Archives of “December 2020” month

rss

Nikkei 225 closes higher by 0.05% at 26,800.98

  
Analysis, Global Indices

A mixed session for Asian equities

Nikkei 02-12
The Nikkei closes near flat levels, with Asian stocks failing to really take heart from the overnight gains in Wall Street. S&P 500 futures are down 0.3% in a bit of a breather after the record close seen in the cash market yesterday.
The Hang Seng is down 0.4% while the Shanghai Composite is down 0.3% currently.
10-year Treasury yields are also slightly lower by 1.1 bps to 0.915% but that also reflects a minor pullback following yesterday’s moves.
In the major currencies space, there is little change overall as we look towards European trading. The dollar remains in a vulnerable spot with EUR/USD seeking to extend the breakout momentum above the 1.2000 level.

Germany reports 17,270 new coronavirus cases alongside deadliest day of the pandemic

  
Analysis, COVID-19

There were 487 coronavirus deaths in the latest update today

Germany
That makes it the deadliest day of the pandemic, with the total deaths from the last three days totaling to 1,000 persons.
Meanwhile, the 17,270 new cases still sees active cases across the country linger just below 300,000 as it reaffirms that the situation has sort of reached a plateau but it isn’t really showing much signs of abating over the past few weeks.
The rise in the death statistic is a bit of a concern though. At the end of October, the total coronavirus deaths in Germany were 10,452 persons. For the month of November alone, there were 5,796 coronavirus deaths reported across the country.
And that trend appears to be persisting going into December.
As for healthcare capacity, there is some good news with the number of coronavirus patients requiring intensive care actually falling as of yesterday. Then again, it could be partly related to the increase in the death count so there’s that to consider.
There were 3,919 (-7) patients requiring intensive care as of yesterday with 5,460 (20%) intensive care beds still available across the country.

Biden reportedly won’t immediately remove China tariffs

  
Analysis, Politics

New York Times reports on the matter

Citing remarks by Biden to one of the media outlet’s op-ed columnist in a phone interview, as to saying that Biden will not immediately remove China Phase One tariffs as he wants to conduct a full review of the existing deal with China.

I don’t think this is entirely unexpected. Those hoping that there will be a relaxation of US and China tensions just because Biden is in charge will need to change that misconception, because US-China relations are still going to be on the rocks in the coming decade.
The only difference with Biden and Trump is perhaps that Biden is less “unpredictable” but it doesn’t change the trajectory in which things are headed towards.

Australia GDP for Q3 3.3% q/q (vs. expected +2.5%)

  
Analysis, Economy

GDP (sa) 3.3% q/q  for a BEAT

  • expected +2.5%, prior -7.0%
 and -3.8% y/y
  • expected -4.4%, prior -6.3%
A (relatively) subdued bounce out of lockdown, not as substantial as many countries have seen. Australia has lagged with 20 % (approx) of the economy still locked in a shut down for much of that quarter due to the resurgence of COVID-19 cases in Melbourne and Victoria.
Economic growth data for Australia for the July to September 2020 quarter. 

FT: Janet Yellen calls for action to prevent US economic ‘devastation’

  
Analysis, Economy

Yellen is ex-Chair of the Federal Reserve System and incoming US Treasury Secretary once President-elect Biden takes the helm.

Via the Financial Times:
  • warned of “more devastation” in the economy if the US failed to address the fallout from the pandemic
  • disproportionate toll on low-income families
  • an “American tragedy” that needed to be quickly tackled.
Link is here for more (may be gated) .
Yellen is ex-Chair of the Federal Reserve System and incoming US Treasury Secretary once President-elect Biden takes the helm.Yellen was replaced as Fed Chair by Trump.

Major indices close higher but come off highs in the last hour or so of trading

  
Analysis, US Market
#  #  #  #

S&P and NASDAQ index is still close at record highs

The major indices close higher but come off the highs and last hour so trading. Nevertheless both the NASDAQ and S&P closed at record high levels. The NASDAQ closed at record highs for the 46th time this year.

A snapshot of the close shows:
  • S&P index up 40.81 points or 1.13% at 3662.44.  The new all time high price comes in at 3678.45
  • the NASDAQ index close up 156.36 points or 1.28% at 12355.10. The new all-time intraday high price reached 12405.70
  • the Dow industrial average rose 185.28 points or 29823.92. The high price did extend back above the 30,000 level to a high price of 30083.31
Go to top