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13 Oct 2020
By Jasper Lawler
Stocks rally before new iPhone, Amazon Prime Day

European open

Markets in Europe have opened flat on Tuesday, taking a pause from a big rise the day prior in anticipation of US bank earnings.

 

China stocks boom

Markets in Asia were little changed on Tuesday as China reported trade data. Chinese stocks had led gains across Asia on Monday as more local investors got onboard the idea of more favourable treatment from the United States in a Biden presidency. Action from the PBOC to curb strength in the yuan by removing some restrictions on selling the currency short seemed to bolster confidence.

 

UK introduces 3-tier lockdown restrictions

European stocks were mostly higher on Monday with the UK FTSE 100 the notable exception to the rule. The Boris Johnson government introducing a new 3-tier system for lockdown restrictions was interpreted as confusing and an unnecessary drag on the economic recovery. UK stocks most sensitive to the economic reopening including pub-owner Whitbread retailers Next and Primark-owner ABF were the biggest drags on the index.

 

US tech stocks lead Monday gains

The launch of the first 5G iPhone today as well as Amazon Prime Day has got the juices flowing for tech investors. The Nasdaq index leaped 2.5% on Monday with the S&P 500 and Dow also making solid gains.

 

Oil price drops after Norwegian strike ends

The price of oil had been artificially supported in the last week by strikes in Norway and possibility that a quarter of the country’s oil output could be curtailed. Unions and oil companies struck a deal this weekend and prices are coming back to earth, albeit within the trading range of the past few months.

 

DAY AHEAD

 

First Q3 Bank earnings

JP Morgan Chase and Citibank are first to report Q3 results today. 

 

Amazon Prime Day

Amazon delayed its Prime Day due to coronavirus restrictions in July but the new two day event will now take place starting today (Oct 13 & 14). Each year the firm racks up a new record in sales over the day and with consumers in the habit of shopping online in the pandemic more than ever, this year is likely to be no exception. Amazon stock was bid up in early Wall Street trading to make a fresh record high.

 

New Apple iPhone (12) launch

Supply chain issues meant Apple delayed the launch of its new iPhone 12. Now its happening today at 10am Pacific time. Aside from a few extra bells and whistles - the big selling point for upgrading to the new model will be its 5G connectivity. Apple shares were up 6% on Monday, which sets a high bar for Apple to exceed expectations. The shares are about $10 below all-time highs.

 

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