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Friday 6 November 2020
Traders are covered at the end of the week. The tough presidential elections, the rising crown numbers and, on the other hand, the good data on the job market are not giving any clear impetus.
After the recent rally, Wall Street investors took a deep breath at the end of the week. The courses were more or less in place. The trade was supported by the better-than-expected US labor market report for October. Furthermore, a decision in the US election campaign seemed imminent, in favor of Democrat Joe Biden. The Dow Jones Index eventually fell 0.2% to 28,323 points. The larger S&P 500 lost one point while the Nasdaq composite gained four points.
In addition to the election thriller, the rapid increase in coronavirus infections has also shifted more to the center of attention. For the first time in the United States, more than 100,000 new infections were counted in one day. The virus is also spreading in Europe, with states responding with more or less rigid blocks. This is likely to have a more negative impact on the economic recovery. The previous evening, the president of the US Federal Reserve Jerome Powell had also warned about the consequences of the pandemic and had seen the process of economic recovery in danger.
The US job market report provided a positive boost. The number of new jobs created has exceeded expectations. The unemployment rate fell to 6.9 percent. “The recovery in the US labor market continues, although momentum continues to decline,” says Helaba. In addition, some ten million jobs were still lacking compared to the period before the crown crisis. This is reason enough for the US Federal Reserve to adhere to its extremely accommodative monetary policy or, if necessary, take further measures.
Oil prices have fallen. The drop in prices allows for several explanations, Commerzbank said. On the one hand, Biden’s victory due to a likely rapprochement in the Iranian conflict and a greater focus on renewables would be more of a burden on the price of oil in the long run. At the same time, the next economic stimulus package is unlikely to be approved by the old Senate this year. The price of an American grade barrel WTI fell 4.3% to $ 37.14, per Brent fell 3.6% to $ 39.45.
The Gold price gave up most of its profits after surprisingly good report on the US job market. However, the precious metal posted its strongest weekly gain since July. The troy ounce price was 0.2% higher at $ 1953. US bonds fell after the recent strong premium, which was also weighed down by good US labor market ratio, it is said. The ten-year yield increased by 5.6 basis points to 0.83 percent.
In terms of individual values, the shares of T-Mobile US up by 5.4 percent. The company sold and earned more than expected in the third quarter. Deutsche Telekom’s subsidiary therefore dares to do more in the current financial year.
The transport agent Uber it also suffered from measures taken to contain the coronavirus pandemic in the third quarter and again posted a loss of billions. The numbers were slightly below analysts’ expectations. The stock was up 6.9% after several analysts raised their price targets and reiterated their buy recommendations.
The hotel group is not as bad as feared Marriott cut in the third quarter. The company pushed costs down and therefore burned less money than expected. The share has improved by about three percent.
Farfetch jumped 12.4% after Chinese internet giant Alibaba and Swiss luxury goods group Richemont announced their entry into the online luxury fashion retailer.
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