Open: London Session | Forex, Metals, Oil, Agriculture October 20, 2020



MARKET NEWS Chicago wheat futures edged higher, with prices trading near the previous session’s six-year peak on concerns over dryness in the key Northern Hemisphere producing regions. The U.S. soybean crop was 75% harvested, the USDA said, ahead of the five-year average of 58% but behind the average analyst estimate of 79%. Three more of the 16 subject fields the corn in North Dakota, Minnesota and Illinois were completed, and just two fields remain.
Anything beats being buttonholed by the very person you were hoping to avoid while you wait impatiently for someone to refill the coffee carafe.


The onshore yuan strengthened 0.3% to 6.6773 per dollar.BondsThe yield on 10-year Treasuries climbed two basis points to 0.77%.CommoditiesWest Texas Intermediate crude fell 0.4% to $40.71 a barrel. Hong Kong’s Hang Seng Index futures lost 0.6% earlier.CurrenciesThe yen was flat at 105.39 per dollar. The Bloomberg Dollar Spot Index decreased 0.1%. The culmination of disappointment was the billion-dollar purchase of Nokia in 2013, which looked like an act of desperation doomed to failure.
All of the stocks in this article are Brazilian stocks that expose investors to the Brazilian real. The euro climbed 0.4% to $1.1770. As such, I find the current valuation to be attractive for dollar-cost-averaging. Most of that growth is the result of the strengthening of the Brazilian real. The British pound increased 0.3% to $1.2946.


An argument could be made to exclude SID from the portfolio as Vale (NYSE:VALE) already gives us exposure to iron ore. The issue with iron ore exposure through an investment only in Vale is that Vale has been a dam disaster, pun intended. The board of directors of KIOCL (Kudremukh Iron Ore Company Ltd) on Monday approved a buyback proposal. Gold was flat at $1,904.18 an ounce.


Analysts expect U.S. crude oil and distillate stockpiles likely fell in the latest week, according to a Reuters poll. Iran has also been long accused of supplying ballistic missiles to Yemen’s Houthi rebels as well, resulting in occasional major attacks on Saudi Arabian military and oil facility sites. From there, Iran stepped up its support to Caracas, especially by shipping tankers full of gasoline of late. Brent crude dropped 1% to $42.50 a barrel.

United States

President Donald Trump said that if his administration did reach an agreement with Democrats, he would lean on congressional Republicans to come along. The internal profile for both the NYSE and the Nasdaq is simply too strong right now to suggest that a decline of major proportions lies immediately ahead. This can be illustrated in the following graph of the Nasdaq 100 Index, which has clearly become distended from its widely watched (and psychologically significant) 200-day moving average.
The Nasdaq has continued its outperformance since hitting a recent low toward the end of September. “STOCK MARKET UP ANOTHER 300 POINTS,” Donald Trump tweeted on October 12, with characteristic overcapitalization. They were afraid that the much smaller competitors Google (GOOG) (NASDAQ:GOOGL), Facebook (FB), and Apple (AAPL) would push Microsoft out of the market. !” President Trump’s use of the stock market as an economic indicator is hardly unusual.
Democrats like to tout the stock market performance under Obama as a counterpoint to Trump’s boasting. The aid programs could be key to Trump’s chances of success in swing states such as Wisconsin, Ohio, Iowa and Minnesota. S&P 500 [SPX] Index and Nasdaq [NDX] Technical Analysis Elliott Wave for Investing or Day Trading.


There’s no rapprochement in Brexit talks yet, Euronext says it’s set for a smooth open after Monday’s glitch, and there are signs of progress on U.S. stimulus. Veggie Burgers | Veggie discs and plant-based tubes could end up on EU supermarket shelves under a proposal to ban vegetarian food producers from using meaty words on packaging. The partnership supports the EU s ambitious goals set out in the European Green Deal to cut urban pollution. After all, those that stand to lose are a very loud community (just ask Brexit negotiators being held hostage by fishing demands).
Regular folks will get to share their views with President Christine Lagarde and Philip Lane, the central bank s chief economist. When she started her term just under a year ago, Lagarde vowed to make the ECB better understood. India is eager to help the EU reduce its dependence on a single supplier, he said (that s China of course). We also publish the Brexit Bulletin, a daily briefing on the latest on the U.K. s departure from the EU.
“But we also can’t forget about Brexit.