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Momo massacre

News
• Stocks in Asia-Pacific were mixed in Wednesday trade, with tech shares in the region monitored following overnight declines for the sector on Wall Street. Hong Kong-listed shares of Chinese tech giants Alibaba and Tencent dropped 6.97% and 4.03%, respectively. In Japan, the Nikkei 225 rose 1.74%;
• Secretary of State Mike Pompeo ignored Joe Biden’s victory and claimed there will be a “smooth transition” to a second Trump term. Other top Trump administration officials, such as Vice President Mike Pence, have publicly insisted that the election is not over;
• Nearly 120,000 new Covid-19 cases were reported in the U.S. as the total number of confirmed cases topped 10.1 million, according to data compiled by Johns Hopkins University;
• Initial sales for Alibaba's Singles Day event were massive, soaring past $56 billion in the first 10 days and 30 minutes of the extended event. But shares of Alibaba slid as much as 9% in Tuesday trades after Chinese regulators released a new draft of anti-monopoly rules that could target online platforms;
• Apple announces its first new computers with its own chip instead of Intel’s;
• Beyonce, Peloton strike multiyear content partnership, sending exercise cycle-maker’s shares higher;
• Pfizer’s encouraging vaccine news Monday gave some consumers enough comfort to book cruises, Norwegian Cruise Line CEO Frank Del Rio said;
• One day after Carnival stock soared by the most on record (+39%), company rushed to lock in the gains and raise much needed liquidity by announcing a new $1.5 billion "at the market" stock offering via Goldman and JPMorgan. The news sent the stock over 12% lower;
• NASA certifies SpaceX to carry astronauts, a first for a privately-developed spacecraft system.
• Lyft (LYFT) shares rose more than 6% as the company reported third-quarter earnings after the bell on Tuesday, following a massive rally on Monday. Amid the Covid19 pandemic in the U.S., Lyft’s active riders increased 44% y/y in Q3;

Day Ahead
• Earnings: Lemonade (LMND);
• Macro: Chinese New Loans, Brazilian Retail Sales.

Quote of the day
"Men marry women with the hope they will never change. Women marry men with the hope they will change. Invariably they are both disappointed.” – Albert Einstein"

Wrap
The Dow closed up 262 points while the S&P 500 slumped with tech companies losing favor on vaccine hopes. The Nasdaq fell 1.37% as Netflix, Amazon, Facebook and Microsoft extended losses from Monday as investors turned to reopening stocks. Apple bucked the trend, rising ever so slightly after announcing its first chip, the M1. Value and small caps sharply outperformed Growth and large caps stocks. European equities closed higher as Banks surged another 4.4%. On the fixed income side, the U.S yield curve steepened to its highest since May 2017.

President-Elect Joe Biden said Tuesday that his transition is underway and nothing is going to stop it, even if President Donald Trump continues to stew in denial. Fellow Republicans are still supporting Trump's attempt to challenge Biden's victory, but their patience may be limited, Reuters reported. Senior aides said the president must produce evidence or exit stage.

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