Trading Review: Ongoing Reports, Trends, Indices, Stocks, Bonds, Forex and Commodities and Analyst Recommendations
Slight declines in Europe. Brent crude is down 1.2% to $ 40.5 a barrel.
Dr. Gil Befman, chief economist at Bank Leumi, estimates in the weekly oil survey that “the continued spread of the virus in the major economies of the eurozone and India, the world’s third-largest oil importer, is expected to hamper continued economic recovery and demand. “Prices in the past week have occurred against the background of the continued spread of the second wave of corona virus in a large number of countries as well as against the background of signs of increasing oil production in Libya, which may increase global oil supply.”
Befman further estimates that “only if the spread of the corona virus is halted in the coming year will oil consumption be expected to return to levels by the end of 2019 in the next two to three years. Such a move could greatly help launch a large-scale effective vaccine “Immediate tests. Only then will factors that support the demand for oil return to dominance.”
European Trade Day opened in a negative direction. The leading indices are retreating 0.2% -0.5% with fears of the second wave of the corona plague growing in the background.
Stock 888 Jumps about 25% in London after the company released strong reports for the first half of the year. The group’s revenues increased by 37% compared to the first half of 2019 and amounted to approximately $ 379 million. In the bottom line, the company reported that earnings per share grew to 12.4 cents compared to 5.4 cents per share in the first half of 2019. Adjusted earnings per share amounted to 12.2 cents compared to 6.7 cents per share in the corresponding period.
Britain is approaching a second general closure. During the day, Prime Minister Boris Johnson and his scientific advisers are expected to hold a press briefing during which they will update the public on the latest efforts to stem the spread of the virus and try to convince the public that there is room for significant tightening of restrictions and further closures across the kingdom. The new restrictions that went into effect last week are not enough at this stage to halt the spread of the virus, and recent morbidity data indicate a significant development of a second wave.
Itai Yehoshua, director of the Forex Options Desk in Bank Hapoalim’s trading room, notes that “Britain’s monetary policy is also entering an interesting period. The Bank of England has recently sent confusing messages about the possibility of lowering interest rates in the country to negative territory, below 0%. An outside member of the bank’s monetary committee, Silvana Teneriro, said a few days ago that the option of negative interest rates is on the table, and that it may have positive effects. On the other hand, the FT publishes this morning a long article on the subject, in which Governor Bailey is quoted as claiming that the bank is “not there yet”, but the general sentiment is that this will be inevitable in the end. Investors’ bets on the UK interest rate are causing high pound volatility, and some “nervousness” at the spot rate.
Asian stocks are trading today in a mixed trend and trading in Wall Street indices is down slightly. This is after a negative closure in New York yesterday. Gold traded down slightly this morning around $ 1,894 an ounce, and Brent crude continues to lose ground and is down about 1% to $ 40.6 a barrel.
In the macro arena, China announced today that the Purchasing Managers’ Index (PMI) for September was at 51.5 points compared to 51 points in August and economists expect the index to be at 51.2 points.
The U.S. election is entering its final stages and last night saw the first confrontation between President Donald Trump and Democratic nominee Joe Biden. The event was hard to watch. , Many of them are locked in their homes due to corona restrictions and attached to websites, cable broadcasts and various viewing apps, have shrunk in their armchairs.
As mentioned, after a three-day continuum of gains, trading on the Wall Street stock exchanges ended last night with slight declines: the Dow Jones and S&P 500 indices fell by 0.5% and the Nasdaq index weakened by 0.3%. The world is facing an increase in the number of corona cases.
Germany is currently preparing to adopt a comprehensive strategy in an attempt to prevent a renewed and deadly corona outbreak this coming winter. German Health Minister Janes Schpan has outlined the expected steps in recent days, including growing reliance on rapid antigen tests released last week, and opening “heat clinics” that will focus on treating flu, colds and corona patients with similar symptoms.
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