News / Analysis
Finance Update – Pharma Fervour AbatesNovember 12, 2020
Asian indices are mainly down this morning, except the Shenzhen Composite which is gaining 0.45% and the Nikkei, 0.68%.
Machinery orders in Japan contracted by a better-than-expected 11.5% in September YoY, and producer deflation remained level with the month before.
Australian consumer The rise in prices for goods and services, resulting in the deterioration of a currency’s purchasi... expectations for November increased nicely to 3.5%; and in New Zealand house prices increased by 3.5% – a per cent higher than in September – and visitor arrivals dropped off marginally.
European indices yesterday maintained some upward The strength of a trend. Its corollary is the pace at which the value of an asset changes., the FTSE adding 1.35% and the DAX 0.4%.
The pound this morning harshly ended its week-long rise as September’s trade A trade balance that is positive as a result of income (exports on the national level) being greater... decimated to £0.61 bn from £2.85 bn the month before. Q3 GDP, at a 15.5% increase, didn’t quite erase the 20% pandemic contraction and missed expectations by a 1/3 of a per cent, and both manufacturing and industrial production missed the mark considerably.
Meanwhile, British Chartered Surveyors report a 21-year record high in house price growth in October, the index hitting 68.
In Germany, CPIs remained flat with the September figure – as expected.
With index futures mainly down this morning, the NASDAQ managed to recoup some of the week’s losses yesterday on a The benefit one receives on an investment. to tech stocks, as the DOW ended fractionally down now that pharma stocks are returning to pre-exuberance highs.
The USD failed to break through The price level that traders believe represents the highest value an asset will reach before reversi... at 93.2 yesterday and is attempting that again today after mortgage applications decreased by 0.5% this past week – this after expanding by 3.8% the week before.
Alibaba only added 2.25% during the Asian session, even after Singles Day sales this year topped $74 bn. And Reuters reports that Pfizer (-0.47%) Chief Executive Officer Albert Bourla sold company shares worth $5.56 mn on Monday, just as interim COVID tests were announced. Shares have since been consolidating down.
Earnings-wise, Burberry this morning announced a 31% drop in revenues in Q3 to $1.16 bn. And Deutsche Telekom revenues jumped 31% to €26.4 bn.
Merck, Cisco and Disney report earnings today. Citizens Financial and Synchrony financial pay dividends and Woolworths will hold a general shareholders meeting.
|10:00 AM GMT||EU||Industrial Production|
|01:30 PM GMT||US||CPIs & Jobless Claims|
|09:30 PM GMT||NZ||Business PMI|