MARKETS USA / Wall Street seen a little easier after chasing records | 07.12.20

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NEW YORK (Dow Jones) – After the record highs on Wall Street at the end of the week, the equity futures market on Monday points to a somewhat easier start to trading on the US cash market. Retailers report growing concerns about the corona pandemic. For the third day in a row, the USA registered a new high in the number of new corona infections – the number of corona deaths is also increasing inexorably.

The United States is the hardest hit country in the world by the pandemic. “A vaccine does not play a major role in the US growth prospects during the current third corona wave. In the short term, the growth prospects are clearly pointing downwards,” says market strategist James McCormick of NatWest Markets. The hoped-for stimulus package could therefore provide important support. But a breakthrough in political negotiations is still a long way off, even if politicians emphasize progress.

In addition, positive economic data from China are viewed critically. After all, Chinese exports rose significantly more sharply than expected in November. The trade balance thus shows an export surplus clearly above the forecasts. This fact is grist to the mills of China critics in the USA, who are also numerous among the Democrats of US President-elect Joe Biden. US policy could tighten the screws in trade relations, so the fears of the market. There are also reports that the US is preparing sanctions against some representatives of China for political reasons.

Pound burdened by Brexit worries

The US dollar is moving sideways in a volatile manner against the euro and is now releasing premiums. The exchange rate currently shows little change on a daily basis. However, the greenback increased significantly against the pound and rose 0.9 percent to 0.7518 pounds. The risk of a Brexit without a subsequent trade agreement with the EU increases. The fact that EU Commission President Ursula von der Leyen spoke to Boris Johnson on the phone later that evening and wanted to sound out whether a continuation of the Brexit negotiations would make sense or whether it would be better to announce the failure right away means that only negative news (a failure of the negotiations) or neutral news (further negotiations) are to be expected, says analyst Ulrich Leuchtmann from Commerzbank.

The oil prices are falling: the price of a barrel of US light oil of the WTI type by 0.8 percent to $ 45.88 and North Sea oil of the Brent variety by 0.8 percent to $ 48.87. However, various analysts have raised their price projections and point to the new strategy of the Opec + group. You speak of a certain production discipline of the Opec + states as well as the US oil production industry.

With the corona worries rising again in the US, the US bond market prices are rising. In return, the yield on ten-year US Treasuries fell 3.1 basis points to 0.94 percent. Meanwhile, little is happening on the gold market.

Kodak haussieren

Eastman Kodak are shooting 72 percent early in the morning. A government agency has not been able to determine in its investigation that procedural errors had been made in lending to the former photo film pioneer. Rather, the company is suitable for lending, according to the authorities. Lyft tighten 2.7 percent. The analysts from Piper Sandler have increased their rating for the share of the travel agent.

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US bonds

Maturity Yield Bp to VT Yield VT +/- Bp YTD

2 years 0.14 -0.4 0.14 -106.1

5 years 0.40 -2.4 0.42 -152.9

7 years 0.67 -3.0 0.70 -157.6

10 years 0.94 -3.3 0.97 -150.9

30 years 1.69 -4.8 1.74 -137.6

Forex last +/-% Mon, 8:07 Fri, 5:30 pm% YTD

EUR/USD 1,2136 +0,07% 1,2125 1,2137 +8,2%

EUR/JPY 126,24 -0,07% 126,29 126,46 +3,6%

EUR/CHF 1,0801 -0,08% 1,0809 1,0815 -0,5%

EUR/GBP 0,9119 +0,88% 0,9052 0,9007 +7,8%

USD/JPY 104,03 -0,13% 104,14 104,19 -4,4%

GBP/USD 1,3310 -0,80% 1,3396 1,3473 +0,4%

USD/CNH (Offshore) 6,5245 +0,17% 6,5261 6,5136 -6,3%

Bitcoin

BTC / USD 19,220.00 + 0.38% 19,331.00 18,932.00 + 166.6%

ROHÖL last VT-Settl. +/-% +/- USD% YTD

WTI/Nymex 45,74 46,26 -1,1% -0,52 -18,4%

Brent/ICE 48,81 49,25 -0,9% -0,44 -19,4%

METALS last previous day +/-% +/- USD% YTD

Gold (Spot) 1.839,88 1.837,52 +0,1% +2,36 +21,3%

Silver (spot) 23.93 24.19 -1.1% -0.26 + 34.1%

Platinum (Spot) 1.028.33 1.064.30 -3.4% -35.98 + 6.6%

Kupfer-Future 3,49 3,51 -0,8% -0,03 +23,4%

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DJG/DJN/flf/err

(END) Dow Jones Newswires

December 07, 2020 09:01 ET (14:01 GMT)



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