Morning wrap (29.10.2020)

• US indices slumped yesterday. S&P 500 dropped 3.53%, Dow Jones declined 3.43% and Nasdaq closed 3.73% lower. Russell 2000 dropped 2.69%

• Stocks in Asia are trading lower today. S&P/ASX 200 drops 1.61%, Nikkei declines 0.3% and Kospi trades 0.6% lower

• DAX futures point to a slightly higher opening of the European session

• Bank of Japan left interest rates unchanged during a meeting today. Bank said there is no urgent need to provide more support for the economy

• According to media reports, OPEC+ is considering extending output cuts until the end of March

• Joe Biden said that if he wins elections, he will discuss China tariff approach with main allies

• Financial Times reports that United States plan to ease part of sanctions on Huawei

• BoC Governor Macklem said that Canadian GDP growth will be slower in Q4 than in Q3

• Japanese retail sales dropped 8.7% YoY in September (exp. -7.7% YoY)

• Visa reported Q3 EPS at $1.12, down 23% year-over-year. Revenue was 15.9% YoY lower at $5.1 billion

• GIlead Science reported Q3 EPS of $2.11 (exp. $1.83) and revenue at $6.58 billion, up from $5.6 billion a year ago.

• CAD and AUD are top performing major currencies while USD and JPY lag the most

Over half a million new coronavirus cases were reported yesterday. Source: worldometers, XTB