Morning wrap (09.11.2020)

• Associated Press, CNN and Fox News declared that Joe Biden won US presidential elections

• In spite of pressures from aides and family members, Donald Trump still refuses to acknowledge his defeat. Trump campaign plans to file more lawsuits today

• Asian equities rally at the start of a new week. S&P/ASX 200 trades 1.75% higher, Nikkei gains 2.3% and Kospi adds 1.1%. Indices from China trade 1.3-2.4% higher

• DAX futures point to a higher opening of the European session. US futures trade higher as well

• According to Bloomberg report, EU may delay $4 billion tariff move in Boeing-Airbus dispute as Biden's presidency may mean fresh start in EU-US trade relationship

• More than 600,000 new coronavirus cases were reported on Friday and Saturday. United States reported over 100 thousand new cases in each of the past five days

• Chinese exports increased 11.4% YoY in October (exp. 9.3% YoY) while imports rose 4.7% YoY (exp. 9.5% YoY)

• EU chief Brexit negotiator Barnier said that EU-UK talks will continue this week. Climate change, employment, environment protection and state aid will be discussed

• At least 11 have died during an attack on the Iraqi army outpost near Baghdad. ISIS is said to be behind the attack

• Turkish President Erdogan ousted central bank governor amid lira's slump to record levels. Turkish finance minister Albayrak (privately Erdogan's son-in-law) will step down due to health reasons

• Apple suspended business with Pegatron, major Iphone manufacturer, after the company was revealed to violate labour laws with student workers

• Oil books solid gains at the start of a new week. Precious metals also gain but palladium lags behind

• AUD and NZD are top moving major currencies while JPY and CHF are top laggards 

A new, daily case record was set on Friday when more than 620 thousand coronavirus infections were reported globally. Source: worldometers, XTB