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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 materials in early production that didn’t meet its standard. European markets close mixed amid Brexit uncertainty. The Stoxx 600 closed marginally above the flatline, with the travel and leisure stocks surging 3.5%, while chemicals shares declined 1.1%. The dollar plunged while Bitcoin and Gold rose.

WRAP
News
• Asia-Pacific stocks trade mixed amid Covid vaccine concerns; SMIC shares in Hong Kong suspended as Pentagon blacklists the China chipmaker SMIC (as well as oil producer CNOOC);
• U.S. reportedly in talks with Huawei CFO on deal to send her back to China if she admits to wrongdoing;
• Credit Suisse says Asian stocks will kick off an ‘earnings super-cycle’ in 2021;
• JPMorgan says emerging markets are ‘under owned,’ stocks could rally as much as 20%;
• Completely driverless cars are being tested in China for the first time;
• Pfizer cuts Vaccine rollout target by half due to "Supply Chain Obstacles";
• Cruise stocks surged yesterday after Bank of America lifts price targets on vaccine hopes: Carnival and Norwegian Cruise Line Holdings soared as much as 11.1% and 9.9%, respectively. Royal Caribbean Cruises gained as much as 5.5%;
• Stock Valuations surpass 1929 levels: the CAPE ratio has now climbed to its highest ever level outside of the 2000 bubble period;
• U.S. jobless claims hit pandemic-era low as hiring continues even with rising coronavirus cases;
• U.S. reports record 2,800 Covid deaths in a single day, hospitals pushed to the limits;
• UK regulator defends rapid approval of vaccine after Fauci criticism;
• Mitch McConnell says US stimulus deal ‘within reach’;
• DOJ sues Facebook for discriminating against US Workers, reserving Jobs for H1-B Workers;
• Luminar Rises in Market Debut, Making 25-Year-Old Founder a Billionaire. The company, which produces sensor technology for self-driving cars, was started by founder and CEO Austin Russell when he was 17;
• Chevron slashes spending plans as Coronavirus hammers oil demand;
• Cerberus pushed to install Colm Kelleher as Deutsche Bank chair. US buyout group tapped former Morgan Stanley president in an effort to replace Paul Achleitner.

What Else?
• OPEC, Allies agree to increase Output by 500,000 Barrels a Day. The agreement ends a standoff over oil policy between the two sides, promising a modest boost to global supplies as oil markets tighten;
• Tough Macron stance leaves Brexit deal hanging in balance: French president’s intervention on fish and state aid alarms British prime minister Boris Johnson;
• 'Immunity Cards' to be issued to all Americans; enable CDC To Track COVID-19 Vaxx status in database;
• Stripe to offer Banking Services in deal with Goldman Sachs, Citigroup;
• Boeing clinches first firm order for 737 Max since aircraft’s grounding. Multibillion-dollar Ryanair deal marks start of efforts to rehabilitate jet after two fatal accidents;
• ECB warns banks are ‘all over the place’ on bad loan preparations;
• Vitol agrees to pay $160m in bribery and manipulation settlements;
• ‘Tiger cub’ hedge fund Coatue surges to 52% gain: stakes in Tesla and PayPal, and a bet against Wirecard, make 2020 a banner year.

Earnings update
• DocuSign shares gained 6.2% after-hours after Q3 beats on the top and bottom lines and billings. The company also provided upside revenue guidance for the quarter and year.

The Day Ahead
• Macro: IHS Markit Sector PMI for Asia, Europe, Global, Australia retail sales, India monetary policy decision, IHS Markit Construction PMI for Eurozone, Germany, France, Italy and UK, US nonfarm payrolls, jobless rate, earnings, US exports, imports, trade balance, factory orders.

Quote of the day
“The difference between stupidity and genius is that genius has its limits.” – Albert Einstein” .

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