20 Nov 2020, 11:47 by Newsquawk Desk
- European bourses are firmer this morning (Stoxx 50 +0.70%) seemingly unphased by the Fed/Treasury updates while US futures have been recouping losses and are now mixed/flat
- US Treasury Secretary Mnuchin made a request for the Fed to return unused CARES Act funds and shelved several programs that utilize those funds
- This prompted a response from the Fed which would prefer to continue with the full suite of emergency facilities to support the economy
- US HHS's Azar expects Pfizer (PFE) to file an...
20 Nov 2020, 06:54 by Newsquawk Desk
- Asian equity markets traded with a non-committal tone as participants reflected on the choppy price action stateside
- US Treasury Secretary Mnuchin made a request for the Fed to return unused CARES Act funds and shelved several programs that utilize those funds
- This prompted a response from the Fed which would prefer to continue with the full suite of emergency facilities to support the economy
- Staff for US House Speaker Pelosi, Senate Majority Leader McConnell, Senate Minority Leader Schumer and...
19 Nov 2020, 11:56 by Newsquawk Desk
- Equities have continued to move lower since the European cash open as markets balance positive and negative updates on the COVID-19 front; ES & NQ -0.4%, RTY -0.7%
- AstraZeneca/Oxford COVID-19 vaccine has produced a strong immune response among elderly adults; Phase III efficacy data possible in the coming weeks
- EU Chief Brexit Negotiator Barnier has cancelled briefings to the EU on Tuesday night and Wednesday mid day; interpreted as a cautious positive by BBC’s Kuenssberg
- CBRT hiked by 475bps as...
19 Nov 2020, 06:51 by Newsquawk Desk
- Asian bourses were mixed as the region partially shrugged-off the risk-averse mood that rolled over from US where early vaccine optimism faded amid COVID-19 concerns
- Selling in the US exacerbated heading into the close after New York City Mayor De Blasio announced the closure of all public schools from today
- In FX, the DXY has slipped back below 92.50, EUR/USD hovers around 1.1850 and GBP/USD has trimmed gains
- European leaders will reportedly demand today that the European Commission publishes...
18 Nov 2020, 11:41 by Newsquawk Desk
- European bourses are currently modestly firmer after a slightly subdued start to the session; NQ (+0.3%) initially outperformed but RTY (+0.3%) has closed the gap as the session progressed
- House Speaker Pelosi and Senate Minority Leader Schumer sent Senate Majority Leader McConnell a letter calling to start negotiations on COVID-19 relief this week
- UK Gov’t reportedly to push back on the idea of an imminent Brexit deal and senior sources in Brussels also don't think the politics are right yet; EU briefing...
18 Nov 2020, 06:51 by Newsquawk Desk
- Asian equity markets traded mostly higher as the region attempted to pick up from the weak handover from Wall Street
- In FX, the DXY remained below the 92.50 level, EUR/USD modestly extended gains, GBP/USD sits above 1.3250
- France is understood to have accepted there will be reduced fishing access to UK waters post-Brexit, according to The Telegraph
- Downing Street was said to push back on the idea of an imminent Brexit deal, according to Times Radio’s Newton Dunn
- Fed Chair Powell noted it was...
17 Nov 2020, 11:59 by Newsquawk Desk
- European bourses have begun the session with modest losses, which have picked up as US participants enter the fray, amid a lack of fundamental updates
- Tesla (TSLA) is to join S&P 500 prior to the open on December 21st, +12% in pre-market; Co. they are replacing will be announced prior to this
- Brexit Negotiators are reportedly zeroing in on a trade deal as early as next week, sparking upside in Cable; note, such commentary is in-fitting with prior updates
- FX features a rangebound, but subdued USD...
17 Nov 2020, 06:54 by Newsquawk Desk
- Asian equity markets were somewhat indecisive and only mildly benefitted from the performance on Wall St where both the S&P 500 and DJIA posted record levels
- UK Chief Brexit Negotiator Frost told UK PM Johnson to expect a Brussels trade agreement early next week, according to The Sun
- An EU diplomat also suggested the EU is ready to find a creative solution to avoid an accidental no-deal Brexit, according to the Telegraph
- In FX markets, the DXY trades modestly firmer above 92.50, EUR/USD hovers...
16 Nov 2020, 11:38 by Newsquawk Desk
- Value outperforming growth once again (RTY +1.0%/NQ +0.5%) while European bourses are off highs as this price action emerges in Europe as well
- US President-elect Biden is poised to speak today on plans for a post-COVID economic recovery and longer-term growth, tentatively scheduled for 13:45EST/18:45GMT
- US President Trump reportedly plans a last-minute crackdown on China and will enact a series of hard-line policies in his final weeks, according to senior administration officials
- EU Officials...
16 Nov 2020, 06:55 by Newsquawk Desk
- Asian bourses kickstarted the week on the front foot and US equity futures extended on last Friday’s gains; ASX encountered technical problems
- US President-elect Biden is poised to speak today on plans for a post-COVID economic recovery and longer-term growth, tentatively scheduled for 13:45EST/18:45GMT
- US Operation Warp Speed Chief reiterated that they are hopeful for another positive vaccine update from Moderna (MRNA) this week
- US...
13 Nov 2020, 14:16 by Newsquawk Desk
- MON: OPEC JTC & Diwali (India); Chinese Retail Sales & Industrial Production (Oct), Norwegian Trade Balance (Oct), US New-York Fed Manufacturing (Nov)
- TUE: RBA Minutes (Nov) & Hungarian Rate Decision, OPEC JMMC; Norwegian Consumer Confidence (Q4), US Retail Sales, Industrial Production, Import/Export Prices, & Manufacturing Output (Oct); Japanese Trade Balance (Oct)
- WED: UK CPI (October), EZ CPI (Oct, Final), US Building Permits &...
13 Nov 2020, 12:00 by Newsquawk Desk
- European bourses are mixed/firmer after a tepid open with European sectors illustrating changing dynamics throughout the morning in-spite of quiet newsflow; ES +0.7%, NQ +0.8%, RTY +0.8%
- FX features a depressed DXY with major peers largely firmer while fixed is firmer but off highs ahead of more central bank speak
- Gilead's (GILD) antiviral remdesivir should not be used as a routine treatment for COVID-19 patients in critical care wards
- Looking ahead highlights include US University of Michigan,...
13 Nov 2020, 06:54 by Newsquawk Desk
- Asian equity markets weakened on spill-over selling from Wall Street; Hong Kong lagged
- White House confirmed an executive order prohibiting US investments in firms deemed to be owned or controlled by China’s military
- Fed Chair Powell said the recovery in the US has been faster than expected but it has slowed
- Mexican Central Bank unexpectedly maintained rates in which only one member voted for a 25bps cut
- EU...
12 Nov 2020, 12:02 by Newsquawk Desk
- US futures are mixed with ES flat as NQ outperforms +0.5% with the RTY lagging -0.3% in a continuation of yesterday’s pause in rotation dynamics; also evidenced via European sectors
- US, UK & EU have condemned China for the legislation taken against Hong Kong calling for it to be immediately removed; UK is considering sanctions in response
- BoE Governor Bailey says we have talked about yield curve control & does not have a date in mind for the negative rate review
- 165 critics of Google have...
12 Nov 2020, 06:55 by Newsquawk Desk
- Asian equity markets traded mostly lower as sentiment gradually deteriorated from the mixed performance stateside
- US President-elect Biden's current lead in Pennsylvania is reportedly larger than the margin for a recount
- US National Security Adviser O'Brien said the US will sanction those responsible for Hong Kong freedom violations
- In FX, DXY traded on either side of 93.00, EUR/USD and GBP/USD were lacklustre, JPY...
11 Nov 2020, 11:45 by Newsquawk Desk
- Equities have seen a modest pause of the rotation exhibited since the PFE/BNTX update, evidenced via European sectors and NQ/RTY dynamics; US futures all broadly firmer
- Goldman Sachs has raised its 2020 S&P 500 target to 3700 from 3600, sees it reaching 4200 by the end of 2021 and 4600 by the end of 2022
- EU and UK negotiators are said to be likely to miss the mid-November (15th November) deadline to reach an accord on a new trade deal, sources state
- RBNZ maintained the OCR at 0.25% and...
11 Nov 2020, 06:54 by Newsquawk Desk
- Asian equity markets traded mostly higher as the region continued to benefit from the recent vaccine hopes
- Wall Street saw mixed performance with a negative bias for tech stocks which suffered again from the rotation out of growth and into value
- In FX markets, the greenback was slightly softer but with price action contained amid rangebound trade in its major counterparts
- RBNZ maintained the OCR at 0.25% and LSAP at NZD 100bln as expected, whilst announcing a Funding for Lending...
10 Nov 2020, 11:58 by Newsquawk Desk
- Value-growth rotation remains in force with European banks outperforming as is the Russell 2000 future +1.90% while NQ -1.9%
- NIH's Fauci that the Pfizer vaccine is a big deal and there are still questions about its durability, while he added Moderna's results are expected soon
- US Senate Majority Leader McConnell said Congress should pass a limited stimulus bill before year-end, following encouraging vaccine data & Trump is 100% within his rights to look into possible election...
10 Nov 2020, 06:54 by Newsquawk Desk
- Asian equity markets were mostly higher as the region took its cue from the predominantly strong performance stateside where the S&P 500 and DJIA rallied to fresh record highs
- Note, the broader US market retraced some of the gains heading into the close amid several bearish factors
- NIH's Fauci said that the Pfizer vaccine is a big deal but there are still questions about its durability
- In FX markets, the USD has pulled back from...
09 Nov 2020, 11:43 by Newsquawk Desk
- AP, NBC, CNN, Fox and Edison Research have all called the election for Democrat Presidential candidate Biden
- European bourses exhibit a strong start to the week following a similar APAC handover with US futures firmer by similar magnitudes; ES +1.6%, NQ +1.9%, YM +1.5%
- Saudi Energy Minister says that with consensus they can tweak the OPEC+ agreement; could be a tweak beyond what analysts have raised
- Turkish President Erdogan removed central bank Governor Uysal and appointed former Finance Minister...
09 Nov 2020, 09:00 by Newsquawk Desk
- MON: Swiss Unemployment Rate (Oct), EZ Sentix (Nov), Mexican Inflation (Oct), US Employment Trends (Oct)
- TUE: Norges Bank Financial Stability Report & EIA STEO; Chinese Inflation (Oct), Australian NAB Business Confidence (Oct), UK Unemployment (Sep), Norwegian CPI (Oct), German ZEW (Nov), US NFIB (Oct), Chinese M2 Money Supply & New Yuan Loans (Oct)
- WED: RBNZ Rate Decision, ECB...
09 Nov 2020, 06:53 by Newsquawk Desk
- AP, NBC, CNN, Fox and Edison Research have all called the election for Democrat Presidential candidate Biden
- Asian bourses traded higher across the board and US equity futures were also lifted with risk appetite heightened post-election outcome
- Chinese trade balance and exports topped estimates, although imports disappointed to suggest a weak domestic consumer profile
- The DXY languished around 2-month lows on a 92.00 handle; EUR/USD approached 1.19 and GBP/USD eyed 1.32
- Turkish President...
06 Nov 2020, 11:45 by Newsquawk Desk
- The electoral vote tally remains unchanged from yesterday with Biden at 264 votes, including Arizona (11 EC votes), and President Trump at 214 votes
- Georgia (16 EC votes) counts now have Biden leading by over 1k votes; with Arizona, Biden would have 280 EC votes without AZ he would hold 269
- However, desks note it may not be possible to call Georgia Presidential race for weeks given how close the race is
- Sentiment has slipped since the European cash open, ES -0.7%, though we are off lows with the...
06 Nov 2020, 06:54 by Newsquawk Desk
- The electoral vote tally remains unchanged from yesterday with Biden at 264 votes (including Arizona) and President Trump at 214 votes
- The key states still to be declared include Nevada (6 votes), Georgia (16 votes), North Carolina (15 votes) and Pennsylvania (20 votes)
- FOMC left rates unchanged at 0.00%-0.25% as expected and affirmed its accommodative stance
- Asian equity markets traded mixed with the region only partially sustaining the momentum from Wall Street where the post-election rally...
05 Nov 2020, 12:05 by Newsquawk Desk
- The winner of the US Presidential Election has still yet to be declared, although Democrat Candidate Biden leads in electoral votes
- In the immediacy, we are expecting updates from Nevada (6 ECV) from 12:00ET/17:00GMT today while Arizona (11 ECV) is not expected until after 21:00ET Thursday / 02:00GMT Friday
- Currently, US equity futures are firmer with ES +1.8%, NQ +2.7%, YM +1.0%; DXY has dropped below the 93.00 mark and the yield curve is bull-flattening
- BoE increased the asset purchase programme...