Open: New York Session | Forex, Metals, Oil, Agriculture December 10, 2020

A member of the National Guard plays a trumpet during a flag rai


In October, Chinese cotton mills were ordered to stop buying Australian cotton, threatening a trade worth about A$900 million ($672.30 million) amid escalating tensions between the two countries. Argentina, a top global supplier of corn, soybeans and wheat, is prone to work stoppages as employers are hard-pressed to increase wages faster than the country’s high inflation rate. 2 corn producer harvested 260.77 million tonnes of the grain last year. Many technologists, like Scott Amyx, have previously argued that quantum computing could be as disruptive to the world economy as the cotton gin or automobile were.
In October 2020, the volume of trade is $10.5 billion higher than October 2019, as China has significantly ramped up its imports of U.S.-produced agricultural goods, led by soybeans.


The chip maker’s dollar debt has been trading at deep discounts to face value, suggesting investors already doubted they would be repaid in full. Of course, the flip side of the stronger euro is a weakening dollar that’s loosening international financial conditions and greasing the wheels of commerce. The impressive rally since March, when Covid-induced volatility dragged prices near early 2016 lows, appears driven by an ailing US Dollar, strong demand, and an improved long-term economic environment.
A separate filing said that would trigger cross-defaults on a further $2 billion in dollar bonds—three issues, coming due between 2021 and 2028. Gene comments on stock, bond, dollar, oil & gold markets, with a particular emphasis on monetary policy, technology issues and S&P intraday action. As rupee faced a significant resistance at 73.50, it was not able to move above that level last session, against the dollar (USD). “A weak dollar is directly linked to boosting global trade,” says Jefferies strategist Sean Darby.
The British pound weakened 0.5% against the dollar, and 0.7% against the euro. Gross profit on a dollar basis fell 6%, which was slightly less than the revenue decline. On Wednesday, the Chinese yuan briefly moved below 6.50 to the U.S. dollar for the first time in about 2½ years.


Gold’s percentage changes are more moderate but still, at its recent low of $1770, gold was down three hundred dollars per ounce from its August peak. Silver had fallen ninety percent from an intraday high of $49 per ounce to an intraday low of $4.90 per ounce over the preceding two years. less Copper futures look set to record the first weekly loss since October as the industrial-linked metal’s COMEX futures price drops below $3.50 per pound. Between July 1982 and April 1983, a period of only nine months, the price of silver tripled from just under $5 per ounce to almost $15 per ounce.
Then, silver began another “new uptrend” which took prices to almost $11.00 less than a year later. MARKET NEWS Gold prices edged lower, following a steep sell-off in the previous session, as a breakthrough in long-running U.S. fiscal stimulus negotiations remained elusive. In the previous session, gold futures had slumped 1.8% or Rs 920 per 10 grams. After topping at $14.67 per ounce, the price of silver began a three-year slide culminating with a low of $4.85.
Gold prices struggled in Indian markets today as US lawmakers were unable to reach a breakthrough in stimulus talks. Gold prices are trading down by 0.2% at Rs 49,150 per 10 grams.


Even if the bears are correct and the oil industry is in terminal decline, it looks as though oil stocks are already priced attractively enough to compensate for this. The pandemic caused a demand destruction for oil, which hit oil services firms hard. Oil services firms have battened down the hatches amid volatile oil prices. However, at some point demand for oil will need to kick in to justify more E&P in the oil patch. However, while real oil prices have continued to recover, continued gains in U.S. stocks have kept the Energy sector’s share of the market far below fair value.
The unexpected supply build and record rise in net imports stunned the oil market, which has been weighed down by low demand due to the coronavirus pandemic.
Valuations remain cheap relative the broader market, and oil price gains continue to provide fundamental support. Malaysian palm oil futures inched up on expectations of tight November supply, while weaker soyoil prices limited gains. The pandemic hurt E&P in the oil patch, and subsequently caused Schlumberger’s cash flow to suffer. Once the pandemic subsides are we to assume that E&P in the oil patch will magically rise above its pre-2019 level?

United States

By comparison, they peg the total food and beverage market in the US at $1.5 trillion and the restaurant and consumer foodservice market at $600.5 billion of that space. Stock Market S&P 500 [SPX] Index and Nasdaq [NDX] Technical Analysis Elliott Wave for Investing trends or day trading. Nasdaq-100 futures slid less than 0.1%, pointing to subdued trading in tech stocks a day after Facebook was hit by a series of antitrust lawsuits. Many stock market indices made new all-time highs during the pandemic, with the Nasdaq 100 in the United States leading the way.
Nasdaq Futures are trading down by 52 points (down 0.4%) while Dow Futures are trading down by 10 points (flat). less They don’t ring a bell – to signal a market top (or in this case NASDAQ and a slew of S&P components that are of the super-cap variety). US stock futures are trading lower today, indicating a negative opening for Wall Street indices. To put this in perspective, the company controls just 1.3% of its total addressable market in the US.
Moreover, the US market closed with a loss yesterday, setting a bearish tone. Earlier this month, the Wall Street Journal reported that Airbnb was targeting a range of $56 to $60 for its IPO that would value the company around $42 billion.


The Beijing municipal government is working with Danke to resolve the crisis, according to renters and apartment owners contacted by the Journal and people familiar with the matter. Mr. Wei said his family members went to a resolution booth set up by the Beijing municipal government to try to find a solution. Mr. Setser has written extensively on matters like Taiwan’s until-recently hidden foreign exchange position, and Beijing’s possible interventions in currency markets facilitated by China’s state banks.
The incoming U.S. administration is likely to have a different attitude to currency manipulation, but that won’t necessarily mean an easier ride for Seoul, Taipei or Beijing. Everyone is playing the low-profile card now, says one young businessman.People at the One Third night club in Beijing on Oct. 24.Photographer: Yan Cong/Bloomberg Like Balance of Power? With the pandemic intensifying inequality, President Xi Jinping is stepping up efforts to ensure wealth is more evenly distributed.
Xi Jinping and China’s leaders laugh and march on.


Markets quietWith stimulus talks in the U.S. making little progress, and the ECB decision and economic data to come, markets are not doing very much yet. Sponsored Offers Talks fail all around – no Brexit deal agreed over dinner & US stimulus talks stall. All eyes will also be on the ECB meeting later today, where extended stimulus is expected to be unveiled in the form of asset purchases and cheap credit. Sponsored Offers European markets have had a muted open this morning as ongoing Brexit talks continue to yield any real progress.
less “” screams Thursday’s headline of the Daily Mail, summarizing Wednesday’s long meeting between UK Prime Minister Boris Johnson and European Commission President Ursula von der Leyen.
In the case of Greece, the government has exploited its new, EU-sanctioned fiscal leeway, which has allowed it to perpetuate structural problems in its economy along with large deficits. Separately, ongoing negotiations on a post-Brexit trade deal between the U.K. and the European Union are weighing on sentiment in the region. France24 news reports: Human rights clearly “comes second” to French President Emmanuel Macron when he invites his Egyptian counterpart to France for a state visit.
He is the first Iranian government official to be tried by an EU country for terrorist offences, despite numerous attack attempts on EU soil ordered by Tehran. Wow, Macron has actually tried to hide the fact that he awarded the highest French state medal to Egyptian dictator Sisi.