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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.

MARKETS
News
• Trump administration officially begins transition to Biden: General Services Administration chief Emily Murphy on Monday told Joe Biden that the Trump administration is making federal resources available for his transition into office. Trump tweeted that he approved the move but he has still refused to explicitly concede the race to Biden;
• Joe Biden reveals top picks for national security team. Antony Blinken chosen as secretary of state as John Kerry lands senior climate role. Janet Yellen is Biden’s pick for Treasury Secretary;
• Asia-Pacific shares mostly rise amid vaccine hopes. Japan stocks pop by nearly 3%. Dow futures rise more than 200 points as Trump administration begins transition process;
• Electric Vehicles continue to be on fire: Tesla (TSLA) gained 6% as Wedbush sees 104% upside potential. Nikola (NKLA) and NIO ADR (NIO) more than 10% while Xpeng ADR (XPEV) surged more than 30%;
• "Battery" stocks exploded yesterday: Switchback Energy (SBE) gained 40.7%, Blink Charging (BLNK) surged by 57%, etc.
• U.S Energy stocks surged; SPDR Energy Trust ETF (XLE) gained more than 7%.

What Else?
• Israeli Prime Minister Benjamin Netanyahu secretly met Saudi Arabia’s crown prince in the kingdom on Sunday, according to three Saudi government advisers;
• US air travel rises during Thanksgiving. Airports have busiest weekend since March even as tally of coronavirus cases passes 12m;
• Goldman cuts fourth-quarter and first-quarter GDP forecasts, cites Covid resurgence;
• Global stocks are vulnerable to $300 billion of outflows by year-end, JPMorgan says.

Day Ahead
• Earnings: Medtronic PLC, Xiaomi, VMware Inc, Autodesk Inc, Dell Technologies, Analog Devices, LUKOIL Oil Company, Best Buy Co, Dollar Tree, Tiffany & Co;
• Macro: German & French Q3 Preliminary GDP (Q3), German Ifo Business Climate Index (November), U.S. S&P/CS Housing Price Index, U.S. Conference Board Consumer Confidence.

WRAP
Markets
Stocks rose on Monday after AstraZeneca and the University of Oxford said their coronavirus vaccine was up to 90% effective, becoming the third inoculation this month that was revealed to be effective in trial data. The Dow Jones closed 1.1% higher while the Nasdaq advanced 0.2%. The Dow hit its session high in the final hour of trading amid news that President-elect Joe Biden plans to nominate former Federal Reserve Chair Janet Yellen for Treasury secretary. The pan-European Stoxx 600 closed flat, with oil and gas stocks bouncing 3.2% to lead gains. Gold and Silver tumbled while Ethereum crossed the $600 mark intraday.

Macro
IHS Markit said their U.S. manufacturing and services purchasing managers’ indexes hit multiyear highs. The flash U.S. services index rose to 57.7, its highest level in more than five years. Meanwhile, UK Prime Minister Boris Johnson announced Monday the country’s national lockdown would end on Dec. 2 with certain conditions in place.

 

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 strug… 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 imminen… 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 materia… 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 o… 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… 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. Ind… Read more