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Tech Leads Stocks Higher Amid Fiscal-Aid Optimism: Markets Wrap

October 9, 2020

(Bloomberg) — Technology shares led U.S. stocks higher for a third day while traders continued to bet that lawmakers are moving closer to providing more fiscal stimulus. Treasury yields were mostly flat and a dollar gauge slipped.

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The S&P 500 traded near the highs of the day with the White House planning to offer a $1.8 trillion stimulus proposal. Senate Majority Leader Mitch McConnell warned earlier that it unlikely an agreement would be reached before the election. The tech-heavy Nasdaq 100 jumped more than 1% with chip maker Xilinx Inc. leaping on a report it’s in advanced talks for a $30 billion takeover by rival Advanced Micro Devices Inc.

“We’ve had this whipsaw around wondering if there will be more fiscal stimulus, which I think we desperately need to keep the economy rolling,” said Ron Temple, head of U.S. equity at Lazard Asset Management LLC.

European stocks gained

Global Stocks Rise on Optimism That Some Stimulus Will Get Enacted After All

October 8, 2020

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White House chief of staff Mark Meadows is interviewed outside the White House on Oct.... — White House chief of staff Mark Meadows is interviewed outside the White House on Oct. 7, 2020 in Washington, D.C.

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Stocks gave up some of their morning gains on Thursday, but remained in the green in afternoon trading.

House Speaker Nancy Pelosi said earlier that she wouldn’t support a narrower stimulus bill including targeted aid for airlines. It remains all or nothing for a fiscal and coronavirus relief package, with party leaders still far apart on its size and scope.

Indexes across the globe were still holding on to modest gains, however, helped by a number of incrementally positive factors.

There was reason for optimism on the Covid-19 vaccine and treatment front, with President Donald Trump touting

Regeneron Pharmaceuticals

’ (ticker: REGN) antibody cocktail and the company saying it would seek emergency use authorization. And betting odds of a Democratic election victory in November ticked higher

EMERGING MARKETS-Latam FX gains, Mexican peso up on optimism about investment drive

October 7, 2020

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By Shreyashi Sanyal

Oct 7 (Reuters) – Latin American currencies bounced on Wednesday, with Mexico’s peso leading gains as the country’s newly announced investment push was viewed as positive for its ailing economy.

The peso MXN= jumped 1.5% against the dollar, as investors were optimistic after the government presented an infrastructure investment plan worth almost $14 billion (297 billion pesos) on Monday. The package, which is mostly privately financed, is the first concrete sign of a renewed readiness by corporate bosses to invest under President Andres Manuel Lopez Obrador.

“After the government had so far seemed rather tight-fisted, referring to the difficult public finances, it is now going to support the economic recovery with the implementation of infrastructure projects,” said Elisabeth Andreae, FX and emerging markets analyst at Commerzbank.

“As far as the choice of the projects is concerned, government and the president seem intent on preventing a repetition

Oil Rises After Biggest Surge Since May on Stimulus Optimism

October 6, 2020

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(Bloomberg) — Oil rose further after the biggest gain since May on growing optimism for more U.S. fiscal stimulus and as President Donald Trump left hospital following treatment for Covid-19.

Futures added 1.2%, following Monday’s surge above $39 a barrel. House Speaker Nancy Pelosi and Treasury Secretary Steven Mnuchin will resume talks on Tuesday on another round of pandemic relief funding, but there’s no sign yet they are close to a deal despite Trump’s urging to get it done. The president will recuperate in the White House after his diagnosis last week roiled markets and pushed oil into the biggest weekly loss since June.

chart: Oil reverses last week's losses when it plunged to a three-week low

© Bloomberg
Oil reverses last week’s losses when it plunged to a three-week low

Crude rose on Monday as part of a broader market relief rally, and aided by a strike in Norway that has shut fields and is curbing flows. Masses of people in China

CAC 40 Rises On Optimism Over US Stimulus

October 5, 2020

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(RTTNews) – French stocks rose on Monday, with U.S. President Donald Trump’s health outlook and U.S. stimulus talks remaining in focus.

Trump has “continued to improve” as he is treated for Covid-19, his doctors said Sunday, and indicated that he could return to the White House later today.

In another development, U.S. House Speaker Nancy Pelosi said that likelihood of a rescue package has risen.

The Covid-19 situation remains a major worry, with Paris on the verge of being placed on maximum alert.

The benchmark CAC 40 climbed 40 points, or 0.8 percent, to 4,863 after edging up marginally on Friday.

In economic releases, the euro area private sector expanded only marginally in September as the service sector slipped back into contraction, while manufacturing output grew the most in over two-and-a-half years, final survey data from IHS Markit showed.

The composite output index fell to a three-month low of 50.4

Stock futures rise on optimism over Trump’s health

October 5, 2020

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Stocks have mostly shrugged off news that President Donald Trump tested positive for COVID-19. Markets started down, but had recovered by midday trading. (Oct. 2)

AP Domestic

Stock futures rose more than 100 points Sunday after reports that President Trump continued to improve over the weekend in his battle against COVID-19 and could be discharged from the hospital as early as Monday.

Dow Jones industrial average futures were up about 140 points while Standard & Poor’s 500 futures rose about 17 points early Sunday evening as both indices advanced nearly half a percentage point. Futures trading attempts to predict how the market will move when it opens the next trading day.

“It’s a sigh of relief regarding the health President Trump,” says Ryan Detrick, chief market strategist for LPL Financial.

The Dow tumbled more than 400 points in early trading Friday on news of Trump’s diagnosis but pared those

Pound Rallies on Optimism That Brexit Trade Talks May Succeed

September 28, 2020

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(Bloomberg) —

The pound surged the most in six months on speculation this week’s Brexit trade negotiations could deliver a breakthrough and shield Britain from a messy rupture from the European Union.

Sterling outperformed major currencies to rise as much as 1.4% to $1.2930, the biggest rise since late March, as investors digested a more conciliatory tone from officials on both sides.

“Sterling is benefiting into the start of the week from mildly positive tone ahead of Brexit negotiations,” said Jeremy Stretch, head of G-10 currency research at Canadian Imperial Bank of Commerce in London. “The general risk-on tone is also good for sterling.”

chart: Sterling outperforms peers on hopes for a Brexit deal

© Bloomberg
Sterling outperforms peers on hopes for a Brexit deal

Read More: Brexit Talks Enter Key Week With Time and Trust Running Out

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Britain risks crashing out of the EU’s single market without a trade accord at year-end if a deal isn’t reached.

GLOBAL MARKETS-Asian shares buoyed by China optimism, markets eye U.S. presidential debate

September 28, 2020

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By Swati Pandey

SYDNEY, Sept 28 (Reuters) – Asian markets were powered on Monday by signs China’s economic recovery was gaining momentum with pent-up demand, fiscal stimulus and surprisingly resilient exports boosting sentiment across the region.

The brighter mood was seen extending to Europe, with eurostoxx 50 futures STXEc1 and Germany’s DAX futures FDXc1 jumping 1.7% each at the open, while London’s FTSE futures FFIc1 climbed 1.3%.

MSCI’s broadest index of Asia-Pacific shares outside Japan .MIAPJ0000PUS advanced 0.7% to 551.48, but stayed within striking distance of a two-month low of 543.66 hit last week.

The index is set to end the month deep in the red after three straight monthly gains as the coronavirus pandemic continues to wreak economic havoc around the world and raises investor anxiety about sky-high valuations.

Traders also remain cautious ahead of a U.S. Presidential debate on Tuesday and on fears a spike in new

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White House chief of staff Mark Meadows is interviewed outside the White House on Oct. 7, 2020 in Washington, D.C.