Archives of “February 24, 2021” day

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The Hang Seng suffers biggest daily drop since May last year amid HK’s first trading tax hike since 1993

  
Analysis, Global Indices

China investors sell a record $2.6 billion worth of Hong Kong stocks

HSI

The selloff in the Hang Seng and Chinese markets is one the big stories in Asian trading today, which in part is also contributing to the softer risk mood earlier. At the close, the Hang Seng is down 3% and posts its biggest daily drop since 22 May last year.

This comes after the Hong Kong government announced to increase stamp duty on stock trades for the first time since 1993, provoking an exodus of Chinese investments.

Four Fed speakers on the agenda for Wednesday 24 February 2021

  
  Analysis

At 1500 GMT Fed Chair Powell appears before the House Financial Services Committee to deliver the semi-annual monetary policy report. This will be a rehash of Tuesday’s testimony.

1530 GMT Fed Board of Governors member Brainard will be speaking, discussing the Bank’s maximum employment mandate in an event hosted by Harvard University, there will be both prepared text and a following Q&A.
1800 GMT the Fed’s Vice Chair Clarida will be discussing his views on the economic outlook and monetary policy. The venue is a virtual event hosted by the US Chamber of Commerce; prepared text and Q&A to follow.
2100 GMT Fed Vice Chair Clarida, yes again. Will discuss his economic outlook and monetary policy, yes again, at a virtual event hosted by the American Chamber of Commerce in Australia! Prepared text and Q&A.

AstraZeneca tells EU it expects to deliver less than half the COVID-19 vaccines it was contracted to supply in Q2

  
Analysis, COVID-19

Via Reuters info, citing an unnamed source, and EU official

  • AstraZeneca to deliver under 90 mln doses in Q2
  • Company had committed to supplying EU with 180 mln doses
  • AstraZeneca says it is working to increase productivity
  • Says it could make up the shortfall in Q3
Adds Reuters:
  • The expected shortfall, which has not previously been reported, follows a big reduction in supplies in the first quarter and could hit the EU’s ability to meet its target of vaccinating 70% of adults by summer. 
If this is correct it’ll be a negative for the EUR as recovery on the continent lags other areas of the globe.

Fed head Powell spoke Tuesday – recap “Toss out the college textbooks, because the world has changed”

  
  Analysis
Reuters have a recap posted that makes the points:
  • The unemployment rate? Forget it. The Fed only cares about the number of people working and how to get it higher
  • Inflation? Not a problem anytime soon. 
  • on U.S. infrastructure, Powell set aside classic concerns of hefty government borrowing driving up prices and responded “this is not a problem for this time as near as I can figure.”
Here is the link for more, good stuff and worth a read.

As Expected US Major indices close well off session lows

  
Analysis, US Market

NASDAQ closes lower for the 5th time in 6 trading days

S&P index and Dow industrial average moved higher on the day, but the NASDAQ continued its moved to the downside.

  • S&P index closed higher for the 1st time in 6 trading days
  • NASDAQ index closed lower for the 5th time in 6 trading days
  • Dow industrial average is now up for 3 consecutive days
The NASDAQ index although lower on the day by -0.5%, traded as low as -3.91%.
The final numbers are showing:
  • S&P index +4.87 points or 0.13% at 3881.37. The low price reached 3805.59. The high price extended to 3895.98
  • NASDAQ index fell -67.849 points or -0.5% at 13465.19. The low reached 13003.98. The high price extended to 13526.09
  • Dow industrial average rose 15.66 points or 0.05% at 31537.35. The low price extended to 31158.76. The high price reached 31653.38
  • The Russell 2000 was the worst performer today. It fell -19.76 points or -0.88% to 2231.31.  The low price reached 2169.078. The high price extended to 2248.41.
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