Open: London Session | Forex, Metals, Oil, Agriculture September 10, 2020



The Zhengzhou grain wholesale market, located in the major wheat-producing province of Henan in Central China, reported high-quality wheat prices were up 6.6% year-on-year in July. Currently, the market price for medium-quality wheat from China’s major grain-growing regions is around 2,421.3 yuan ($354) per ton. Argentina’s 2019-20 soybean harvest was 50.7 million tonnes.


Despite recent market turmoil, the stock has held up fairly well, and a weaker dollar will certainly help results in the short term. The dollar briefly strengthened, as would be expected when oil is falling and investors are feeling risk-off but, like the Nasdaq 100, without breaking its 50-day moving average. President Christine Lagarde still has to contend with a few challenges though, including a strong euro that s threatening to make life harder for the region s exporters.
It will be followed by a press conference during which the focus could be on the strong euro. At the moment, the thing I’m watching most for the company is the weaker US dollar. The rupee rose 15 paise to 73.40 against the US dollar in early trade on Thursday. Gross profit on a dollar basis was $2.3 billion, down less than 1%. That leads to a great suggestion from Alan Ruskin, FX strategist with Deutsche Bank AG, to use the Russian ruble instead.


The silver lining was that BBBY’s online sales were stellar; net sales through digital channels spiked over 80% and represented about two-thirds of total net sales. Gold was steady at $1,943 an ounce.


For those who see a weakening oil price and a strengthening Biden over the next couple of months, therefore, it makes sense to buy the yuan against the ruble. August crude palm oil output grew 3.07% from the previous month to 1.86 million tonnes, MPOB said on Thursday. Oil s recovery over the last few months is failing again, just as the OPEC discipline encouraged by Trump is weakening once more. In addition, many rigs will compete for these jobs so oil producers will be able to get great dayrates (for them).
An interesting point here is that China is a major oil importer, and is therefore helped by a lower price. Despite being affected by the oil crash this year, the Koch family’s wealth still sits at . Their fortune is rooted in an oil firm founded by Fred C. Koch.

United States

Up 3 per cent on Wednesday, the Nasdaq 100 Index scored its best gain since April, bouncing from a correction that took all of three days to complete. The Nasdaq 100 is up 30 per cent this year, finding support at its 50-day average. So, in a way, defining the stock market as either the Dow 30 or the Nasdaq 100 has made little difference – until now. “There’s been a pattern where buying the dip has been working ever since the Fed stepped in aggressively back in March and April.
Today, Wall Street continues to use Zacks research including the Zacks Rank and Zacks Equity Research, which combines the best of quantitative and qualitative analysis. Good news for Donald Trump would plainly be regarded as bad news for China s currency. Before then, nearly 13% of the Dow 30 was allocated to the Cupertino-based company’s stock, just about as much as the Nasdaq 100 is today. Blueprint is looking to make the drug available in the US markets within one week.
Total call open interest on the exchange-traded fund that tracks the Nasdaq 100, which trades under the ticker QQQ, remains elevated. Trump defended the move, saying he didn’t want to cause panic.


ECB Strategy The European Central Bank’s latest policy decision is coming on Thursday with the focus on any clues on how the bank intends to shift its strategy. Brexit gets more acrimonious, the ECB’s latest decision arrives and vaccine watchers get a reality check. U.S. House Speaker Nancy Pelosi also said the U.K. can forget a trade deal if Brexit imperils peace in Northern Ireland. We speak to Judy Dempsey, non-resident senior fellow at Carnegie Europe and author of The Merkel Phenomenon, about the options facing Europe s matriarch in this week’s podcast.
Vaccine Deal | The EU will be supplied with 200 million doses of an experimental vaccine made by U.S.-German partners Pfizer and BioNTech. In what was an unusually defiant tone, Angela Merkel said that Germany was awaiting answers from the Russian government regarding Navalny’s plight. We also publish the Brexit Bulletin, a daily briefing on the latest on the U.K. s departure from the EU.
Mediterranean Links | EU efforts to put pressure on Belarus are on hold over an unrelated crisis in its own backyard. Listen In | German Chancellor Angela Merkel is walking a fine line between politics and energy needs with Russian President Vladimir Putin.