Daily summary: Global stocks slide as COVID-19 pandemic rages on

• European shares break 3-day win streak

• US reports record number of new COVID-19 cases
• US Crude inventories rise unexpectedly

 

European indices finished the session lower, after the industrial output data from EU came in below market expectations. Also ever-increasing number of new COVID-19 cases weighed don market sentiment.  Total number of cases in Italy surpassed 1 million yesterday, and worries about the collapse of the medical system mounted as 52% of the country's hospital beds were occupied by Covid-19 patients, above the 40% warning threshold set by the Health Ministry. Meanwhile number of fatalities in UK and Spain surpassed 50,000 and 40,000, respectively. The DAX 30 fell 1.1%, FTSE 100 retreated 0.5%  the CAC 40 declined 1.3%, FTSE MIB declined 0.6% and the IBEX 35 dropped 0.8%.

US indices are trading in mixed moods, with Dow Jones and the S&P 500 fell 0.5% and 0.27% respectively, while the Nasdaq rose slightly. The pandemic situation continues to worsen and it seems that after initial optimism investors weighed the timeline of the mass roll-out of an effective vaccine. The number of new cases in the US surged above 100,000 for an eighth consecutive day. Yesterday country reported record number of  142 906 new cases, which is the highest number since the pandemic began. The steadily increasing number of infections has forced several regions, including New York,  to introduce further restrictions. The number of hospitalizations also reached record level of 65,368, the second consecutive daily record, and fatalities reached their highest since May. On the data front, CPI figures came in below market expectations in October, while weekly jobless claims fell to a seven-month low last week, but remained well above pre-pandemic levels. On the corporate front, Walt Disney and Cisco Systems will report their quarterly figures after the market close.

 

Today, during the ECB forum, the governors of the major central banks - Fed's Powell, BOE Bailey, and ECB Lagarde delivered their speeches, but this event did not cause greater volatility in the markets. The ECB will use its emergency bond-buying and ultra-cheap loans to banks as the main way of controlling financing costs. Lagarde welcomed the “encouraging” news of a potential Covid-19 vaccine breakthrough that fueled a market rally this week, but said the second wave of the pandemic still presented “new challenges and risks” for the eurozone economy. Fed Powell noticed that from one side US recovery is faster and stronger than expected but on the other side recovery is uneven and incomplete. Powell also welcomed positive news regarding the vaccine however pointed out  that virus still poses risk and crisis will require a response from all government. Powell also admitted that FED have not experienced the downside scenarios they worried about. BOE Bailey pointed out that vaccine might start to reduce uncertainty and that the current crisis raises question on how to regulate nonbanks. Baily confirmed that financial sector is ready for Brexit and in his opinion banking system has so far passed test of Covid-19 crisis. Baily also said that he will not prejudge outcome of Brexit trade talks.

 

WTI oil futures rose 1.4% and the international benchmark Brent contract both is trading  over 1.0%. higher as hopes that OPEC+ will delay a planned easing of production cuts from the start of next year offset a surprise US crude oil inventory build. According to recent EIA report crude oil inventories rose by 4.278 million barrels in the week ended November 6th, following a 7.998 million decline in the previous period and compared with analysts’ forecasts of a 0.913 million drop. Yesterday Algeria’s energy minister announced that major oil producers could extend current production cuts of 7.7 million bpd into 2021, or deepen them further if needed. Elsewhere, gold futures rose over 0.9% around $ 1,882 / oz, while silver gained 0.56%.

USDJPY – pair bounced off the downward trendline and is currently testing local support level at 105.07 which is additionally strengthened by 50 SMA (green line). Break below the aforementioned support would be a signal for deeper downward move. In such a scenario, the first key support can be found near the 104.27 level. On the other hand, breaking above the upward trendline may trigger another upward impulse towards resistance at 106.72. Source: xStation5

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