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MARKET SNAPSHOT FOR 28/11/2020

NASDAQ-Adv: 2,248 Dec: 1,298 NYSE-Adv: 2,185 Dec: 1,612(Source: Nasdaq)

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Sterling holds near three-month high despite Scottish referendum talk

Sterling hovered near a three-month high on Friday, brushing off fresh talk of a Scottish independence referendum that could wrench apart the United Kingdom after Brexit. Weakness in the U.S. dollar amid thin trading due to the Thanksgiving holiday bolstered sterling, which has approached its September high of $1.34 recently on optimism over Brexit talks between Britain and the European Union. Scottish leader Nicola Sturgeon said the independence vote should take place in the earlier part of the devolved parliament’s next term, which begins next year. Scots voted 55-45% against ...

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Futures edge higher after Thanksgiving holiday

U.S. stock index futures edged higher on Friday as optimism around an economic rebound next year outweighed concerns around an expected surge in coronavirus infections during the Thanksgiving holiday. Wall Street’s main indexes have gained more than 10% this month as investors bet on a sooner-than-expected COVID-19 vaccine and calmer global trade under President-elect Joe Biden, setting the S&P 500 for its best November ever. A rotation into sectors such as industrials and financials, deemed to benefit from an economic recovery, has also powered the Dow to record highs and ...

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European stocks set for fourth weekly gain but vaccine worries weigh

European shares edged lower on Friday as investors exercised caution ahead of a barrage of economic data due later in the day, while doubts about the effectiveness of AstraZeneca’s COVID-19 vaccine also hit sentiment. The pan-European STOXX 600 dipped 0.1%, with travel and energy sectors among the biggest decliners in early trading. The benchmark index was, however, on course for a fourth consecutive weekly gain. Shares of British drugmaker AstraZeneca dropped 0.6% as questions were raised about the results of its late-stage vaccine study, potentially hindering chances of the shot ...

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Dollar edges down, set for weekly loss; Aussie and Kiwi rise

The dollar fell in early London trading on Friday and was on track for a weekly loss against a basket of currencies, even as the equity market rally ran out of steam as sentiment was hurt by doubts about AstraZeneca’s COVID-19 vaccine. The dollar has fallen more than 2.2% so far this month as global market sentiment has surged on Joe Biden’s U.S. election victory and news of progress in the development of COVID-19 vaccines, lessening demand for the safe-haven currency. But sentiment became more mixed after several scientists raised ...

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Euro retreats after early gains; Swedish crown falls after Riksbank QE expansion

The euro retreated on Thursday after briefly hitting a near three-month high against the dollar as concerns about rising coronavirus cases in Europe grew. The dollar had earlier been on the defensive on downbeat U.S. economic data and optimism about coronavirus vaccines, but later in the session riskier currencies found it hard to maintain gains as key near-term uncertainties held back directional trades. Germans will face restrictions on public life for the foreseeable future as the country tries to suppress the spread of the coronavirus and prevent its health system ...

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World shares hold close to all-time highs; U.S. markets close for Thanksgiving

European shares were mixed on Thursday and world shares held near all-time highs after a strong Asian session in which market euphoria around COVID-19 vaccines, Joe Biden’s U.S. presidential election win and hopes for further stimulus outweighed worsening U.S. data. World shares are having their best month on record this November, boosted by a slew of positive vaccine announcements and hopes that Biden’s administration will deliver more economic stimulus and political stability. The MSCI world equity index, which tracks shares in 49 countries, hit an all-time high on Wednesday and ...

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Dollar weak across board; Swedish crown falls after Riksbank QE expansion

The euro rose to a nearly three-month high on Thursday as the dollar went on the defensive on downbeat U.S. economic data and optimism about coronavirus vaccines Investors sought riskier assets tied to global commodities and emerging markets, with the British pound close to a three-month high against the dollar as traders also awaited details on trade talks between Britain and the European Union this week. The Swedish crown fell on Thursday, both against the euro and the dollar, after Riksbank expanded its quantitative easing programme. Pressure mounted on the ...

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Dollar near a three-month low ahead of Thanksgiving holiday

The dollar edged lower against a basket of currencies on Wednesday, trading near a three-month low, even as a risk-on rally in global financial markets appeared to stall after U.S. data showed a less-than-rosy economic picture. The number of Americans filing first-time claims for jobless benefits increased further last week, suggesting that an explosion in new COVID-19 infections and business restrictions were boosting layoffs and undermining the labor market recovery. Other data out on Wednesday showed the economy got off to a solid start in the fourth quarter, with consumer ...

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MARKET SNAPSHOT FOR 26/11/2020

NASDAQ-Adv: 1,776 Dec: 1,802 NYSE-Adv: 1,754 Dec: 2,171(Source: Nasdaq)

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Risk pricing needs rethink into 2021

Risk gauges in financial markets may be askew as they struggle to price a potentially messy end to a truly shocking 2020 while simultaneously assuming clear blue sky on the horizon. As 2021’s big market calls stream in with some eye-popping forecasts circulating, there’s a sense investors remain too cautious on record high stocks and perhaps too sanguine on government bonds with yields cosseted at less than 1% out to 10 years. Despite expectations of further Wall St stock gains of 20% or more over the next year or two, ...

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Stocks hit record high as Biden transition, vaccines brighten outlook

Global shares reached record highs on Wednesday after the Dow Jones broke 30,000, with investors relieved at the prospect of a smooth handover of power after the U.S. presidential election and confident a COVID-19 vaccine would soon be ready. President-elect Joe Biden on Tuesday introduced his foreign policy and national security team after President Donald Trump cleared the way to prepare for the start of his administration. Reports that Biden planned to nominate former Federal Reserve Chair Janet Yellen as Treasury Secretary, potentially easing the passage of a fiscal stimulus ...

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Improved risk appetite keeps dollar depressed

The dollar nursed losses on Wednesday as progress in developing a novel coronavirus vaccine and expectations for a fiscal boost from a new U.S. government triggered a shift of funds from the greenback to riskier assets. The U.S. currency teetered near a two-month low against the Australian dollar and a two-year low against the New Zealand dollar, both considered barometers of risk sentiment due to their close ties with the global commodities trade. Bitcoin, a cryptocurrency known for extreme volatility, also traded near an all-time high, in a further sign ...

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Sterling gains as risk sentiment improves

Demand for riskier assets on Tuesday kept sterling close to the two-month high it reached the day before, with investors also hoping this week’s Brexit talks will result in a deal. News on Monday that AstraZeneca’s potential COVID-19 vaccine could be up to 90% effective boosted sentiment. British Prime Minister Boris Johnson said on Monday he hoped almost all Britons at high risk from COVID-19 would be vaccinated by Easter. England will introduce a new system on Dec. 15 allowing passengers arriving from high-risk countries to take a COVID-19 test ...

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UK-EU trade deal would avoid years of acrimony, says funds industry

A trade deal between Britain and the European Union would help open the door to cross-border financial services from January and avoid years of acrimony, industry officials said on Monday. Financial services are not part of talks that continue this week in a bid to conclude a free trade agreement (FTA) before Britain’s access to the bloc under transition arrangements ends next month. “It’s very important for the financial services industry that there is a deal, it will completely change the atmosphere,” Nicolas Mackel, CEO of Luxembourg for Finance, told ...

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