Open: New York Session | Forex, Metals, Oil, Agriculture October 22, 2020

Malaysian palm oil futures firmed for a third straight session, as fears over declining output helped offset the pressure from weakness in prices of rival soybean oil. Raw sugar futures on ICE were lower on Wednesday, with the market slipping back from a 7-1/2 month peak set early this week. But neither U.S. nor Brazilian agencies seem to think Brazil will start importing U.S. soybeans, at least in the short term. COLUMN-Has Brazil become a new customer for U.S. corn and soy exporters?

Gold prices slipped as market hopes for a U.S. coronavirus aid package ahead of the presidential elections waned, in turn bolstering the dollar. Gold prices slipped as market hopes for a U.S. coronavirus aid package ahead of the presidential elections waned, in turn bolstering the U.S. dollar. On the other hand, the dollar too looks weak as indicated by the dollar index. Gold rose almost 1% yesterday, the most in a couple of weeks, on the back of the weaker dollar.
The possibilities of a weaker dollar and higher taxes (if Joe Biden wins the presidential election) also favors large caps, he adds. As the 2-day stimulus deadline imposed by house speak Pelosi expired yesterday, with further talks with Mnuchin keeping the dollar under pressure. Gene comments on stock, bond, dollar, oil & gold markets, with a particular emphasis on monetary policy, technology issues and S&P intraday action. FOREX: The dollar was steady above seven-week lows, gaining some respite as hopes of a fiscal package in the United States ahead of the November elections crumbled once again.
However, a strong dollar against major currencies overseas restricted the rupee’s gain, forex dealers said. In FX, sterling and the yen caught fire yesterday as the US dollar remains weak.

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Even with the recent volatility in prices, gold remains among the best-performing commodities this year to combat the fallout from the coronavirus pandemic. To assure ownership, gold and silver bullion must be stored on an allocated basis, meaning the metal is held exclusively for you – the titleholder. “Basically if you look over a reasonable timeframe, the price of gold and the total amount of US debt is correlated, so they would go up together,” he said. The two fell out of sync in 2011, with gold correcting while US debt kept growing, but Barisheff said the relationship remains.
Large-scale unlicensed gold mining, whether by crime gangs and leftist rebels or others, risks environmental damage in one of the world’s most biodiverse countries. In the three months to September, overall production fell 3% with diamonds, platinum, iron ore and coal down, while copper and manganese production rose. When the cork is popped we expect this to be very bullish for both gold and silver.

Exports have become critical revenue sources for many oil companies, and the United States had regularly been exporting more than 3 million barrels per day (bpd) of crude oil. Producers have been drilling fewer wells following a collapse in crude oil prices this year as demand for oil products has sunk. The second-largest U.S. oil company by market value lost nearly $1.7 billion in the first six months and analysts forecast a third-quarter $1.17 billion loss.
started us off this week with a good reading on GDP, though it looks like crude oil demand is softening a bit. Kenney said in March that Alberta would invest C$1.5 billion ($1.14 billion) in TC Energy Corp’s Keystone XL (KXL) oil pipeline and back the company’s C$6-billion credit facility. However, it’s worth highlighting, even if the company is delayed by low oil prices from that point, it’s still market leading. U.S. oil demand is down about 13% from last year due to the coronavirus pandemic.
My focus is in the financial markets, cyber-security, hacking, agriculture, natural gas, crude oil, geopolitics and alternative investments.
Pioneer Natural Resources FCF – Pioneer Natural Resources Investor Presentation Pioneer Natural Resources anticipates, despite the oil price issues, FCF of $500 million in 2020. Crude oil prices shot up in the middle of the previous session, only to erase all of those gains overnight.

The data comes as Fed policymakers continue to warn that failure to agree on stimulus is the biggest risk to the economy, apart from the coronavirus itself. In addition, the Fed two days later cut the federal funds rate an entire percent, to 0–0.25 percent, and injected an additional $700 billion in liquidity into the markets. : McAfee’s stock will begin its trading debut on the Nasdaq Stock Market under the symbol “MCFE” on Thursday, and the IPO offer will be open till Oct. 26.
US stock futures are trading lower today, indicating a negative opening for Wall Street indices. Moreover, President Donald Trump has narrowed the gap against rival Joe Biden in recent state and national polls, raising the chances for a contested election. But diversity experts ask: Why did it take so long and who s next?The chief executive’s at Wall Street’s biggest banks once Fraser joins next year. Since March and April, both the Federal Reserve and the US federal government have injected trillions into the economy in hopes of stabilizing it and reducing unemployment.
Facebook (NASDAQ:FB) is finally launching its dating service in 32 European countries after an earlier Valentine’s Day debut was put on ice due to privacy concerns under GDPR rules. On February 11, 2020, Federal Reserve chairman Jerome Powell delivered a semiannual report wherein he laid out the present risks that both the Fed and the federal government face. Nasdaq Futures are trading down by 50 points (down 0.4%), while Dow Futures are trading down 124 points (down 0.4%).

As long as Chinese media outlets suffer actual harm, Beijing will definitely retaliate, and US media outlets’ operation in HK could be included in retaliation list. When earlier this year Washington designated the first nine Chinese state-run outlets, Beijing retaliated by expelling about a dozen US media correspondents from Chinese soil. Beijing and Tokyo might seem unevenly matched, but Japan’s banks are the world’s largest international lenders, an advantage when it comes to facilitating cross-border activity that supports foreign-policy objectives.
The Vatican renewed an agreement with Beijing on the appointment of bishops, brushing aside pressure from the U.S. which has denounced attacks on religious freedom in China. Under pressure from Beijing, the lender has also publicly endorsed China s new security law.Photographer: Chan Long Hei/Bloomberg Like Balance of Power? Reports indicate that Beijing will lift the quota for foreign investment by Qualified Domestic Institutional Investors by $10 bln.
In short, Beijing wants a full accounting of everything going on at local developers. Xijin further suggested a is being prepared by Beijing authorities.

If the ECB unveils a surprise easing package already at the October meeting, bonds would rally, spreads narrow and the EUR/USD fall. The case for even more ECB easing has strengthened further lately, but we still expect the central bank to wait until December with further easing. The pressure on the ECB to ease further has increased, but we still do not expect another easing package until the December meeting. If the ECB wanted to surprise financial markets positively, a move already next week could do the trick.
However, if the ECB wants to signal that more easing is on the way, the pace of the purchases would be an easy way to convey such a message.
The U.K. and EU are restarting talks over a post-Brexit trade deal, less than a week after Boris Johnson suspended the discussions. As such, focus will be on next week’s ECB meeting, which may lay the groundwork for policy action in December. It s also the EU s first joint debt offering since the bloc agreed to its pandemic recovery deal. EU chief negotiator Michel Barnier’s comments that a trade deal between the UK and the bloc was “within reach” if both sides were prepared to compromise.
In theory, the EU could have sold not 17 billion euros of AAA-rated social bonds, but rather 200 billion.