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Global stock market cap reaches $100 trillion for 1st time

The value of all the stocks in the world put together has reached a giant $100 trillion for the first time.

MARKETS
The Dow fell 0.69% Monday, led by Intel and broad-based weakness in value stocks as rising Covid-19 restrictions offset optimism over an imminent vaccine roll out and signs of progress on a stimulus deal. The pan-European Stoxx 600 index closed 0.3% lower, with the majority of sectors finishing in negative territory. U.K. banks and homebuilder stocks were under pressure on the index and sterling was down nearly 1% against the dollar. Gold jumped over 1% on U.S. stimulus bets. Bonds were bid as well.
The path to a $908 billion stimulus bipartisan deal in the U.S looks set to clear up in the coming days as lawmakers are expected to agree a stopgap spending bill by the Friday deadline to keep the government funded, buying more time for lawmakers to iron out their differences on stimulus.

WRAP
News
• Asia-Pacific markets are mixed as investors remain cautious over post-Brexit trade deal;
• Chinese e-commerce giant JD Health shares surge 50% on their market debut in Hong Kong this morning;
• Chinese FX Reserves soared most In 7 Years as Beijing starts to intervene against the soaring Yuan;
• US puts sanctions on 14 Chinese officials over Hong Kong crackdown;
• Global Stock Market Cap tops $100 Trillion for first time ever;
• Boris Johnson to go to Brussels in search of way out Brexit stalemate. PM is set for make-or-break political talks after ‘no tangible progress’ made on key differences;
• New York City restaurants face ‘clamp down’ as hospitalisations rise. Officials warn pandemic surge is set to accelerate even faster in the coming weeks;
• FDA could authorize Pfizer’s Covid vaccine this week as U.S. deaths surge;
• U.S Consumer credit misses badly as Americans unexpectedly pay down credit card debt in October;
• Uber abandons effort to develop own self-driving vehicle as start-up Aurora is acquiring Uber’s Advanced Technologies Group;
• Palantir jumped 21% on report of $44 million FDA contract;
• Moderna's stock rallied nearly 5% after Canada doubles order for COVID-19 vaccine candidate;
• Intel fell 4% on fears of rising competition on a report from Bloomberg suggesting Apple is planning to launch a new series of Mac processors next year to outperform Intel’s fastest chips;
• Tesla jumped 8% en route to fresh all-time highs as traders appeared to pile into the company's shares ahead of its inclusion in the S&P 500 on Dec. 21.

What Else?
• Senator Schumer calls on Biden to forgive $50,000 in student debt per borrower;
• Maduro claims victory in Venezuela election boycotted by opposition;
• The BIS issues a dire warning: "We Are Moving From The Liquidity To The Solvency Phase Of The Crisis";
• Macron vows to keep defence ties to Egyptian regime. French president welcomes Sisi to Paris and rejects sanctions over human rights abuses
• Italy’s Eni to buy 20% stake in world’s largest offshore wind farm;
• XPeng stock dropped 2% to extend selloff after public share offering;
• Kodak’s stock soared after Journal report that federal regulators found no wrongdoing in government loan deal;
• Uranium stock Cameco, which controls the world’s largest high-grade uranium reserves reported yesterday that an individual at its Cigar Lake uranium mine in Saskatchewan has tested positive for COVID-1.

Earnings Update
• Toll Brothers is capitalizing on the red hot housing market with net contracts up 26 percent for a record third quarter amid the pandemic.

The Day Ahead
• Earnings: AutoZone Inc (AZO), Barnes & Noble Education Inc (BNED), Gamestop Corp (GME), H & R Block Inc (HRB);
• Macro: German ZEW Current Conditions and Sentiment Indexes, Eurozone Preliminary GDP (Q3), Chinese CPI.

Quote of the day
“Between two evils, I always pick the one I never tried before." - Mae West.

14-12-2020

GBP jumps on Brexit talks extension
The British pound has jumped in early trading this week after the UK Prime Minister and EU Commission President agreed to extend Brexit talks beyond Sunday. MARKETSThe S&P 500 fell on Friday, wrapping up a losing week, as the outlook for additional fiscal… Read more

10-12-2020

AirBnB IPO today
At its IPO price of $6 per share, Airbnb ABNB, is expected to raise at least $3.5 billion with an initial market capitalization topping $40 billion. MARKETSStocks fell on Wednesday, retreating from the record highs set earlier in the day, as tech shares strugg… Read more

9-12-2020

S&P 500 closes over 3,700
MARKETSThe S&P 500 closed above 3,700 for the first time ever on Tuesday as Pfizer started to roll out its coronavirus vaccine in the U.K., lifting hope of the economy recovering in the near future. The Dow Jones gained 0.4% while the Nasdaq Composite clim… Read more

8-12-2020

Global stock market cap reaches $100 trillion for 1st time
The value of all the stocks in the world put together has reached a giant $100 trillion for the first time. MARKETSThe Dow fell 0.69% Monday, led by Intel and broad-based weakness in value stocks as rising Covid-19 restrictions offset optimism over an imminent… Read more

4-12-2020

Pfizer vaccine supply chain problems
MARKETS The S&P 500 fell slightly from record high. Major U.S stocks indices cut gains quickly in the final hour of trading after Dow Jones reported Pfizer now expects to ship half of the doses it had previously planned this year after finding raw material… Read more

2-12-2020

Dollar Purge Continues
The US dollar dropped to fresh two-and-a-half year lows on Tuesday, with EUR/USD rising above the widely-watched 1.20 handle. MARKETSNews• Stocks in Asia-Pacific were mixed in Wednesday morning trade after major indexes on Wall Street surged to record highs ov… Read more

1-12-2020

Bitcoin hits record high
The price of Bitcoin climbed 8.7% on Monday to reach a fresh record high of $19,857.03 - overtaking its previous peak made in 2017. MARKETSNews• Asia stocks rise as the Caixin/Markit manufacturing Purchasing Managers’ Index for November came in at 54.9 — its h… Read more

30-11-2020

OPEC meeting starts
Today OPEC+ begin a 2-day meeting to decide whether to begin producing an extra 2 million barrels per day of oil, or delay for another 3-6 months. MARKETSNews• Asia-Pacific markets are mixed this morning while S&P 500 futures are down half a per cent. Indi… Read more