Archives of “December 2020” month

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BBC says EU-UK Brexit trade deal may be by the end of the week

  
  Analysis

Brexit developments conveyed by the BBC’s Political Editor, via Reuters

  • One ambassador told me there was a hope the agreement could be finalised on Friday, with another diplomatic source confirming a deal at the end of this week is a possibility – suggesting the agreement is basically done, even though “it could all still fall apart”.
Thin stuff indeed but there you go

Record close for the S&P. NASDAQ lags.

  
Analysis, US Market

Down industrial average rising modestly

The S&P index is closing at yet another record.  The index rose by only a modest 6.54 points or 0.18%, but it was still good enough for a another record close for the index.

The final numbers are showing:
  • S&P index rose 6.54 points or 0.18% to 3668.99. The low reached 3644.84. The high extended to 3670.96
  • Nasdaq index fell -5.739 points or -0.5% to 12349.36. The high reached 12360.05. The low extended to 12217.35
  • Dow rose 60.86 points or 0.20% to 29884.78. The high reached 29902.51. The low extended to 29599.29
The biggest winners in the Dow 30 was Boeing with a 5.07% gain. Walgreens rose by 3.61% and Walt Disney increased by 2.78%. The biggest loser was Salesforce which fell -8.56%. McDonald’s fell -2.43% despite re-offering the McRib sandwich. Home Depot fell 1.5%.
Other winners today included:
  • Lyft, +9.67%
  • Uber, +6.95%
  • Rite Aid, +5.74%
  • Nio ADR, +5.71%
  • American Express, +4.10%
  • Pfizer after the announcement in UK that they approved the Pfizer vaccine for Covid 19, +3.53%
  • Citigroup, +3.1%
  • United Airlines holdings, +3.09%
  • micron, +3.10%
  • Wells Fargo, +2.82%
  • Delta Air Lines, +2.8%
  • Walt Disney, +2.78%
Losers today included:
  • Corsair, -14.07%
  • Palantir, -12.43%
  • Box, -8.79%
  • Chewy, -5.43%
  • Whirlpool, -5.19%
  • Snowflake, -4.23%. In after-hours trading snowflake is trading down -7.75% after earnings to $271. The shares closed at $292.70
  • Crowdstrike holdings, -3.84%
  • Tesla, -2.74%
  • Slack, -2.62%
  • Black Knight, -2.31%
  • Chipotle, -1.84%
  • PayPal, -1.8%

European major indices close the day with mixed results. UK FTSE 100 rises

  
Analysis, Global Indices

Spain’s Ibex also higher on the day

The major European indices are closing the day with mixed results. The gains were led by the FTSE 100. The Spanish Ibex also moved higher. The German DAX lagged.

The provisional closes are showing:
  • German DAX, -0.55%
  • France’s CAC, unchanged
  • UK’s FTSE 100, +1.2%
  • Spain’s Ibex, +1.0%
  • Italy’s FTSE MIB, -0.5%
In other markets as London/European traders look to exit:
  • spot gold is trading up $13.78 or 0.76% at $1829.02.
  • Spot silver is trading down $0.01 or -0.05% at $23.99
  • WTI crude oil futures are up $0.94 or 2.11% at $45.48. That is just off the high price of $45.69. The low price extended to $43.92.  Talks between Opec Plus continued today and vibe appears to be a lot more diplomatic and delegates say that they are positive consensus will be reached tomorrow.
  • Bitcoin on Coinbase is trading down $140 and $18,919
In the US stock market, the major indices are going back earlier declines:
  • S&P index is now up 2.14 points or 0.05% at 3664.47. The low price reached 3644.84
  • NASDAQ index is still down 17.3 points or -0.14% 12337.50. The low price reached 12217.34
  • Dow industrial average is down 8 points or -0.03% at 29815. The low price reached 29599.29

Powell: Middle of next year may be light at the end of the tunnel

  
  Analysis

Comments from the Fed Chair in Day 2 of testimony

  • Economy could be healthy in H2 2021
  • Near term looks challenging through the winter
  • Clearly in much better place for liquidity
All this begs the question: What about that pledge to keep rates zeroed until 2024? The economy has far outperformed Fed forecasts (to be fair they’re not alone) and what happens if it continues to outperform. How big is Powell willing to inflate the bubble to maintain his word?

Pfizer says US FDA and EU EMA decisions on authorisation expected this month as well

  
Analysis, COVID-19

Pfizer briefs after the UK MHRA authorises emergency-use supply for its coronavirus vaccine

Just one to take note in case we hear more from Pfizer during the next few weeks.

The pharmaceutical firm also confirms that companies are ready to deliver the first doses to the UK immediately. UK health secretary, Matt Hancock, is also out now saying that 50 hospitals are set up and waiting to accept this vaccine.
Adding that there will be big centers for vaccination that are also being set up now.
This is a positive development in the UK but the procedures in implementing all of this are going to be tedious. The vaccine rollout may begin next week but it will take time for the effect to be felt among the general public, especially if the distribution is in stages.
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