Archives of “August 21, 2020” day

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A heads up for a US hurricane forecast – Houston, Galveston – early next week

  
  Analysis

Via the US National Hurricane Center

  • A tropical storm headed towards the western Gulf by the end of the weekend
  • It is expected to approach the TX/LA coastline by the middle of next week
Via the US National Hurricane Center
If the news develops unfavourably over the weekend there may well be oil market impacts at the Monday open. Hopefully it does not develop unfavourably. Nevertheless, a heads up.

Top US FDA official vowed to resign if Trump administration approves an unproven Covid-19 vaccine

  
  Analysis

Reuters with the report

  • Official Peter Marks says “would feel obligated” to resign if politics influenced outcome of vaccine approval process 
  • Vaccine clinical trials were enrolling volunteers “reasonably well,” and “possible” data could be available by October 

Link to the Reuters report is here for more (quite a lot more)

Chinese officials are clamping down on speculative stock and metal trading – fearful of backlash if prices drop

  
  Analysis
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The Nikkei has the piece on Chinese officials seeking to calm investor fervour:

  • on fears that investor anger in the wake of any financial collapse would stoke discontent with the government
  • Industrial and Commercial Bank of China, a major state-owned lender, notified customers at the end of July that it would cease setting up new accounts for financial products linked to platinum and palladium prices
  • Other banks have taken similar action
  • “This is what the authorities wanted,” said a sales manager at a large bank
Meanwhile, on the other side of the world …
The Nikkei has the piece on Chinese officials seeking to calm investor fervour:

India, Japan and Australia have begun discussions on reducing reliance on China

  
  Analysis
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An ICYMI from this week on the three countries set to discuss a trilateral Supply Chain Resilience Initiative (SCRI) to reduce dependency on China

  • No date has yet been set for initial negotiations but could come as soon as next week
  • initiative first proposed by Japan
  •  Japan is said to be in favour of launching SCRI by November

NASDAQ closes at a new record.

  
Analysis, US Market
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Major indices close higher

The NASDAQ index close at a another record high. The previous high close came in at 11,210.84. The index close today at 11,264.95. The S&P index traded above its all-time high closing price but could not sustain the gains into the close.
The final numbers are showing:
  • S&P index up 10.69 points or 0.32% at 3385.54. The high price reached 3390.80. The low price extended to 3354.69. The all-time high close was at 3389.78. The index closed just below that level. The all-time intraday high from Wednesday’s trade reach 3399.54.
  • The NASDAQ index closed up 118.49 points or 1.06% at 11264.95. The close was above the previous high close at 11,210.84. Intraday the pair also traded to a new all time high of 11,283.61.
  • the Dow industrial average lagged the other indices but still closed higher by 46.85 points or 0.17% at 27739.73. It’s high price extended to 27781.46 while the low reached 27526.25.

Late day comments from the CDC that the southern states may have reached a peak and the death rate should start to go down next week helped to push the stocks up near the close.

Apple closed with a market capitalization above $2 trillion for the 1st time. It closed at $473.10 up $10.27 or 2.22%. Microsoft rose by 2.33%. Facebook rose by 2.45% cotton Netflix rose by 2.75%, and Alphabet rose by 2.05%.
In the European markets, the major indices all closed over 1% lower on the day with the UK FTSE leading the way with a decline of -1.61%.
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