Open: London Session | Forex, Metals, Oil, Agriculture November 03, 2020



The safe-harbour yen has also ground higher in recent weeks and it was steady at 104.72 yen per dollar through the Asia session. One-week implied volatility for the euro and yen were both above 11 per cent, the highest since the beginning of April. But with battleground states too close to call and with the prospect of either a Trump victory or an inconclusive result likely to support the dollar, selling was limited. For younger companies, a drawback can be that every dollar that is distributed via a dividend cannot be invested in future company growth.
Against a basket of currencies, the dollar held at 93.996, just under a month-high hit on Monday. Economy Talks | Euro area finance ministers today will discuss the economic impact of the second wave of the coronavirus. Euro-area finance ministers hold video conference, to discuss economic outlook, digital euro, banking unionLike the Brussels Edition?Don t keep it to yourself. The New Zealand dollar slipped marginally to $0.6626.
“That is what matters to the dollar. The euro rose a touch to $1.1652 and sterling was held just below $1.30.


US gold futures settled up 0.7 per cent at $1,892.50.Yields on the 10-year US Treasury note fell 1.6 basis points to 0.8434 per cent.


This assumes a negative $5 oil differential, resulting in a realized net price of $32 per barrel for Continental’s oil production. If WTI oil went back to $50, Continental could potentially generate $700 million in positive cash flow with a maintenance capex budget. It can maintain production levels (if it chooses to do so) and generate $130 million in positive cash flow at high-$30s WTI oil. Thus an oil price above $37 WTI oil would allow Continental to work on paying down its debt and/or invest in growth capex.
At a longer-term oil price of $40 WTI oil, I’d value Continental at approximately $13 to $14 per share. At $45 WTI oil, its estimated value increases to around $17 to $18 per share. US crude slid as low as $33.64.More than 46 million people have been infected globally and over 1.2 million have died from COVID-19, according to a Reuters tally. US crude futures settled up $1.02 at $36.81 a barrel.Brent earlier had slumped to $35.74 a barrel, a level not seen since late May.
Continental’s 2021 hedges only consist of a modest amount of Q1 2021 natural gas hedges at last report.

United States

“President Trump’s trade war against China didn’t achieve the central objective of reversing a US decline in manufacturing, economic data show,” reads the report. President Trump was elected on an anti-trade agenda in 2016, and promised that tariffs and protectionist measures could restore the US manufacturing sector. The yuan is also in the headlights – steady on Tuesday but expected to move with the election news because a re-elected Trump could stoke Sino-US tension.
As Trump holds rally after rally around the country, bringing literally millions of people together a statement has been made. “A surprise Trump victory could reignite fears of tariffs,” said Mizuho chief Asia foreign exchange strategist Ken Cheung in Hong Kong. Well, a new Wall Street Journal data analysis sheds light on the trade war’s results so far. This has made many Trump supporters all the more stubborn about expressing their views, provoking confrontations and arguments at the table during family get-togethers.
One lifelong Democrat named Mayra Gomez, an immigrant to the country, told her 21-year-old son five months ago that she was voting for Donald Trump.
In the same way, liberal angst and conservative confidence might be giving Trump a chance that isn t justified by the empirical evidence. Their last conversation was so bitter that she is not sure they can reconcile, even if Trump loses his re-election bid.


Another Bangladeshi protest leader on Monday was cited in AP as saying protests would not cease until Macron apologizes and recants his remarks. He rejoiced at Brexit, scolded his allies over defense spending, and threatened them over their push to tax U.S. tech giants. With the EU s recovery fund not yet operational and other support tools still unused, there s not much they can do. ▶️ Thousands of Muslims marched through the streets of Bangladesh’s capital of Dhaka, Monday, in protest of French President Emmanuel Macron.
Macron steals right’s thunder.