Archives of “January 13, 2021” day

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Italy ministers quit coalition. Puts Premier Conte at risk

  
Analysis, Politics

Italy’s Conte government is at risk

Matteo Renzi’s, leader of the Italia Viva party, says that his party ministers are resigning, putting PM Conte’s government at risk.
Renzi says
  • Italy has to tackle pandemic, education infrastructure
  • Party has faith in Italy’s president to handle crisis
  • takes courage to pull out of government now
The EURUSD moved to a new session low on the news but did find buyers against the lows from yesterday at 1.21364. The low price reached 1.21389 and is trading back at 1.2152 at the moment.
EURUSD on the hourly finds buyers and yesterday's lows

Senate weighs Trump weighs Trump impeachment trial Friday

  
  Analysis

Republican leadership could be gearing up for a civil war

Republican leadership could be gearing up for a civil war
Mitch McConnell got his re-election by cozying up to Trump, now he’s ready to turn his back on the President. The NYT yesterday reported that he’s gearing up to purge Trump from the Republican party.
Senator Mitch McConnell of Kentucky, the Republican leader, has told associates that he believes President Trump committed impeachable offenses and that he is pleased that Democrats are moving to impeach him, believing that it will make it easier to purge him from the party, according to people familiar with his thinking.
Now, Reuters reports that the Senate Republican leadership is weighing launching a Trump impeachment trial on Friday (assuming the House impeaches him today or tomorrow).
The great fear is that the US faces some kind of civil war but it’s looking more like Republicans will be fighting for control of the party in the next 2-4 years.

European major indices rebound from lows and close higher on the day

  
Analysis, Global Indices

Modest gains for the major indices

The major European indices rebounded off of earlier low levels and are closing modestly higher on the day.  The provisional closes are showing

  • German DAX +0.2%. The low price reached -0.4%. The high price extended up 0.38%
  • France’s CAC +0.3%. The low price reached -0.13%. The high price reach +0.5%
  • UK’s FTSE 100 -0.1%. The low price reached -0.27%. The high price reached +0.27%
  • Spain’s Ibex +0.3%. The low price reached -0.33%. The high price reached +0.49%
  • Italy’s FTSE MIB +0.4%. The low price reached -0.32%. The high price reached +0.72%
in other markets as London/European traders look to exit:
  • Spot gold is trading up $3.74 or 0.2% at $1858.54.
  • Spot silver is trading down $0.05 oh -0.22% at $25.50
  • WTI crude oil futures are trading down $0.11 or -0.21% $53.10. Crude oil inventorie

Will INR appreciate against the US dollar in 2021?

  
Analysis, Forex

Is the Indian Rupee set for a third straight year of fall against the USD or will it make a comeback in 2021?

FXLRImage source: PixaHive

2020 has been a highly volatile year for the major international currencies, as international trade and supply chain disruptions combined with mixed investor sentiment led to extensive fluctuations.

As an aftermath of the pandemic, the world’s reserve currency the U.S. dollar (USD), has declined steeply throughout the past year, making it the worst-performing currency among the G10 currencies.

This is reflected in the US Dollar Index’s 7.53% decline over the past year. The Indian Rupee (INR) did not fare any better, as it was the worst-performing currency in the Asian subcontinent over the past year.

INR and USD – 2020 Performance

(more…)

China has had the biggest daily jump in COVID cases in more than 5 months

  
Analysis, COVID-19

Three Chinese cities are in near full lockdown, testing has ramped higher and other restrictive measures have been put in place.

National Health Commission reported:
  • 115 new confirmed cases on the mainland (55 the previous day)
  • 107 are local infections
  • Most of the newly reported cases are near Beijing (Hebei province with 90), some are in northeastern Heilongjiang province
Hebei has put the cities of Shijiazhuang, Xingtai and Langfang into lockdown.
—
The actions in China will likely drive new numbers lower ahead.

US Indices close the day with modest gains in down and up session.

  
Analysis, US Market
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Major indices rebounds off the lows into the close

The major indices opened modestly higher, moved lower into the midday, and rallied back higher into the close before finding some selling at the bell.   The Nasdaq led the way higher with a gain of 0.28%. The Dow was not far behind with a gain of 0.19%
The final numbers are showing:
  • S&P index rose 1.58 points or 0.04% at 3801.19. The high price reached 3810.78. The low price extended to 3776.51
  • NASDAQ index rose 36 points or 0.28% at 13072.43.  The high price reached 13105.03. The low extended to 12963.91
  • Dow closed up 60 points or 0.19% at 31068.69.  The high price reached 31114.56. The low extended to 30888.76
  • The Russell 2000 mid-cap stocks also close higher with solid gain of 1.63%. The index closed at its highs for the day.

Some of the bigger winners today included:

  • Doordash, +14.96%
  • AirBNB, +8.55%
  • Chewy, +7.3%
  • Uber, +7.25%
  • Corsair, +7.09%
  • General Motors, +6.24%
  • Zoom, +5.65%
  • Ford, +5.11%
  • Lyft, +4.78%
  • Tesla, +4.73%
  • Schlumberger, +4.64%
  • Rite Aid, +3.94%
  • Lam research, +3.86%
  • Goodrx, +3.5%
  • Beyond Meat, +3.3%
  • Intel, +3.28%
  • United Airlines +3.26%
  • Goldman Sachs, +2.79%
Losers today included:
  • Western Digital, -3.28%
  • Intuitive Surgical, -3.12%
  • Boston Scientific, -3.10%
  • Comcast -2.93%
  • Twitter, -2.37%
  • Facebook, -2.32%
  • Merck at -2.27%
  • General Mills, -2.16%
  • AMD, -1.94%
  • Visa, -1.93%
  • Intuit, -1.87%
  • Disney, -1.73%
  • Pfizer, -1.59%
  • Box, -1.57%
  • Morris -1.54%
  • MasterCard, -1.52%
  • Black Knight -1.38%
  • Nike -1.35%
  • McDonald’s -1.23%
  • Nio, -1.21%
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