Agriculture
In wheat (WEAT), the USDA upped food demand by 5 mil bu which slipped US stocks to 877 million bu this month. It said farmers had completed the wheat and barley harvest and collected 19.6 million tonnes of corn from 4 million hectares, or 72% of the sown area. Adding to today’s bullish was the USDA upping corn’s exports by 325 million bu. In soybeans, the US yield was cut by 1.2 bu to 50.7 bu. It highlights again why this year is anything but normal with tightening market conditions driving corn to a 15-month and soybeans to a four-year high.
1 consumer of the commodity has dropped plans to subsidise sugar exports this year.
1 consumer of the commodity has dropped plans to subsidise sugar exports this year.
Currencies
Gene comments on stock, bond, dollar, oil & gold markets, with a particular emphasis on monetary policy, technology issues and S&P intraday action. The U.K.’s FTSE 100 index, the benchmark for the largest British companies, has plunged 18% this year in dollar terms and the FTSE 250 has dropped 13%. Following a flat close on Tuesday, the rupee (INR) has opened slighter lower today at 74.17 against the dollar (USD). In contrast, the pan-continental Stoxx Europe 600 has slid 3% in dollar terms, the French CAC 40 has fallen 5% and the German DAX has gained 5%.
Two exceptions here are the Pound and New Zealand Dollar, both emerging as clear outperformers. Investors continue to eye up Datadog’s dollar-based net retention rate of 130% as strong vindication that the stock is undervalued. Thus, I would temper investors’ excitement as Datadog notes its high dollar-based net retention. – the EURUSD super major has consolidated back and forth since rallying off the 1.1600 range-low test in the wake of the US Election result.
NZDUSD is trading above an 18-month high and AUDNZD is eyeing the important 1.0600 area range lows this morning.
Two exceptions here are the Pound and New Zealand Dollar, both emerging as clear outperformers. Investors continue to eye up Datadog’s dollar-based net retention rate of 130% as strong vindication that the stock is undervalued. Thus, I would temper investors’ excitement as Datadog notes its high dollar-based net retention. – the EURUSD super major has consolidated back and forth since rallying off the 1.1600 range-low test in the wake of the US Election result.
NZDUSD is trading above an 18-month high and AUDNZD is eyeing the important 1.0600 area range lows this morning.
Metals
In global markets, gold prices inched higher on hopes of more stimulus measures as surging coronavirus cases in many parts of the world clouded the economic outlook. Later on in 2008, he began researching areas of the gold and silver market that, curiously, the majority of the precious metal analyst community have left unexplored. As I mentioned, sales of Silver Eagles in the first ten days in November are nearly six times greater than last year. In the first ten days of November, sales of Silver Eagles are nearly six times higher than the total for November 2019.
While Canadian Maple Leaf sales are also strong, they will not surpass the estimated 28-30 million Silver Eagles sold this year. Gold prices edged lower today in domestic markets tracking muted global trends. S&P 500 futures pointed to a similar gain at the open, the U.S. bond market is closed today and gold was broadly unchanged. Gold Eagle sales for November 9th are 35,000 oz and have reached a total of 744,000 oz so far in 2020.
As for Gold Eagle sales, they also continue to be very strong. At the start of the week, news on a potential COVID-19 vaccine seems to have triggered a monetization of safe-haven assets like gold.
While Canadian Maple Leaf sales are also strong, they will not surpass the estimated 28-30 million Silver Eagles sold this year. Gold prices edged lower today in domestic markets tracking muted global trends. S&P 500 futures pointed to a similar gain at the open, the U.S. bond market is closed today and gold was broadly unchanged. Gold Eagle sales for November 9th are 35,000 oz and have reached a total of 744,000 oz so far in 2020.
As for Gold Eagle sales, they also continue to be very strong. At the start of the week, news on a potential COVID-19 vaccine seems to have triggered a monetization of safe-haven assets like gold.
Oil
Black Stone Minerals has seen its reported production volumes decline significantly in 2020 due to low oil and gas prices leading to reduced development activity on its acreage. The body estimated US crude oil inventories to have dropped by 5.1 million bbl against a Reuters poll estimate of a draw of 913,000 bbl. Thus, Black Stone Minerals may see its total production rebound a bit next year, although oil production may continue to decline a bit further. At longer-term prices of $47 WTI oil and $2.60 NYMEX natural gas, that would value Black Stone Minerals at approximately $2.205 billion.
Source: Transition Pathway AuthorityThe score allows investors to measure oil and gas companies progress in reducing their operational emissions intensity, Kane said.
Crude Value Insights offers you an investing service and community focused on oil and natural gas. My focus is in the financial markets, cyber-security, hacking, agriculture, natural gas, crude oil, geopolitics and alternative investments. Altus Midstream – Altus Midstream Several years ago, oil company Apache Corporation (APA) made a substantial oil discovery in shale assets.
less WTI crude oil prices climbed for a third day to US$ 42.00, riding the tailwinds of election results, encouraging vaccine news, and a large-than-expected draw in US inventories. Just five of the 39 largest oil and gas companies have announced carbon-reduction targets that match levels needed to avoid a 2-degree Celsius temperature increase.
Source: Transition Pathway AuthorityThe score allows investors to measure oil and gas companies progress in reducing their operational emissions intensity, Kane said.
Crude Value Insights offers you an investing service and community focused on oil and natural gas. My focus is in the financial markets, cyber-security, hacking, agriculture, natural gas, crude oil, geopolitics and alternative investments. Altus Midstream – Altus Midstream Several years ago, oil company Apache Corporation (APA) made a substantial oil discovery in shale assets.
less WTI crude oil prices climbed for a third day to US$ 42.00, riding the tailwinds of election results, encouraging vaccine news, and a large-than-expected draw in US inventories. Just five of the 39 largest oil and gas companies have announced carbon-reduction targets that match levels needed to avoid a 2-degree Celsius temperature increase.
United States
Soon, traders may have to ask when the refusal by President Trump and his sympathizers to concede the US election result becomes a distraction for the market. Adding up hospitals, community and rural health care centers, large doctors’ practices, large urgent care, and retail medical, there are like 30,000-40,000 potential customers here in the US. Attorney General William Barr s directive expediting election-fraud probes might please Trump, but it s unlikely to produce evidence that could change the outcome, former federal prosecutors say.
The S&P 500 large-cap index increased 7.3 percent, the Nasdaq 100 index 9.4 percent, and the Russell 2000 6.9 percent. In fact, TMFC’s and the Nasdaq’s performance would have been almost identical, if not for the former’s fairly rich management fee of 50 bps per year. Trump s campaign has so far produced no evidence of widespread irregularities or fraud, and it isn t clear his effort is finding much traction among the public.
In fact, TMFC looks a lot like the Nasdaq index (QQQ), at least in what pertains to Big Tech exposure. US stock futures are trading higher today, indicating a positive opening for Wall Street indices. Bank holidays in France, the US, and Canada imply thinner trading volumes and lower liquidity – and these may serve as conditions for erratic moves. This week, small-caps are outperforming, with the Russell 2000 up 5.4 percent, the S&P 500 up one percent, and the Nasdaq 100 down 3.9 percent.
The S&P 500 large-cap index increased 7.3 percent, the Nasdaq 100 index 9.4 percent, and the Russell 2000 6.9 percent. In fact, TMFC’s and the Nasdaq’s performance would have been almost identical, if not for the former’s fairly rich management fee of 50 bps per year. Trump s campaign has so far produced no evidence of widespread irregularities or fraud, and it isn t clear his effort is finding much traction among the public.
In fact, TMFC looks a lot like the Nasdaq index (QQQ), at least in what pertains to Big Tech exposure. US stock futures are trading higher today, indicating a positive opening for Wall Street indices. Bank holidays in France, the US, and Canada imply thinner trading volumes and lower liquidity – and these may serve as conditions for erratic moves. This week, small-caps are outperforming, with the Russell 2000 up 5.4 percent, the S&P 500 up one percent, and the Nasdaq 100 down 3.9 percent.
China
The comments from Beijing follows last month’s draft of a new personal data protection law that aims to stop companies from using exclusive behaviour. Powers handed down by China s parliament in recent months, including a national security law carrying sentences of up to life, dramatically raise the cost of criticizing Beijing. Markets rise The rotation in global stock portfolios continues this morning, with tech stocks in Asia the standout loser as Beijing’s crackdown on the sector continues.
The signal from Beijing is that private companies in the era of information technology are getting too big and that it stifles competition. Recent events indicate Beijing will take on its technology giants as well. As of 12:30 am Beijing time the company’s gross merchandise value was $56.42 billion. Beijing had already moved to disqualify Wong and other Democratic candidates from running for seats in the LegCo.
The signal from Beijing is that private companies in the era of information technology are getting too big and that it stifles competition. Recent events indicate Beijing will take on its technology giants as well. As of 12:30 am Beijing time the company’s gross merchandise value was $56.42 billion. Beijing had already moved to disqualify Wong and other Democratic candidates from running for seats in the LegCo.
Europe
Share French President Emmanuel Macron and German Chancellor Angela Merkel have announced new lockdown measures as Europe sees mounting cases and deaths related to the coronavirus. The issue will provide the most obvious test of Biden’s attitude toward the EU on trade policy. Ugandan activists lobby the EU for chimpanzee protection. Christine Lagarde, President of the European Central Bank, will speak later in the day. Source: ACEA, SFA The EU diesel market share tumbled from 46% in 2016 to just 28% in Q3 2020.
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