald Trump bans investments in companies that White House says aid China’s military. The ban will take effect starting 9:30 a.m. ET on Jan. 11, 2021 and targets 31 companies;
• Joe Biden projected to win Arizona, the first Democrat to do so since 1996
• US tops 150k Daily COVID-19 cases for first time. Supermarkets limit toilet paper purchases as COVID cases hit new highs. Dr. Fauci said ‘help is on the way’ with vaccines, but doubts Covid can ever be eradicated;
• France keeps lockdown for at least two more week.

What else?
• Fox TV stock tumbled as Trump urges followers to turn way Amid Rumors About Rival Offering;
• Kodak executives received Millions in Stock for options they never owned;
• Sysco drops food delivery minimums to help restaurants cope with virus headwinds;
• Almost half Goldman’s new partners are women or minorities.

Earnings update
• Hong Kong-listed shares of Chinese tech juggernaut Tencent surged 2.77% in early trade on Friday. That came after the firm announced Thursday its quarterly profit rose more than 80% from last year;
• Disney (DIS) shares rose after reporting 73 million paid Disney+ subscribers while losses are not as drastic as expected;
• Palantir (PLTR): reports 52% sales growth in first earnings statement since public market debut. The stock fell more than 4% in extended trading after plunging 8.7% during the regular trading day;
• Cisco Systems (CSCO) jumped more than 8% on earnings beat and strong forecast;
• Farfetch (FTCH) was up +12% after hours as earnings beat. Reported gross merchandise value jumped 62% in Q3 and the digital platform GMC growth rate was 60%;

The Day Ahead
• Earnings: DraftKings (DKNG)
• Macro: French CPI, Eurozone Preliminary GDP, Eurozone Trade Balance, U.S. PPI, Preliminary Michigan Consumer Sentiment.
Quote of the day

"Before you marry a person, you should first make them use a computer with slow Internet to see who they really are.” — Will Ferrell

WRAP

A combination of various state/city lockdown orders, a rise in Coronavirus cases and headlines from Washington that stimulus will be dramatically smaller than hoped for, sent all the major US equity indices lower on Thursday. The Dow Jones dropped 1.1% while the Nasdaq dropped 0.7%. The pan-European Stoxx 600 closed about 0.8% lower, with almost all sectors and major bourses slipping into negative territory. Bond traders were in buoyant mode, buying Treasuries across the curve as Fed's Powell hinted at more action required. Bitcoin rallied above $16,000.

On Wednesday alone, a record of more than 144,000 infections were confirmed in the U.S., bringing the nationwide tally to more than 10 million. Chicago issued a stay-at-home advisory Thursday aimed to curb the spread, while New York has imposed a new curfew on restaurants, bars and gyms.

27-11-2020

Thanksgiving crypto carnage
Bitcoin alongside other major cryptocurrencies dived double digits in a huge Thanksgiving sell-off after coming close to the record high set in December 2017 MARKETSNews• Asia-Pacific markets are little changed this morning. Bitcoin and altcoins are stable fol… Read more

26-11-2020

Global stocks set for best month EVER
MARKETSNews• Stocks in Asia-Pacific struggled for direction in Thursday trade as investors reacted to minutes released overnight from the U.S. Federal Reserve’s November meeting; • The Fed weighed adjusting bond purchases to provide more help to economy ‘fairl… Read more

25-11-2020

Dow hits 30k for the 1st time
The Dow Jones Industrial Average, America's oldest equity benchmark has closed above 30,000 for the first time on record. MARKETSNews• Japan’s Nikkei is up nearly 2% as Asia-Pacific shares mostly rise after Dow surges to a new record;• Airlines and cruise stoc… Read more

24-11-2020

Gold drops to 4-month low
Higher real interest rates thanks to positive covid-19 vaccine news caused gold to drop below key support at $1850 per oz to a new 4-month low. MARKETSNews• Trump administration officially begins transition to Biden: General Services Administration chief Emily… Read more

23-11-2020

Ethereum surges over $500
News• Stocks in Asia-Pacific edge higher while airline shares in Hong Kong and Singapore decline after an anticipated air travel bubble between the two cities was delayed due to rising Covid-19 cases in Hong Kong;• Beijing warns of crackdown on misconduct afte… Read more

20-11-2020

Energy stocks having best Q4 in 30 years
MARKETS News• Asia-Pacific markets traded mixed on Friday as investors remained cautious over the short-term economic impact of the coronavirus as cases around the world continue to rise. Dow futures fall more than 200 points as fresh virus restrictions raise… Read more

19-11-2020

Stocks pullback after NYC schools closure
News• Asia-Pacific markets fell on Thursday as traders grappled with optimism around a potential coronavirus vaccine and economic worries;• Deutsche Bank: "There is increasing demand to use Bitcoin where Gold was used to hedge dollar risk and inflation";• Tesl… Read more

18-11-2020

Bitcoin rockets above $18k
MARKETSNews• Bitcoin crossed the $18,000 mark overnight. Asia-Pacific markets were mixed in early Wednesday trade. Meanwhile, the U.S. dollar continued its slide;• Ant Group is still capable of clinching the world’s largest IPO — even as Chinese regulatory hur… Read more