Analysis Archives - Financial Occultist

China is one of only three foreign nations – the others are Britain and Ireland – where Mr. Trump maintains a bank account
The foreign accounts do not show up on Mr. Trump’s public financial disclosures, where he must list personal assets, because they are held under corporate names. The identities of the financial institutions are not clear.

It goes on:

In response to questions from The Times, Alan Garten, a lawyer for the Trump Organization, said the company had “opened an account with a Chinese bank having offices in the United States in order to pay the local taxes” associated with efforts to do business there. He said the company had opened the account after establishing an office in China “to explore the potential for hotel deals in Asia.”

Seems reasonable.

NYT link

The NYT have popped up an article with further on Trump's tax filings:

The Chinese currency is now Asia’s strongest currency this year. The notion that the yuan is up purely on dollar weakness needs to be put to bed.

On October 21, 2020 By Anirudh Sethi In Analysis, Forex

FT report that UK PM Johnson’s 3-year spending master plan to be ditched

On October 21, 2020 By Anirudh Sethi In Analysis

Financial Times say that UK Chancellor Sunak has told the PM that current plans should not go ahead due to the chaos of Covid-19.

A decision to scrap the three-year review in favour of a stopgap single-year settlement would be a setback for Mr Johnson, who saw the event as a chance to map out his priorities for a post-Covid world.

Johnson and Sunak have been discussing whether anything can be salvaged from binned plan.

Here is the FT article link for more.

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Brexit trade talks appear to be floundering. Coronavirus outbreak infections surging. Lockdown accelerating, and resisted. Not a lot of good UK news about at present.

US major indices break losing streaks but close well off the highs

On October 21, 2020 By Anirudh Sethi In Analysis

NASDAQ snaps 5 day losing streak. Dow and S&P break 4-day decline

The US major indices snapped their losing streaks but also close well off there intraday highs. The NASDAQ index had had a 5 day losing streak while the Dow and S&P declined for 4 straight days.

S&P index closed up 16.23 points or 0.47% 3443.15. The high price reached 3476.93. The low extended to 3435.65.
NASDAQ index closed up 37.613 points or 0.33% at 11516.49. The high price reached 11632.89. The low extended to 11471.23.
Dow industrial average closed up 113.27 points or 0.4% at 28308.69. The high price reached 28575.03. The low extended to 28243.04

Netflix earnings released after the close and numbers were disappointing:

The consensus EPS Estimate of 2.14 (up +45.6% Y/Y) . The actual earnings per share came in at $1.74
Consensus Revenue Estimate is $6.38B (up +21.5% Y/Y). Revenues came in at $6.44 billion
Analysts expect operating income of $1.29B
Streaming paid net adds are expected to rise by 3.3M for the quarter. They came in much lower at 2.2MThe company guided to 2.5M.
Netflix sees fourth-quarter streaming paid net change of 6 million vs estimates of 6.54 million
See Q4 revenue of 6.57 billion vs. estimate 6.59 billion
See 4Q EPS of $1.35 vs. $0.97 estimate

The price after the close is down close to 6%

Thought For A Day

On October 21, 2020 By Anirudh Sethi In Analysis, Life

European shares end the session with mixed results

On October 20, 2020 By Anirudh Sethi In Analysis, Global Indices

Provisional closes for the major European indices

The European major indices are ending the session with mixed results. The German DAX fell -0.9%. The Spain’s Ibex increased by 1.0%. The provisional closes are showing: