Archives of “August 24, 2020” day

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European shares have a rebound Monday

  
Analysis, Global Indices
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List of Europe Country CodesMajor indices close lower last week. The week is getting off to a better start

Last week, the European indices all closed lower for the week. Today however, the indices are getting off to a better start. All the major indices are higher. The provisional closes are showing:

  • German DAX, +2.4%
  • France’s CAC, +2.3%
  • UK’s FTSE 100, +1.7%
  • Spain’s Ibex, +1.96%
  • Italy’s FTSE MIB, +2.1%
In the European debt market, the benchmark 10 year yields are ending mostly higher with Spain up 2.3 basis points leading the way. Italian yields are near unchanged at -0.1 basis point.

South Africa’s Gold Fields profit jumps on rising Bullion prices

  
  Analysis
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Via Reuters

Via Reuters
  • Gold fields interim profit up by 300%
  • Higher interim dividend revealed equal to total dividends declared last year
  • Higher gold prices boost future dividend potential
  • Lowers 2020 output guidance

Expect this kind of pciture to be repeated across gold miners as long as bullion prices remain supported.

US dollar waits for Jackson Hole Symposium

  
  Analysis

US dollar to tread water for now

The dollar is still set to decline medium term because the Fed has to keep easing. However, markets rarely move in a straight line and Powell may not reveal much at Jackson Hole this week. The lack of yield curve control and average inflation targeting from the FOMC minutes was enough to strengthen the dollar this week. If Powell does not give the USD bears a reason to push lower then the technical retracement below has legs. The DXY putting in a false break of the weekly inside bar from 92.50.
US dollar to tread water for now

US election Joe Biden says ‘No new taxes’ for anyone making less than $400,000

  
  Analysis
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Democratic presidential nominee Joe Biden interview in US media (ABC)

  • “I will raise taxes for anybody making over $400,000”
  • “no new taxes” would be raised for anyone making under $400,000
We should begin to get policy announcements such as this in coming weeks.

Link here to the report for more
Biden and Harris:
Democratic presidential nominee Joe Biden interview in US media (ABC)

US storms – Oil producers on Saturday shut 13% of crude oil production ahead of Laura and Marco

  
Analysis, Crude
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Weekend news on industry response to approach of Gulf storms, posting ICYMI:

Via Reuters:
  • Producers halted 240,785 barrels per day of oil production and 119 million cubic feet per day of natural gas output before noon on Saturday, said regulator U.S. Bureau of Safety and Environmental Enforcement.
  • Crews were evacuated from six production and four drilling rigs. Another seven drilling vessels were moved out of the storms’ paths
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