Archives of “August 25, 2020” day

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Nikkei 225 closes higher by 1.35% at 23,296.77

  
Analysis, Global Indices

Equities are buoyed by positive US-China vibes

Nikkei 25-08
The Nikkei is ending the day off earlier highs, but still closes at its highest level since February as equities are in a more positive mood following the more constructive remarks surrounding US-China trade talks earlier in the day.
Chinese stocks bucked the trend though, with the Hang Seng seen down by 0.5% alongside the Shanghai Composite as well. But US futures are higher by ~0.4% currently.
In the currencies space, there are some mixed tones with the dollar slightly weaker against the euro and pound but keeping in more narrow ranges against the rest of the bloc. USD/JPY is little changed, sitting around 106.00 as we get the session underway.

India is phasing out equipment from Huawei and other Chinese companies from its telecoms networks

  
  Analysis
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The Financial Times with the report on more moves against Huawei.

Main issue seems to be over the China-India border clashes
  • no formal written ban on Chinese equipment suppliers like Huawei and ZTE, nor any public pronouncements have been made
  • but key ministries have clearly indicated that local telecom service providers should avoid using Chinese equipment
The FT cites:
  • “It’s open now that the government is not going to allow Chinese equipment,” a top telecom industry executive told the FT. “There is now clarity . . . It’s really game over.”
The Financial Times with the report on more moves against Huawei.

S&P and NASDAQ closed at record levels. All sectors of the S&P rise

  
Analysis, US Market
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Dow leads the way with a 1.36% gain. Closes within 50 points of the end of December closing level

the S&P index and the NASDAQ index close at records.  All sectors of the S&P closed higher. The Dow industrial average closed within 50 points of the 2019 closing level. The price is not traded above its record closing level since February 21, 2020.
The final numbers are showing:
  • S&P index rose and 34.15 points or 1.01% at 3431.31. It’s high price reached 3432.09.
  • NASDAQ index rose 67.918 points or 0.60% at 11379.72. It’s high price reached 11462.05.
  • The Dow industrial average rose 378.13 points or 1.35% to 28308.46. That The price within 50 points of its 2019 closing level of 28358.44.
Airline stocks were big winners today:
  • United Airlines rose 9.9%
  • Delta Air Lines rose 9.28%
  • Southwest Airlines rose 6.49%
Boeing was also a big winner with a gain of 6.42%.
Financials also outperformed with the major banks and investment banks rising over 2%:
  • Wells Fargo, +3.68%
  • Citigroup, +3.59%
  • PNC financial, +3.21%
  • Bank of America, +2.84%
  • J.P. Morgan, +2.82%
  • Morgan Stanley, +2.5%
  • Goldman Sachs, +2.41%
  • Charles Schwab +1.97%
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