Archives of “November 2020” month

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Nikkei 225 closes higher by 0.40% at 26,644.71

  
Analysis, Global Indices

A solid end to the week for Japanese stocks

Nikkei 27-11
Asian equities are keeping more mixed on the session as investors are left to their own devices amid the Thanksgiving holiday in the US. The Nikkei is still the standout performer as it continues the stellar November run so far.
Elsewhere, the Hang Seng is flat and the Shanghai Composite is up 0.3%.
S&P 500 futures were lower initially but are keeping closer to flat levels now, though I’d be mindful of looking too much into this amid thinner liquidity conditions today.
Again, just be mindful that US markets will observe a half-day of trading later.

Germany sees total confirmed coronavirus cases surpass the 1 million mark

  
Analysis, COVID-19

RKI reports another 22,806 new cases today, bringing the total confirmed number of coronavirus cases across the country to 1,006,394

Germany
For some context, Germany only saw total confirmed cases touch 500,000 at the end of October so the next 500,000 to reach the 1,000,000 mark came in the last 27 days. There are currently nearly 300,000 reported active cases across the country.
Adding to that, there were 426 deaths reported in the last 24 hours and that makes this the deadliest day of the pandemic. Total deaths now stand at 15,586 persons.
In terms of healthcare capacity, there were 3,826 (+45) coronavirus patients requiring intensive care as of yesterday with 5,575 (20%) intensive care beds still available.
Compared to two weeks ago, that figure was 3,186 coronavirus patients requiring intensive care with 6,587 (23%) intensive care beds still available across the country.
In case you missed it, German chancellor Merkel and state premiers did agree on extending ‘lockdown light’ to 20 December but also agreed on a few new restrictions as well:
Germany

JPMorgan’s S&P target is 4500 (year-end 2021)

  
Analysis, US Market

A quickie from a JPM note on the US equities.

Looking for much greater gains, citing:
  • Expectations of many key risks subsiding (e.g. U.S. elections, pandemic and vaccine news, etc.) clearing the path to a more positive forward outlook”
  • While there has been some upward pressure on rates, central bank policy continues to be accommodative and a major pillar of support for equity multiples. 
JPM are wary on a rise in yields though, saying a 1.5% 10-yr UST yield would make them less comfortable on US stocks.

80 ships and counting – Australian coal ships refused entry to China ports

  
  Analysis

This has been simmering away for more than a month:

  • (from October 12) China is to ban imports of Australian coal
The local press here in Australia now report the number of ships loaded with Australian coal sitting off ports in China is 80 or more.
Prime Minister Scott Morrison spoke yesterday on relations with China:
  • “We just work the process through with the Chinese government to get the best possible outcome that we can” 
  • “These are not easy issues … it’s incredibly complicated what we’re dealing with here.” 
 
 Morrison and his lump of coal in parliament.
This has been simmering away for more than a month: 

Trump says COVID-19 vaccine delivery to begin next week

  
Analysis, COVID-19

Treat what this guy says with a large grain of salt.

Says a coronavirus vaccine will be initially sent to front-line workers, medical personnel and seniors.

More:
  • will be going to US state of Georgia, possibly on Saturday (intending to campaign for the Republican candidates in the Senate run-off election)
  • Trump says  “its going to be a very hard thing to concede because we know there was massive fraud”
  •  says if the Electoral College votes for Biden it would be a mistake, but says he will leave the White House if it does … “Certainly I will”

AstraZeneca likely to conduct additional trial of covid vaccine

  
  Analysis

CEO on the vaccine

In an interview with Bloomberg, AstraZeneca’s CEO said the company is likely to run another global vaccine trial. This one will be faster and need a lower number of patients. Importantly, he also doesn’t expect it to hold up UK and European approvals.
The full data on its earlier study hasn’t been released and they’ve been accused of cherry-picking some data to highlight a small segment that hit 90% effectiveness. This comment suggests that some of those concerns are real and that the company needs more data.
Shares of the company are down 1.1%.
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