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Energy stocks having best Q4 in 30 years


• 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 concerns about recovery;
• PlayStation 5 launch: In the U.S, Walmart's website just crashed once again from PS5 frenzy. In the UK, the launch descends into chaos as stores quickly sold out of PS5 online and some buyers relisted consoles online at inflated prices;
• Coronavirus update: In the U.S, Public Health body urges Americans not to travel for Thanksgiving. California orders 10 p.m. curfew across most of the state to slow the Covid pandemic. South Korea warns of return to tough COVID measures to fight third wave. Meanwhile, France seeks to delay Black Friday to save high-street shops;
• WHO Officially counsels Against prescribing Gilead's Remdesivir to treat COVID-19;
• Despite Fed Chair Powell's desire for them to remain in place, Treasury Secretary Steven Mnuchin has declined to extend several emergency loan programs established jointly with the Fed that are set to expire on Dec. 31. But people familiar with the decision say that either Mnuchin or a new Treasury secretary could decide to revive the emergency lending programs under a new agreement with the Fed

What else?
• In what the Sydney Morning Herald dubbed "an extraordinary attack on the Australian government", Beijing accused Australia of "poisoning bilateral relations" in a deliberately leaked document that threatens to escalate tensions between the two countries whose bilateral trade relations have already suffered a spectacular collapse in recent months;
• EU economics chief is ‘worried’ about delays to Covid stimulus after Hungary and Poland veto;
• Brexit trade talks suspended because of Covid-19 case;
• Europe is planning a 25-fold increase in offshore wind capacity by 2050;
• Google Searches for 'Reloading Ammo' (in the U.S) explode amid Nationwide shortage.
Earnings update
• Workday lifts guidance as earnings, revenue beat in Q3, pushing its record-breaking stock surge even higher;
• Netease reported on Thursday third quarter earnings that beat analysts' forecasts and revenue that topped expectations. The stock gained more than 4%;
• Williams Sonoma shares rose 6% after-hours on steep increase in earnings, sales.

The Day Ahead
• Earnings: Sysco;
• Macro: U.K. Retail Sales, German Producer Price Index (PPI).

Quote of the day
"Marriage is the chief cause of divorce.” – Groucho Marx

The Dow cut losses Thursday, as stimulus appears to be back on the agenda on Capitol Hill at a time when the labor market is showing signs of weakness as Covid-19 cases continue to spike. The Dow Jones rose 0.15% while the Tech heavy Nasdaq Composite rose 0.87%. Value stocks like financials, energy, and industrials turned green. In Europe, the Stoxx 600 closed down by 0.75%, with travel and leisure stocks dropping 1.7% to lead losses. Results published Thursday on the COVID vaccine being developed by the University of Oxford and AstraZeneca indicated that it is safe and triggers a similar immune response among all adults. The study, published in The Lancet, failed to boost market sentiment. Gold and the dollar traded lower. Bitcoin held steady above $18,000.

The U.S Labor Department reported that 742,000 people filed for unemployment insurance in the week ended November 14, up 31,000 from the prior week, above economists' forecasts for 707,000 claims. Signs of weakness in the labor market will likely continue in the weeks ahead as the surge in the virus prompts further parts of the U.S. to impose restrictions to curb the virus.



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