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Zoom leads tech stock rebound

There was heavy trading in Zoom shares on Wednesday with investors buying the dip in tech stocks.

MARKETS
News
• Asian stocks are mixed on Thursday morning as U.S. stock futures are pointing to a lower open following a strong session for U.S tech stocks on Wednesday;
• Fauci predicts positive data from second Covid vaccine soon.
• Coronavirus update: Texas first state to surpass 1 million cases; UK death toll tops 50,000;
• Georgia begins hand recount of votes after Trump request. US state will audit results that show Joe Biden leading by more than 14,000 votes;
• OPEC cuts 2020 oil demand forecast again on rising Covid cases — sees slower recovery next year;
• Goldman Sachs expects the S&P500 to rally to 4,300 by the end of 2021, which represents a 21% gain from here;
• Morgan Stanley names internet companies that will be hit by China’s proposed anti-monopoly rules. The list includes Alibaba, Tencent, PinDuoDuo, JD.com and Meituan Dianping;

What else?
• Billionaire investor Ray Dalio believes Ant's IPO suspension was reasonable - and says NOT investing in China is 'very risky';
• Zoom Video jumped 10% in heavy volumes;
• Stifel analyst Andrew Carter downgraded Aurora Cannabis and Tilray to sell from hold on Wednesday, saying that the excitement around expanded legal marijuana in the U.S has gone too far for the stocks.

Earnings update
• Fossil Group — Shares of the watchmaker spiked more than 30% after Fossil announced its third-quarter results that included widening margins;
• Vroom — The online auto retailer’s stock fell about 10% despite Vroom reporting a smaller-than-expected loss for its third quarter;

Day Ahead
• Earnings: Disney (DIS), Palantir (PLTR), Cisco Systems (CSCO), Beazer Homes (BZH), Farfetch (FTCH);
• Macro: U.K. Preliminary Q3 GDP, U.K. Manufacturing Production, German CPI, Eurozone Industrial Production, U.S. Core CPI.

WRAP
The S&P 500 and Nasdaq Composite rose on Wednesday as tech shares recovered some of their losses from earlier in the week at the expense of names who would benefit from an economic recovery. The S&P 500 closed 0.8% higher and the Nasdaq jumped 2%. Apple gained 3%. Facebook and Amazon rose 1.5% and 3.4%, respectively. The pan-European Stoxx 600 closed up 1.1%, with utilities adding 2.6% to lead gains. Bitcoin was bid, trading a tick shy of $16,000. Brent Crude topped $45 and WTI spiked above $43 overnight - a 10-week high - before fading notably during the day. Gold futures faded further and closed at their lowest level since July.

Fed’s Rosengren says next 6 months will be ‘pretty choppy’ despite vaccine news. Russia says its coronavirus vaccine is 92% effective, in battle to beat the West.

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