Archives of “October 1, 2020” day

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Japan Exchange says that hardware failed today, then switchover to backup system also failed

  
  Analysis

Adding that they are currently planning to replace the hardware to ensure regular trading on Friday

The exchange will also hold a news conference later today at 0730 GMT but I’m not sure what else needs to be said at this point. It will be more of a problem if this occurs more frequently from now on and if they can’t resolve the issue by tomorrow.

Moderna says its coronavirus vaccine will not be ready until 2021

  
  Analysis
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Moderna CEO Stéphane Bancel statements on Wednesday, carried in the Financial Times overnight ICYMI.

  • will not seek emergency authorization for Food and Drug Administration approval for its vaccine to use in frontline medical workers and at-risk individuals until Nov. 25 at the earliest.
  • company would not seek FDA approval for use in the general population until late January
  • If the vaccine is proven safe and effective, approval is unlikely to come until at least late March or early April
Link to FT, may be gated.

Bank of Japan Tankan report for Q3, large manufacturers sentiment -27 (-24 expected)

  
Analysis, Economy

BOJ quarterly report

  • big manufacturers index -27 (Reuters poll: -23, prior was -34)
  • big manufacturers index three months ahead seen at -17 (Reuters poll: -17)
  • big non-manufacturers index -12 (Reuters poll: -9, prior -17)
  • big non-manufacturers index three months ahead seen at -11 (Reuters poll: -9)
  • small manufacturers index -44 ( -38)
  • small manufacturers index three months ahead seen at -38 ( -34)
  • small non-manufacturers index -22 ( -21)
  • small non-manufacturers index three months ahead seen at -27 (: -21)

 

 

  • all firms employment index -6
  • big manufacturers’ production capacity index +15 vs June Q +15
  •  big manufacturers see fy2020/21 recurring profits -24.6 pct
  • big manufacturers see dollar averaging 107.34 yen for FY2020/21
  • big firms see fy2020/21 capex +1.4 pct (Reuters poll: +1.3)
  • small firms see fy2020/21 capex -16.1 pct ( -15.1)
  • September Q all firms financial condition index +5 vs June +3

 

This is painting a very poor picture. A couple of perhaps more encouraging signs are that the large manufacturing index has improved for the first time in … 11 quarters (nearly 3 years).

Non-manufacturing index improved for the first time in 5 quarters.

—

 

The Bank of Japan Tankan reports on a survey of manufacturing and service companies designed to assess business conditions in Japan

The US FDA has broadened its investigation into AstraZeneca COVID-19 vaccine candidate

  
  Analysis

The US Food and Drug Administration iw widening the enquiry, seeking more data from clinical trials

  • FDA seeking raw safety data from clinical trials of similar vaccines developed by same scientists
  • The FDA does not necessarily indicate a safety problem associated with any of those vaccines

The market has been acting constructively on positive coronavirus vaccine stories. This is not a positive (in the short term at least) so should impact the opposite on risk.

Reuters have a report with further detail here:
  • AstraZeneca’s large, late-stage U.S. trial has remained on hold since Sept. 6, after a study participant in Britain fell ill 
  • The widened scope of the FDA probe raises the likelihood of additional delays for what has been one of the most advanced COVID-19 vaccine candidates in development. The requested data was expected to arrive this week, after which the FDA would need time to analyze it, two of the sources said.
I covered the main points on this in an earlier post here: The US FDA has broadened its investigation into AstraZeneca COVID-19 vaccine candidate

Major US indices close higher but well off their highs for the day

  
Analysis, US Market

Month results are negative

The month of September is now over and the major indices closed lower for the 1st time since March. Moreover the stocks posted the worst September performance since 2011.

The good news is that the major indices close higher for the 2nd consecutive quarter and they also closed higher for the day (albeit well off the highs for the day.
So what were the final numbers for the day, month, quarter and year to date?
The major indices changes for the month shows:
  • The S&P index up 27.53 points or 0.83% at 3363.00
  • The NASDAQ closed up 82.26 points or 0.74% at 11167.50
  • The Dow closed up 329.04 points or 1.2% at 27781.70
The major indices changes for the month shows:
  • The S&P index fell -3.92%
  • The NASDAQ index fell -5.16%
  • The Dow fell -2.28%
The major indices changes for the quarter shows:
  • The S&P index rose 8.47%
  • THe NASDAQ index rose 11.02%
  • The Dow industrial average rose 7.63%
Finally for the year to date, the numbers are showing:
  • The S&P index is up 4.09%
  • The NASDAQ index is up 24.46%
  • The Dow is still down -2.65%.
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