Financial market research and analysis

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";
• Tesla closed 10% higher after Morgan Stanley upgraded the stock due to huge 'internet-of-cars' upside;
• Elon Musk passes Mark Zuckerberg to become the world’s fourth richest person;
• Nikola surged 15% after the company is referenced on GM's website amid ongoing deal talks;
• Zoom spiked 3% as New York City will close schools for in-person learning to curb Covid outbreak, which means more remote learning;
• Goldman warns of "Massive" $36BN month-end pension selling, 4th largest on record;
• Google muscles in on Wall Street's Turf with new Checking Accounts;
• SEC finally considers requiring US-Listed Chinese-companies to use auditors with US oversight;
• Trump campaign requests partial Wisconsin recount, deposits $3 million to challenge Biden victory. Georgia recount monitor catches 9,626-Vote error during hand recount.
What else?
• Apple to halve App Store rates for small businesses. The move by iPhone maker is unlikely to calm complaints from big developers;
• Gunvor to end use of agents to win business. It is the latest commodity trader to cut back on intermediaries as sector faces scrutiny from regulators;
• The Dow Jones Industrial Average stock index has the potential to reach the 40,000-point mark in 2021, according to Baird’s Patrick Spence;
• FAA clears Boeing 737 Max to fly again after 20-month grounding spurred by deadly crashes;
• Moderna’s coronavirus vaccine maker identifies ‘big challenges’ to mass production;
• The UK plans to ban sales of diesel and petrol cars from 2030;
• UK electric vehicle maker Arrival is going public via SPAC at a $5.4 billion valuation;
• Wednesday morning, Bank of America, JP Morgan, Deutsche Bank and Crédit Suisse analysts all increased their target price on NIO.
The Day Ahead
• Earnings: Workday, Netease, McAfee, Williams Sonoma;
• Macro: U.S. Philadelphia Fed Manufacturing Index, U.S. Existing Home Sales, Peoples' Bank of China (PBoC) Loan Prime Rate Decision, European Council Meeting (which is seen as a Preliminary Brexit Trade Deal Deadline).

Quote of the day
"Never have more children than you have car windows.” – Erma Bombeck.

WRAP
Markets
U.S. stocks fell for a second straight day on Wednesday as the market’s recent rally to new records took a pause. The Dow Jones dropped 344 points, or 1.2%, to 29,438.42 in a volatile session, after rising as much as 147 points at its session high. The tech-heavy Nasdaq Composite fell 0.8%. European markets closed higher Pfizer said final analysis had shown its vaccine was 95% effective and would be submitted to the U.S. Food and Drug Administration (FDA) for approval within days. Bitcoin surged above $18,000 intraday (just shy of $18,500).
Macro
Mayor Bill de Blasio announced New York City’s public schools will move to remote learning only as the city tries to tamp down a growing number of coronavirus cases. The U.S. is recording roughly 157,000 new coronavirus cases per day, on average.