FXStreet reports that economists at UBS forecast a U-shaped recovery and expect Chinese equities to outperform developed markets.
“In our central scenario, we see the second quarter marking the lowest point in economic activity, and we expect a subdued U-shaped economic recovery from the third quarter onwards, as a second wave could lead to recurring restrictions. Renewed outbreaks mean that intermittent suppression measures, including partial lockdowns, are likely, and we project economic activity to only normalize sustainably in December.”
“US-China tensions may heat up as the US election nears, but we believe the economic recovery remains far more important for investment sentiment.”
“Further upside for equity markets as a whole would likely require additional fiscal or monetary stimulus, greater clarity about exit strategies, or a medical breakthrough.”
“We expect Chinese equities to lead the recovery, outperforming developed market ex-US stocks, as China is likely already in the advanced stages of the virus outbreak cycle.”
U.S. stock-index futures rose on Wednesday, as hopes that easing of coronavirus lockdowns would revive economy outweighed concerns over growing tensions between the U.S. and China
Global Stocks:
Index/commodity | Last | Today's Change, points | Today's Change, % |
Nikkei | 21,419.23 | +148.06 | +0.70% |
Hang Seng | 23,301.36 | -83.30 | -0.36% |
Shanghai | 2,836.80 | -9.74 | -0.34% |
S&P/ASX | 5,775.00 | -5.00 | -0.09% |
FTSE | 6,155.84 | +88.08 | +1.45% |
CAC | 4,701.13 | +94.89 | +2.06% |
DAX | 11,723.34 | +218.69 | +1.90% |
Crude oil | $33.88 | -1.37% | |
Gold | $1,691.70 | -0.81% |
Apple (AAPL) target raised to $340 from $320 at BofA/Merrill
(company / ticker / price / change ($/%) / volume)
3M Co | MMM | 153.7 | 1.62(1.07%) | 7047 |
ALCOA INC. | AA | 9.1 | 0.34(3.88%) | 37167 |
ALTRIA GROUP INC. | MO | 38.8 | 0.52(1.36%) | 14762 |
Amazon.com Inc., NASDAQ | AMZN | 2,416.50 | -5.36(-0.22%) | 36316 |
American Express Co | AXP | 98.5 | 4.18(4.43%) | 43128 |
AMERICAN INTERNATIONAL GROUP | AIG | 32.5 | 1.49(4.80%) | 24640 |
Apple Inc. | AAPL | 317.69 | 0.96(0.30%) | 203573 |
AT&T Inc | T | 31.5 | 0.68(2.21%) | 197932 |
Boeing Co | BA | 149.45 | 4.72(3.26%) | 490541 |
Caterpillar Inc | CAT | 119.35 | 1.94(1.65%) | 5719 |
Chevron Corp | CVX | 94.95 | 1.65(1.77%) | 29753 |
Cisco Systems Inc | CSCO | 45.3 | 0.46(1.03%) | 34261 |
Citigroup Inc., NYSE | C | 51.14 | 2.97(6.17%) | 442562 |
Deere & Company, NYSE | DE | 151 | 2.97(2.01%) | 751 |
E. I. du Pont de Nemours and Co | DD | 51.25 | 0.88(1.75%) | 1959 |
Exxon Mobil Corp | XOM | 46.6 | 0.69(1.50%) | 86877 |
Facebook, Inc. | FB | 230.45 | -1.75(-0.75%) | 202396 |
FedEx Corporation, NYSE | FDX | 127.7 | 2.89(2.32%) | 11649 |
Ford Motor Co. | F | 6.05 | 0.21(3.60%) | 1021537 |
Freeport-McMoRan Copper & Gold Inc., NYSE | FCX | 9.39 | 0.13(1.40%) | 40686 |
General Electric Co | GE | 7.24 | 0.44(6.47%) | 2326022 |
General Motors Company, NYSE | GM | 28.44 | 1.04(3.80%) | 60818 |
Goldman Sachs | GS | 203.82 | 7.76(3.96%) | 37253 |
Google Inc. | GOOG | 1,423.67 | 6.65(0.47%) | 4827 |
Hewlett-Packard Co. | HPQ | 17.4 | 0.34(1.99%) | 22872 |
Home Depot Inc | HD | 244.47 | 1.99(0.82%) | 9635 |
HONEYWELL INTERNATIONAL INC. | HON | 147 | 2.06(1.42%) | 2211 |
Intel Corp | INTC | 63 | 0.66(1.06%) | 60388 |
International Business Machines Co... | IBM | 123.32 | 1.56(1.28%) | 8474 |
International Paper Company | IP | 34.96 | 0.63(1.84%) | 5549 |
Johnson & Johnson | JNJ | 145.15 | 0.59(0.41%) | 15673 |
JPMorgan Chase and Co | JPM | 100.6 | 4.78(4.99%) | 535207 |
McDonald's Corp | MCD | 189 | 4.16(2.25%) | 10302 |
Merck & Co Inc | MRK | 77.61 | 0.35(0.45%) | 36777 |
Microsoft Corp | MSFT | 181.86 | 0.29(0.16%) | 177520 |
Nike | NKE | 98.2 | 1.58(1.64%) | 7203 |
Pfizer Inc | PFE | 37.42 | -0.07(-0.17%) | 41426 |
Procter & Gamble Co | PG | 113 | 0.97(0.87%) | 6632 |
Starbucks Corporation, NASDAQ | SBUX | 78.98 | 1.22(1.57%) | 22670 |
Tesla Motors, Inc., NASDAQ | TSLA | 815.45 | -3.42(-0.42%) | 125045 |
The Coca-Cola Co | KO | 47.05 | 0.96(2.08%) | 100096 |
Travelers Companies Inc | TRV | 106.35 | 2.99(2.89%) | 912 |
Twitter, Inc., NYSE | TWTR | 33.43 | -0.58(-1.71%) | 312575 |
UnitedHealth Group Inc | UNH | 298.5 | 3.61(1.22%) | 4755 |
Verizon Communications Inc | VZ | 54.88 | 0.58(1.08%) | 19255 |
Visa | V | 195.09 | 1.87(0.97%) | 20154 |
Wal-Mart Stores Inc | WMT | 123.53 | -0.33(-0.27%) | 60349 |
Walt Disney Co | DIS | 124.07 | 3.12(2.58%) | 100706 |
Yandex N.V., NASDAQ | YNDX | 41.06 | 0.63(1.56%) | 16570 |
Microsoft (MSFT) initiated with a Buy at Summit Insights; target $220
Index | Change, points | Closed | Change, % |
---|---|---|---|
NIKKEI 225 | 529.52 | 21271.17 | 2.55 |
Hang Seng | 432.42 | 23384.66 | 1.88 |
KOSPI | 35.18 | 2029.78 | 1.76 |
ASX 200 | 164.4 | 5780 | 2.93 |
FTSE 100 | 74.48 | 6067.76 | 1.24 |
DAX | 113.37 | 11504.65 | 1 |
CAC 40 | 66.33 | 4606.24 | 1.46 |
Dow Jones | 529.95 | 24995.11 | 2.17 |
S&P 500 | 36.32 | 2991.77 | 1.23 |
NASDAQ Composite | 15.63 | 9340.22 | 0.17 |
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