Open: London Session | Forex, Metals, Oil, Agriculture September 28, 2020



Raw sugar prices closed up on Friday, in sight of this week’s one-month high, with a lack of producer selling clearing the way for funds to push prices higher. MARKET NEWS Chicago soybeans and corn futures ticked higher, with dry weather in key producers Brazil and Argentina underpinning prices, although pressure from U.S. harvest curbed gains. It also covers the commodities market daily focusing on in-depth technical developments in GOLD, CRUDE OIL, SILVER, CORN & WHEAT.
Pandemic stay-at-home measures reduced sugar use globally.


EURUSD faces risk of a further move lower as we look for more decline in the new week. Perhaps the biggest reason to be bearish the dollar though is the Federal Reserve. All in all, EURUSD looks for more downside pressure.


Malaysian palm oil futures rose for a second day, supported by demand from China, although the upcoming week-long holiday in the country capped gains. Vitol is the world’s biggest independent oil trader.Bake’s comments appear more bearish than those the company’s chief executive officer made 11 days ago. Oil prices slipped, however, on concerns about the demand outlook. Benchmark Brent, however, is still down about 36% in 2020.The global oil-refining market is incredibly squeezed, with large stockpiles outweighing weak demand, Bake said.

United States

Supernus’ balance sheet carries $733.5 million in cash even after paying about $300 million in cash for the US WorldMeds acquisition. When net cash is subtracted out of the market cap, Wall Street seems to be valuing Supernus’ ongoing business operations and pipeline at only about $700 million. Legend Biotech (NASDAQ:LEGN) of Nanjing announced its CEO, Dr. Fangliang Zhang, is under China house arrest, presumably because of alleged violations of China import and export regulations (see story).
Brexit negotiations reach crunch time, Trump’s tax records were revealed just before the first debate and Spain is becoming a virus hotspot again. That marked a dramatic change from the start of the year, when the forecast was 1.8%, just below the Fed’s 2% inflation target. Sinovac Biotech (NASDAQ:SVA) announced the start of a Phase III trial of CoronaVac, its COVID-19 vaccine, in Turkey (see story). Earnings, while somewhat lower, are still strong given that the dip is almost exclusively caused by expenses related to the US WorldMeds acquisition.
Biden will also take to the stage with expectations helpfully lowered by Trump himself, who said he will insist his opponent is drug-tested before they begin. One of the long-term strengths of the US economy has been that it fostered the growth of new businesses. He has shared the stage with speakers including Tony Robbins, Donald Trump, Robert Kiyosaki, Sarah Palin and former first lady Laura Bush.


In June, Genor completed a $160 million Series B financing led by Beijing’s Hillhouse Capital Group. Sperogenix Therapeutics of Beijing in-licensed a CNS drug from Barcelona’s Minoryx Therapeutics in a $78 million agreement.


In Case You Missed It Tory Rebellion | A rebellion within Boris Johnson s Conservative Party over the U.K. government s emergency Covid-19 powers has gathered momentum. In literal terms, autonomy means living by your own rules, and there’s growing fear that this can’t happen if the EU remains a digital laggard. ECB President Christine Lagarde is due to take part in a European Parliament hearing on Monday and then on Wednesday the ECB and its Watchers conference will take place.
We also publish the Brexit Bulletin, a daily briefing on the latest on the U.K. s departure from the EU. Piotr Skolimowski reports on an especially tricky phase in the ECB’s crisis response. ECB Watching It is an important week ahead for European bond investors. The EU, as it does in such cases, expressed its concern and urged a resumption of dialogue. Meanwhile, to his credit, French President Emmanuel Macron has been defending Charlie Hebdo’s right to freedom of expression.