MARKETS
News
- Bitcoin crossed the $18,000 mark overnight. Asia-Pacific markets were mixed in early Wednesday trade. Meanwhile, the U.S. dollar continued its slide;
- Ant Group is still capable of clinching the world’s largest IPO — even as Chinese regulatory hurdles weigh heavily on the financial technology giant, says one of the country’s major investors;
- China de-dollarization accelerates as U.S Treasury holdings near 4-Year lows;
- Japan reported its exports in October did much better than expected, falling 0.2% as compared to a 4.5% decline forecast in a Reuters poll;
- Bill Gates says more than 50% of business travel will disappear in post-coronavirus world;
- Coronavirus latest: China’s Sinovac vaccine triggers ‘quick’ antibody response, study shows;
- UK Prime Minister Boris Johnson wants a Green Industrial Revolution that bans new petrol cars, adds jobs.
What else? - Europe’s economic recovery will be three times faster than after 2008 crash, Morgan Stanley (NYSE:MS) says;
- SoftBank CEO warns Of "Lehman-Like-Crisis" that could crash Global Economy;
- Amazon (NASDAQ:AMZN) launches online pharmacy in challenge to traditional retailers. The news triggered a sharp sell-off in drug stores shares. Walgreen dropped 9.6% and CVS lost 8.6%;
- Robinhood soliciting advisors for potential IPO early next year;
- "People Are Afraid" - 300,000 New Yorkers flee City due to COVID-19;
- BA to launch coronavirus tests on some transatlantic flights.
The Day Ahead
- Earnings: NVIDIA (NASDAQ:NVDA), Lowe's, Target (NYSE:TGT), TJX (NYSE:TJX), A.P. Moeller-Maersk A-S, Clorox, Gazprom (MCX:GAZP), Western Digital, Metro, News Corp;
- Macro: U.K. CPI, Eurozone CPI, U.S. Building Permits, U.S. Housing Starts.
Quote of the day
"To steal ideas from one person is plagiarism; to steal from many is research.” – Steven Wright
WRAP
Markets
U.S. stocks fell on Tuesday as the market’s recent rally cooled off amid a sharp decline in drug store shares and disappointing economic data. The Dow Jones dropped 0.6% while the Nasdaq Composite fell 0.2%. The pan-European Stoxx 600 closed down by around 0.2%, with travel stocks shedding 1.1% to lead the losses. Oil prices were little changed on Tuesday as worries that lockdowns to fight a new surge in coronavirus cases could hit short-term demand counteracted hopes for a vaccine and the possibility of tighter OPEC+ supply policies. The price of bitcoin was up over 4% in the last 24 hours, trading at over $17,000 and hitting its highest point since Jan. 7, 2018.
Macro
The U.S Commerce Department said Tuesday that retail sales rose 0.3% last month, missing economists’ forecast for a 0.5% rise. The retail sales control group – which has a larger impact on U.S. GDP – climbed 0.1%, well short of expectations for a 0.5% increase.