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04.12.2020
20:29
Key events for next week: Japan, eurozone and Britain GDP, US trade balance, Chinа consumer price index, Bank of Canada and ECB interest rate decision, US consumer sentiment index

On Monday, at 00:30 GMT Australia will release the ANZ job advertisements for November. At 03:00 GMT, China will announce a change in the foreign trade balance for November. At 05:00 GMT, Japan will present an index of leading economic indicators for October. At 07:00 GMT Germany will report the change in the volume of industrial production for October. At 08:00 GMT, Switzerland will announce changes in the SNB's foreign currency reserves for November. At 08:30 GMT, Britain will publish the Halifax house price index for November. At 09:30 GMT, the eurozone will release the Sentix investor confidence indicator for December. At 15:00 GMT Canada will present the index of business activity managers from Ivey for November. At 20:00 GMT, the US will announce a change in the volume of consumer lending for October. At 23:30 GMT, Japan will report changes in the level of wages and household spending for October, and at 23: 50 GMT - changes in the GDP for the 3rd quarter and the current account balance for October

On Tuesday, at 00:30 GMT, Australia will release the NAB business confidence index for November and the house price index for the 3rd quarter. At 05:00 GMT, Japan will present the current situation index from Eco Watchers for November. At 06:30 GMT, France will report changes in the number of people employed in the private sector for the 3rd quarter. At 06:45 GMT, Switzerland will announce a change in the unemployment rate for November. At 07:45 GMT, France will announce a change in the foreign trade balance for October. At 10:00 GMT, Germany and the eurozone will release the ZEW business sentiment index for December. Also at 10:00 GMT, the Euro zone will report changes in GDP and employment for the 3rd quarter. At 13:30 GMT, the US will announce changes in the level of labor productivity in the non-manufacturing sector and the level of labor costs for the 3rd quarter. At 21:45 GMT, New Zealand will announce a change in the volume of production deliveries for the 3rd quarter. At 23:30 GMT, Australia will present the Westpac consumer confidence index for December. At 23:50 GMT, Japan will announce a change in the volume of orders for machinery and equipment for October.

On Wednesday, at 01:30 GMT, China will release the consumer price index and producer price index for November. At 06:00 GMT, Japan will announce a change in the volume of orders for equipment for November. At 07:00 GMT, Germany will report changes in the foreign trade balance for October. At 15:00 GMT in Canada, the Bank of Canada interest rate decision will be announced. Also at 15:00 GMT, the US will announce changes in the vacancy rate and labor turnover from the Bureau of labor statistics for October. At 15: 30 GMT, the US will release a report on changes in oil reserves according to the Ministry of energy. At 23:50 GMT, Japan will present the business conditions index for major manufacturers for the 4th quarter.

On Thursday, at 00:01 GMT, Britain will publish the RICS house price balance for November. At 00:30 GMT, in Australia, the RBA's quarterly report will be released. At 07:00 GMT, Britain will report changes in GDP, industrial output, manufacturing output, visible trade balance and construction volume for October. At 07:45 GMT France will report a change of industrial production for October. At 12:45 GMT, in the Eurozone, the ECB interest rate decision will be announced. At 13:30 GMT, the ECB will hold a press conference. Also at 13: 30 GMT, the US will release the consumer price index for November and report changes in the number of initial applications for unemployment benefits. At 21:30 GMT New Zealand will release the index of business activity in the manufacturing sector from Business NZ in November. At 21:45 GMT, New Zealand will announce a change in the food price level for November.

On Friday, at 07:00 GMT, Germany will release the consumer price index for November. At 07:45 GMT, France will publish the consumer price index for November. At 13:30 GMT, Canada will report a change in the capacity utilization rate for the 3rd quarter. Also at 13:30 GMT, the US will publish the producer price index for November. At 15:00 GMT, in the US, the consumer sentiment index from Reuters/Michigan for December will be released. At 18:00 GMT, the US will present the Baker Hughes report on the number of active oil drilling rigs.

On Sunday, at 23:50 GMT in Japan, the index of activity in the non-manufacturing sector and the index of activity in the sector of large manufacturers for the 4th quarter will be released.

20:00
DJIA +0.66% 30,167.20 +197.68 Nasdaq +0.57% 12,447.15 +69.97 S&P +0.71% 3,692.74 +26.02
18:03
U.S.: Baker Hughes Oil Rig Count, December 246
17:00
European stocks closed: FTSE 100 6,550.23 +59.96 +0.92% DAX 13,298.96 +46.10 +0.35% CAC 40 5,609.15 +34.79 +0.62%
16:01
White House economic adviser Kudlow: Policy disagreements on stimulus remain, but progress is being made - CNBC

  • A targeted assistance plan would be very helpful
  • U.S. must keep schools and businesses open

15:45
Chicago Fed's president Evans: U.S. economy has been horrifically challenged

  • U.S. economy came back more quickly than thought
  • Still a ways to go in recovery
  • Recovery has been uneven with some sectors advantaged and others hit harder
  • Need a stronger return to work to keep things going
  • Vaccine is promising, a lot of reasons to hope that things will be better in 2021
  • Would expect a steeper yield curve as economy strengthens

15:25
U.S. factory orders rise more than expected in October

The U.S. Commerce Department reported on Friday that the value of new factory orders rose 1.0 percent m-o-m in October, following a revised 1.3 percent m-o-m advance in September (originally a 1.1 percent m-o-m gain). That marked the sixth consecutive month of gains in factory orders.

Economists had forecast a 0.8 percent m-o-m increase.

According to the report, orders for transportation equipment increased 1.4 percent m-o-m in October. Gains also occurred in fabricated metal products (+2.3 percent m-o-m) and computers and electronic products (+3.2 percent m-o-m). These increases, however, were partially offset by a decline in new orders for machinery (-0.3 percent m-o-m).

Meanwhile, total factory orders excluding transportation, a volatile part of the overall reading, also rose 1.0 percent m-o-m in October (compared to an upwardly revised 0.9 percent m-o-m gain in September), while orders for nondefense capital goods excluding aircraft, a measure of business spending plans, increased 0.8 percent m-o-m (compared to a 2.1 percent m-o-m jump in the previous month). The report also showed that shipments of core capital goods surged 2.4 percent m-o-m in October, rather than gaining 2.3 percent m-o-m as previously reported.

15:01
U.S.: Factory Orders , October 1% (forecast 0.8%)
14:44
Canada’s trade deficit narrows to CAD3.76 billion in October

Statistics Canada announced on Friday that Canada’s merchandise trade deficit stood at CAD3.76 billion in October, narrowing from a revised CAD3.82-billion gap in September (originally a CAD3.25-billion shortfall).

Economists had forecast a deficit of CAD3.00 billion.

According to the report, Canada’s exports rose 2.2 percent m-o-m to CAD46.47 billion in October, partially due to higher exports of pharmaceutical products (+39.0 percent m-o-m).

Meanwhile, imports increased by 1.9 percent m-o-m to CAD50.23 billion in October, with higher imports of electronic and electrical equipment and parts (+9.5 percent m-o-m) contributing the most to the overall gain.

14:33
U.S. Stocks open: Dow +0.23%, Nasdaq +0.13%, S&P +0.28%
14:28
Before the bell: S&P futures +0.21%, NASDAQ futures +0.09%

U.S. stock-index futures rose slightly on Friday, as weaker-than-expected U.S. November jobs data heightened hopes for a new fiscal stimulus package from Congress.


Global Stocks:

Index/commodity

Last

Today's Change, points

Today's Change, %

Nikkei

26,751.24

-58.13

-0.22%

Hang Seng

26,835.92

+107.42

+0.40%

Shanghai

3,444.58

+2.45

+0.07%

S&P/ASX

6,634.10

+18.80

+0.28%

FTSE

6,533.48

+43.21

+0.67%

CAC

5,593.38

+19.02

+0.34%

DAX

13,254.26

+1.40

+0.01%

Crude oil

$46.03


+0.85%

Gold

$1,841.50


+0.02%

14:02
U.S. trade deficit widens less than expected in October

The U.S. Commerce Department reported on Friday that U.S. the goods and services trade deficit widened to $63.1 billion in October from a revised $62.1 billion in the previous month (originally a gap of $63.9 billion).

Economists had expected a deficit of $64.8 billion.

According to the report, the October rise in the goods and services deficit reflected an increase in the goods deficit of $0.6 billion to $81.4 billion and a decrease in the services surplus of $0.4 billion to $18.3 billion.

In October, exports of goods and services from the U.S. increased 2.2 percent m-o-m to $182.0 billion, while imports jumped 2.1 percent m-o-m to $245.1 billion, in part, due to the impact of COVID-19, as many businesses continued recovery from the sharp declines earlier this year.

Year-to-date, the goods and services deficit climbed 9.5 percent from the same period in 2019. Exports plunged 16.4 percent, while imports tumbled 11.5 percent.

14:01
Wall Street. Stocks before the bell

(company / ticker / price / change ($/%) / volume)


3M Co

MMM

172

0.17(0.10%)

2496

ALCOA INC.

AA

22.27

0.23(1.04%)

15806

ALTRIA GROUP INC.

MO

40.69

0.27(0.67%)

24509

Amazon.com Inc., NASDAQ

AMZN

3,195.08

8.35(0.26%)

31349

American Express Co

AXP

124.92

1.80(1.46%)

3502

AMERICAN INTERNATIONAL GROUP

AIG

40.24

0.40(1.00%)

3916

Apple Inc.

AAPL

122.78

-0.16(-0.13%)

452758

AT&T Inc

T

29.42

0.19(0.65%)

210419

Boeing Co

BA

240.43

3.23(1.36%)

683769

Caterpillar Inc

CAT

175.1

0.47(0.27%)

2447

Chevron Corp

CVX

91.57

1.77(1.97%)

24632

Cisco Systems Inc

CSCO

44.05

-0.06(-0.14%)

18041

Citigroup Inc., NYSE

C

57.15

0.57(1.01%)

106719

Deere & Company, NYSE

DE

253.4

0.72(0.28%)

1167

Exxon Mobil Corp

XOM

41.02

0.81(2.01%)

285967

Facebook, Inc.

FB

281.56

-0.29(-0.10%)

133375

FedEx Corporation, NYSE

FDX

294.88

2.18(0.75%)

27971

Ford Motor Co.

F

9.26

0.05(0.54%)

242445

Freeport-McMoRan Copper & Gold Inc., NYSE

FCX

24.64

0.25(1.03%)

88258

General Electric Co

GE

10.7

0.10(0.94%)

750401

General Motors Company, NYSE

GM

44.36

0.27(0.61%)

39617

Goldman Sachs

GS

237

1.53(0.65%)

3474

Google Inc.

GOOG

1,833.00

6.23(0.34%)

3417

Hewlett-Packard Co.

HPQ

23.25

0.01(0.04%)

2283

Home Depot Inc

HD

268.5

0.36(0.13%)

7876

HONEYWELL INTERNATIONAL INC.

HON

208.24

0.02(0.01%)

507

Intel Corp

INTC

51.08

0.09(0.18%)

71698

International Business Machines Co...

IBM

123.93

0.32(0.26%)

1325

International Paper Company

IP

48.2

-0.04(-0.08%)

2510

Johnson & Johnson

JNJ

149.68

0.68(0.46%)

12813

JPMorgan Chase and Co

JPM

122.25

1.01(0.83%)

64639

McDonald's Corp

MCD

211.5

-0.01(-0.00%)

2762

Merck & Co Inc

MRK

81.5

0.05(0.06%)

5752

Microsoft Corp

MSFT

214.4

0.16(0.07%)

65719

Nike

NKE

137.12

0.44(0.32%)

2526

Pfizer Inc

PFE

39.91

-0.18(-0.45%)

724526

Procter & Gamble Co

PG

138

0.66(0.48%)

3773

Starbucks Corporation, NASDAQ

SBUX

100.59

0.48(0.48%)

8710

Tesla Motors, Inc., NASDAQ

TSLA

590.5

-2.88(-0.49%)

674431

The Coca-Cola Co

KO

52.97

0.19(0.36%)

18725

UnitedHealth Group Inc

UNH

349

1.57(0.45%)

856

Verizon Communications Inc

VZ

61.9

0.16(0.26%)

8330

Visa

V

209.1

1.05(0.50%)

5120

Wal-Mart Stores Inc

WMT

149.75

0.45(0.30%)

26403

Walt Disney Co

DIS

153.88

0.64(0.42%)

8891

Yandex N.V., NASDAQ

YNDX

68.7

-0.64(-0.92%)

5192

13:53
Canada adds 62,100 new jobs in November; unemployment rate drops to 8.5 percent

Statistics Canada reported on Friday that the number of employed people increased by 62,100 m-o-m in November (or +0.3 percent m-o-m) after an unrevised increase of 83,600 m-o-m in the previous month. This was the smallest employment gain since the Canadian labour market started to recover in May.

Economists had forecast an advance of 20,000 m-o-m.

Meanwhile, Canada's unemployment rate fell to 8.5 percent in November from 8.9 percent in October, exceeding economists’ forecast for 8.9 percent. That was the lowest rate since March.

According to the report, full-time employment rose by 99,400 (or +0.7 percent m-o-m) in November, while part-time jobs declined by 37,400 (or -1.1 percent m-o-m).

In November, the number of public sector employees increased by 31,600 (or +0.8 percent m-o-m), while the number of private sector employees rose by 23,100 (or +0.2 percent m-o-m) and the number of self-employed grew by 7,400 (or +0.3 percent m-o-m) last month.

Sector-wise, employment increased both in goods-producing (+1.2 percent m-o-m) and service-producing (+0.1 percent m-o-m) businesses.

13:52
Downgrades before the market open

Boeing (BA) downgraded to Underperform from Peer Perform at Wolfe Research

13:42
U.S. nonfarm payrolls increase less than forecast in November

The U.S. Labor Department announced on Friday that nonfarm payrolls rose by 245,000 in November after a downwardly revised 610,000 advance in the prior month (originally a gain of 638,000), reflecting the continued resumption of economic activity that had been curtailed due to the coronavirus pandemic and efforts to contain it. This, however, was the smallest employment gain since the U.S. job market started to recover in May.

According to the report, employment rose notably in transportation and warehousing (+145,000 jobs), professional and business services (+60,000), and health care (+46,000). Meanwhile, employment declined in government (-99,000) and retail trade (-35,000).

The unemployment rate fell to 6.7 percent in November from 6.9 percent in October.

Economists had forecast the nonfarm payrolls to increase by 469,000 and the jobless rate to drop to 6.8 percent.

The labor force participation rate decreased by 0.2 percentage point to 61.5 percent, while hourly earnings for private-sector workers rose 0.3 percent m-o-m (or $0.09) to $29.58, following an unrevised 0.1 percent m-o-m advance in October. Economists had forecast the average hourly earnings to increase 0.1 percent m-o-m in November. Over the year, average hourly earnings surged by 4.4 percent in November, following a revised 4.4 percent rise in October (originally an advance of 4.5 percent).

The average workweek was unchanged at 34.8 hours in November, matching economists' forecast for 34.8 hours.

13:32
U.S.: Labor Force Participation Rate, November 61.5%
13:32
U.S.: Average workweek, November 34.8 (forecast 34.8)
13:32
U.S.: Unemployment Rate, November 6.7% (forecast 6.8%)
13:32
U.S.: International Trade, bln, October -63.1 (forecast -64.8)
13:32
U.S.: Average hourly earnings , November 0.3% (forecast 0.1%)
13:32
Canada: Unemployment rate, November 8.5% (forecast 8.9%)
13:32
Canada: Employment , November 62 (forecast 20)
13:32
Canada: Trade balance, billions, October -3.76 (forecast -3)
13:32
U.S.: Nonfarm Payrolls, November 245 (forecast 469)
13:32
U.S.: Government Payrolls, November -99
13:32
U.S.: Private Nonfarm Payrolls, November 344 (forecast 589)
13:32
U.S.: Manufacturing Payrolls, November 27 (forecast 43)
13:20
European session review: GBP strengthens as investors hope for EU-UK trade talks

TimeCountryEventPeriodPrevious valueForecastActual
07:00GermanyFactory Orders s.a. (MoM)October1.1%1.5%2.9%
09:30United KingdomPMI ConstructionNovember53.15254.7


GBP appreciated against its major rivals in the European session on Friday as investors hoped that the UK and the EU would be able to secure a trade deal before the December 31 deadline.

Talks on post-Brexit trade relations between the UK and EU are ongoing on Friday and are expected to continue this weekend.

The incoming Brexit headlines are contradictory. Reuters reported, citing an EU official, that a trade deal with the UK is "imminent" and is expected by the end of the weekend, barring a last-minute breakdown in the negotiations. However, this information wasn't corroborated by any other source. Meanwhile, the UK PM Boris Johnson's spokesman stated that the sides are at "a very difficult point" right now and any weekend talks are contingent on what happens today. He also added that there are still some issues to overcome. Adding to the uncertainty, the Financial Times reported that the UK's accused France of making new demands at the last second, diminishing the chances of a deal being agreed by the end of the week. The French president Emmanuel Macron and Boris Johnson are due to meet this weekend.

12:59
UK PM Johnson’s spokesman: Any weekend talks [on trade deal with EU] are contingent on what happens today

  • We are at very difficult point in talks
  • There are still some issues to overcome
  • UK's side is working hard to reach an agreement
  • Time is now very short
  • PM Johnson will work at chequers this weekend, will be in contact with the negotiation team
  • Our position on clauses in Internal Market Bill remains unchanged

12:41
China's policymakers are comfortable with yuan's appreciation for now - Reuters reports, citing sources

  • PBoC might take action if further rises are rapid and are to hurt country's exports
  • Some policy advisers think yuan may strengthen to 6.4 per dollar next year; authorities could still take steps to brake a rapid rise if Chinese exporters were to feel the pinch or speculative “hot money” were to flood in

12:07
USD: An important week for the dollar bear trend - ING

Chris Turner, the Global Head of Markets and Regional Head of Research for UK & CEE at ING, notes that the U.S. dollar bear trend has strengthened and broadened this week.

"In the G10 space, European currencies have broken to the upside (EUR/$ through 1.20 and USD/CHF below 0.90) and a stand-out for us has been USD/KRW trading sharply down through 1100 barely a week after the Bank of Korea Governor warned of herd-like behaviour and the implicit threat of intervention... This benign dollar decline is good for world growth, exporting as it does low US rates around the world and allowing the Rest of the World to run looser monetary policy."

"Propelling the dollar decline as well has been the fall in US real rates (nominal less inflation) where US 10-year inflation expectations, derived through index-linked US Treasuries, have pushed up to 1.87% - the highest since summer 2019. Policymakers can congratulate themselves here and progress on a smaller US fiscal stimulus – the $908bn plan seems to be gaining traction – can cement these trends."

"Given all this, we doubt today’s November NFP will have much bearing on the dollar. A good number, firms up recovery hopes, a bad number could prompt the Fed into fresh easing. DXY to work its way to 90 this month."

11:38
AUD/USD: Near-term consolidation likely - Commerzbank

FXStreet reports that Karen Jones, Team Head FICC Technical Analysis Research at Commerzbank, suggests that in the light of the recent price action, AUD/USD could now move into a consolidative phase.

“AUD/USD has taken out all nearby resistance levels and but the daily RSI has not yet confirmed the break higher. We would allow for some near term consolidation and today will just stand aside. Beyond some consolidation we look for a move to the long term Fibonacci retracements at .7574 and .7639. These are the break points longer term for the 2018 peak at .8135.”

11:17
BoE's MPC member Saunders: Negative rates review is still ongoing
  • There is only a small number of cases of negative rates elsewhere to draw on, and experience elsewhere may not provide a perfect guide for UK
  • Experience of other countries with negative rates is that a rate cut below zero lifts growth much in the same away as a rate cut above zero
  • Other studies suggest the net effect of negative rates on bank profitability is small and may even be slightly positive
  • Effectiveness of any single policy tool may be less than usual or more uncertain than usual
  • The most effective means may be to use a range of policy tools
  • There are some headwinds that could leave the economy stuck with persistently high unemployment and below-target inflation
  • It those downside risks develop, risk management considerations argue for relatively prompt monetary policy response, in my view
  • If more stimulus is needed, rate cut and QE may be the best approach
  • Better to provide too much monetary stimulus unless inflation expectations are contained
  • It also is possible that the economy will recover faster than expected
10:58
Brent crude could drop to $45 in 2021 despite positive vaccine news - Fitch Ratings

CNBC reports that Fitch Ratings expects Brent prices to drop to $45 per barrel in 2021, even though there’s good news on the vaccine front. That’s close to 9% lower than what a Refinitiv Eikon poll is predicting. The U.S. Energy Information Administration expects the international benchmark to be at $46.59.

Dmitry Marinchenko, senior director at Fitch Ratings, said the company is more cautious.

“We expect prices to be, on average, at $45 next year for Brent,” he told CNBC. “This assumes that the demand will remain weak until at least the second half of the year, because the progress with mass vaccination probably will not be very quick.”

Marinchenko said vaccines will “probably not have a significant impact” on oil demand until the second half of 2021.

“With weak demand, and with OPEC trying to manage supply … to avoid large surpluses or deficits in the market, we expect prices to be at $45 next year,” he said.

10:40
EUR/CHF: Bullish move confirmed above 1.0915 – Commerzbank

FXStreet reports that Karen Jones, Team Head FICC Technical Analysis Research at Commerzbank, suggested EUR/CHF could move into a bullish stance if 1.0915 is cleared.

“EUR/CHF continues to consolidate at the 1.0877 September high. This area guards the June high at 1.0915. These levels are key, the market has recently eroded the 2018-2020 downtrend, while this implies that we are no longer in a down move, it will need to close above 1.0915 to confirm that we are now in a bull move.”

“First minor support along the 55 day moving average at 1.0770 may be revisited. Further support comes in at the 1.0748/12 late July, August and September lows and late October highs.”

10:23
EU will launch Recovery Fund regardless of vetoes if necessary - Gentiloni

Reuters reports that Economics Commissioner Paolo Gentiloni said that the European Union will push on with its 1.8 trillion euro financial package to revive the bloc's COVID-hit economy even if Hungary and Poland continue to try to veto the project.

"We will not surrender to a veto," Gentiloni said.

"The premise is we are very clear towards these member states, we will go on without them," the former Italian prime minister said.

He said he was worried about the continued stand-off with the two Eastern European nations but was also confident that it would be overcome through an agreement thanks to "the roads of diplomacy."

10:03
UK car sales drop by more than a quarter amid lockdown

According to the report from the Society of Motor Manufacturers and Traders (SMMT), the UK new car market again saw a decline last month as registrations in November fell -27.4% year-on-year, or 42,840 units. In a month when showrooms across England had to close due to new lockdown restrictions, the industry recorded 113,781 new registrations, taking trade back to levels last seen during the 2008 recession

The decline was less severe than that seen during the first lockdown – when registrations fell by a record -97.3% in April alone – largely because this time around, retailers and manufacturers were able to be better prepared to fulfil orders via delivery or click and collect. Despite these innovations, private demand still fell by -32.2% while registrations by large fleets saw a decline of -22.1%

More positively, market share for battery electric vehicles (BEVs) and plug-in hybrid vehicles (PHEVs) continued to grow significantly, up 122.4% and76.9% respectively. BEVs recorded their third highest ever monthly share of registrations at 9.1%, while PHEV share increased to 6.8% – a combined total of more than 18,000 new zero-emission capable cars joining Britain’s roads.

10:00
Brexit deal is reportedly "imminent", expected by the end of the weekend barring any last-minute breakdown - Reuters reports, citing an EU official on the matter
09:47
UK construction PMI rose sharply in November

According to the report from IHS Markit/CIPS, November PMI® data indicated a sustained recovery in UK construction output, with the rate of expansion accelerating from the previous month. There were also positive signals for the near-term outlook as new order volumes expanded at the quickest pace for just over six years. However, employment trends remained relatively weak across the construction sector and stretched supply chains resulted in a sharp increase in average cost burdens.

At 54.7 in November, up from 53.1 in October, the  headline seasonally adjusted UK Construction Total Activity Index registered above the 50.0 no-change value for the sixth consecutive month. The latest reading pointed to a solid increase in total construction output, although the rate of growth remained softer than the peak seen in July.

All three broad categories of activity saw higher output in November. Construction companies indicated that house building was the best performing area in November (index at 59.2), despite the rate of growth easing since October. Civil engineering returned to growth in November (52.3), while commercial work increased only marginally (51.9) and at the slowest rate for six months.

New business volumes expanded at a robust and accelerated pace in November. The latest improvement in construction order books was the steepest since October 2014, which survey respondents attributed to a recovery in tender opportunities and improving confidence among clients. Greater workloads also contributed to a strong increase in purchasing activity during November, with the rate of growth reaching its highest for just over six years.

09:31
United Kingdom: PMI Construction, November 54.7 (forecast 52)
09:15
EU 27 must all approve any UK trade deal - top official

Reuters reports that a top official with the bloc said that the European Union is still negotiating a trade deal with Britain. He added that any agreement that may emerge between negotiators must still be approved by the 27 member states.

European Council President Charles Michel said the next few days will show what comes next and the 27 leaders meeting remotely on Dec. 10-11 will take a position on the latest developments.

"It's unfortunate that it took longer than planned, but we're still currently negotiating," Michel told a news conference. "We'll see over the next few days what the next steps are at this point in the negotiations."

He said the bloc's executive, the European Commission, which is negotiating with Britain on behalf of the 27 EU countries, will inform member states of the result of the negotiations once they are concluded.

"We want a deal but not at any price," Michel said. "For the European Union ... the 'level playing field' is key."

09:01
Eurozone construction activity continues to fall in November

According to the report from IHS Markit, work undertaken on housing by eurozone construction firms decreased further in November. The decline marked the ninth consecutive monthly fall in activity, although the pace of contraction eased from that seen in October, and was only marginal overall (сonstruction PMI rose to 45.6 in November from 44.9 in October). A faster rise in German home building activity was offset by a further steep decline in France, while the fall in Italy was only marginal. Meanwhile, commercial construction was the worst performing of the monitored sub-sectors in the latest survey period. The pace of the contraction accelerated and was the fastest for six months. The downturn in eurozone civil engineering activity continued in November, the sixteenth fall in as many months, as infrastructure building contracted sharply.

New business received by eurozone construction companies continued to fall in November. Moreover, the pace of the reduction accelerated and was the fastest since May.

Employment levels among eurozone constructors contracted further in the latest survey period. That said, the pace of job shedding eased and was marginal overall.

Eurozone construction companies remained pessimistic regarding the outlook for activity over the coming year. November data signalled a further fall in buying activity among eurozone construction companies. The rate of contraction eased from October, but remained solid overall

08:39
Emerging markets are ‘under owned,’ stocks could rally as much as 20% - JPMorgan

CNBC reports that according to JPMorgan, stocks in emerging markets may rise as much 20% in 2021 after being largely ignored by investors this year.

“I think emerging markets are very under owned as we see in the markets rally,” Joyce Chang, chair of global research at JPMorgan, told.

Besides China and India, many other emerging markets have been shunned by investors in 2020 as they largely flocked toward safety.

“We’re actually neutral on China right now, but we’ve upgraded the rest of emerging markets where we do think the valuations are attractive, and there’s more opportunity,” Chang said.

In particular, the firm sees opportunities for stocks in Brazil, Indonesia, South Korea as well as Thailand. In terms of industries, Chang said the consumer discretionary sector as well as those related to entertainment and leisure also have room to “catch up.”

Asked about the potential for emerging markets broadly to outperform their developed market peers in 2021, the JPMorgan analyst said stocks in the developing world could see “double digit” gains of up to 20%.

08:19
Brexit trade talks in 'difficult phase' - British minister

Reuters reports that Business Secretary Alok Sharma said that Brexit trade talks are in the difficult phase and a deal can only be struck if the European Union accepts that Britain is a sovereign nation.

"We are at a critical phase," Sharma told Sky TV. "It is fair to say that we are in a difficult phase, there are some tricky issues still to be resolved."

"Right from the start of this process, we've always said that a deal can only be done if the EU recognises that the UK is a sovereign independent nation," Sharma said. "It is on the basis of that a deal will be done."

Britain formally left the EU on Jan. 31 but has been in a transition period since then under which rules on trade, travel and business remain unchanged. From the end of the year it will be treated by Brussels as a third country.

If the two sides fail to reach a deal, the five-year Brexit divorce would end in disorder just as Europe grapples with the vast economic cost of the COVID-19 outbreak.

EU Brexit negotiator Michel Barnier is due to update 27 national envoys to the bloc's hub Brussels on Friday on the latest in the talks.

08:02
Asian session review: the dollar declined slightly against the euro

TimeCountryEventPeriodPrevious valueForecastActual
00:30AustraliaRetail Sales, M/MOctober-1.1%1.6%1.4%
07:00GermanyFactory Orders s.a. (MoM)October1.1%1.5%2.9%


During today's Asian trading, the US dollar declined slightly against the euro and rose against the japanese yen.

House speaker Nancy Pelosi and Senate Republican majority leader Mitch McConnell held talks amid congressional efforts to reach an agreement on aid measures and avoid a government shutdown. Earlier on Thursday, McConnell said he sees "encouraging signs" that the parties will be able to reach an agreement before the end of the year.

This week, a group of congressmen from both parties proposed a new $908 billion stimulus package. On Wednesday, Pelosi and Senate democratic minority leader Chuck Schumer called on McConnell to use the proposal as a basis for negotiations.

US President Donald Trump has promised to sign a package of measures to support the economy in connection with the pandemic, if Congress has time to agree on it before the end of the current convocation.

Meanwhile, the Wall Street Journal reported, citing a source familiar with the situation, that Pfizer Inc. will be able to produce 50 million doses of the COVID-19 vaccine by the end of 2020 instead of the planned 100 million due to problems with the supply of the necessary substances.

The ICE index, which tracks the dollar's performance against six currencies (the euro, swiss franc, yen, canadian dollar, pound sterling and swedish krona), fell 0.07%.

07:40
EUR/USD: Trending higher towards equilibrium - ANZ

eFXdata reports that ANZ Research discusses EUR/USD outlook.

"We revised up our EUR/USD forecasts. COVID-19 vaccines will support a quicker return to pre-crisis GDP levels, despite the downside risks to growth over the winter. Our base-case expectation is that positive cyclicality from Q2 will favour the euro. Global GDP growth and trade volumes are recovering; and fiscal and monetary stimulus, supported improving health expectations, could drive above-trend growth into 2022,"ANZ notes. 

"A Biden presidency is expected to embrace a multilateral approach to trade, favouring dialogue over tariffs. The likelihood of a protracted USEU trade dispute has fallen. We now expect EUR/USD to rise towards 1.28 by end 2021," ANZ adds. 

07:30
Options levels on friday, December 4, 2020 EURUSD GBPUSD

EUR/USD

Resistance levels (open interest**, contracts)

$1.2301 (368)

$1.2252 (586)

$1.2205 (642)

Price at time of writing this review: $1.2154

Support levels (open interest**, contracts):

$1.2127 (273)

$1.2094 (164)

$1.2048 (223)


Comments:

- Overall open interest on the CALL options and PUT options with the expiration date December, 4 is 106717 contracts (according to data from December, 3) with the maximum number of contracts with strike price $1,1200 (6560);


GBP/USD

Resistance levels (open interest**, contracts)

$1.3604 (663)

$1.3559 (1485)

$1.3519 (2744)

Price at time of writing this review: $1.3449

Support levels (open interest**, contracts):

$1.3379 (645)

$1.3338 (1027)

$1.3293 (431)


Comments:

- Overall open interest on the CALL options with the expiration date December, 4 is 23654 contracts, with the maximum number of contracts with strike price $1,3500 (2744);

- Overall open interest on the PUT options with the expiration date December, 4 is 45288 contracts, with the maximum number of contracts with strike price $1,2700 (11992);

- The ratio of PUT/CALL was 1.91 versus 1.87 from the previous trading day according to data from December, 3

 

* - The Chicago Mercantile Exchange bulletin (CME) is used for the calculation.

** - Open interest takes into account the total number of option contracts that are open at the moment.

07:20
Germany's factory orders rose more than expected in October

According to provisional results of the Federal Statistical Office (Destatis), real (price adjusted) new orders increased by a seasonally and calendar adjusted 2.9% in October 2020 compared with September 2020. Economists had expected a 1.5% increase.

Compared with October 2019, the increase in calendar adjusted new orders amounted to +1.8%. Excluding major orders, real new orders in manufacturing (seasonally and calendar adjusted) were 1.7% higher than in the previous month.

Compared with February 2020, the month before restrictions were imposed due to the corona pandemic in Germany, new orders in October 2020 were 0.8% higher in seasonally and calendar adjusted terms. In the largest branch of manufacturing, the automotive industry, new orders still increased in October 2020 (+1.0% on the previous month) and were 6.0% above the pre-crisis level of February 2020.

Domestic orders increased by 2.4% and foreign orders increased by 3.2% in October 2020 on the previous month. New orders from the euro area went up 0.5%, and new orders from other countries increased by 4.8% compared with September 2020.

In October 2020, the manufacturers of intermediate goods saw new orders increase by 2.3% compared with September 2020. The manufacturers of capital goods saw an increase of 3.8% on the previous month. Regarding consumer goods, new orders fell 2.2%.

For September 2020, revision of the preliminary outcome resulted in an increase of 1.1% compared with August 2020 (provisional: +0.5%). The reason was late reporting, for instance, on major orders in the manufacture of air and spacecraft.

07:01
Germany: Factory Orders s.a. (MoM), October 2.9% (forecast 1.5%)
02:30
Commodities. Daily history for Thursday, December 3, 2020
Raw materials Closed Change, %
Brent 48.71 1.39
Silver 24.04 -0.01
Gold 1840.776 0.63
Palladium 2306.67 -4.09
00:31
Australia: Retail Sales, M/M, October 1.4% (forecast 1.6%)
00:30
Stocks. Daily history for Thursday, December 3, 2020
Index Change, points Closed Change, %
NIKKEI 225 8.39 26809.37 0.03
Hang Seng 195.92 26728.5 0.74
KOSPI 20.32 2696.22 0.76
ASX 200 25.1 6615.3 0.38
FTSE 100 26.88 6490.27 0.42
CAC 40 -8.65 5574.36 -0.15
Dow Jones 85.73 29969.52 0.29
S&P 500 -2.29 3666.72 -0.06
NASDAQ Composite 27.81 12377.18 0.23
00:30
Schedule for today, Friday, December 4, 2020
Time Country Event Period Previous value Forecast
00:30 (GMT) Australia Retail Sales, M/M October -1.1% 1.6%
07:00 (GMT) Germany Factory Orders s.a. (MoM) October 0.5% 1.5%
09:30 (GMT) United Kingdom PMI Construction November 53.1 52
13:30 (GMT) U.S. Average workweek November 34.8 34.8
13:30 (GMT) U.S. Government Payrolls November -268  
13:30 (GMT) U.S. Manufacturing Payrolls November 38 43
13:30 (GMT) U.S. Average hourly earnings November 0.1% 0.1%
13:30 (GMT) U.S. Private Nonfarm Payrolls November 906 587
13:30 (GMT) U.S. Labor Force Participation Rate November 61.7%  
13:30 (GMT) Canada Employment November 83.6 20
13:30 (GMT) Canada Trade balance, billions October -3.25 -3
13:30 (GMT) Canada Unemployment rate November 8.9% 8.9%
13:30 (GMT) U.S. International Trade, bln October -63.9 -64.8
13:30 (GMT) U.S. Unemployment Rate November 6.9% 6.8%
13:30 (GMT) U.S. Nonfarm Payrolls November 638 481
14:00 (GMT) U.S. FOMC Member Charles Evans Speaks    
15:00 (GMT) U.S. Factory Orders October 1.1% 0.8%
15:00 (GMT) U.S. FOMC Member Bowman Speaks    
18:00 (GMT) U.S. Baker Hughes Oil Rig Count December 241  
00:15
Currencies. Daily history for Thursday, December 3, 2020
Pare Closed Change, %
AUDUSD 0.74399 0.36
EURJPY 126.132 -0.25
EURUSD 1.2146 0.27
GBPJPY 139.648 0.11
GBPUSD 1.3448 0.66
NZDUSD 0.70749 0.12
USDCAD 1.28647 -0.4
USDCHF 0.89064 -0.41
USDJPY 103.841 -0.53

TIN TỨC THỊ TRƯỜNG NGOẠI HỐI

CURRENCY MARKET DEFINITION
The concept of currency market has several definitions:

  • Currency market is the sphere of economic relations that are manifested in the purchase and sale of currency values (foreign currency, securities in foreign currency), as well as operations related to the investment of capital in foreign currency;
  • Currency market is a financial center where currency purchase and sale transactions based on supply and demand for them are concentrated;
  • Curency market is a whole of authorized banks, investment companies, brokerages, exchanges, and foreign banks that perform foreign exchange operations.
  • Currency market is a whole of communications systems that link banks in different countries that conduct international currency transactions.

Simply put, currency market is the market where currency transactions are made, that is, the currency of one country is exchanged for the currency of another country at a certain exchange rate. The exchange rate is the relative price of currencies of two countries or the currency of one country expressed in another country's monetary units.

Currency market is part of the global financial market, where many operations related to the global movement of capital take place.

TYPES OF MARKETS. RUSSIAN AND INTERNATIONAL CURRENCY MARKETS
There are international and domestic currency markets.

Domestic currency market — is a market within a single country.

The international currency market — is a global market that covers currency markets of all countries in the world. It does not have a specific site where trading is carried out. All operations within it are carried out through a system of cable and satellite channels that link the world's regional currency markets. Regional markets today include the Asian (with centers in Tokyo, Hong Kong, Singapore, and Melbourne), the European (London, Frankfurt am Main, and Zurich), and the American (New York, Chicago, and Los Angeles) markets.

Currency trading on the international currency market is carried out on the basis of market exchange rates, which are set on the basis of supply and demand in the market and under the influence of various macroeconomic data. Forex is the international currency market.

Currency markets can also be divided into exchange and over-the-counter markets. Exchange currency market is an organized market where trading is carried out through an exchange—a special company that sets trading rules and provides all the conditions for organizing trading under these rules.

Over-the-counter currency market — is a market where there are no certain trading rules, and purchase and sale operations are not linked to a specific place of trade, as opposed to the case of an exchange.

As a rule, an over-the-counter currency market is organized by special companies that provide services for the purchase and sale of currencies, which may or may not be members of the currency exchange. Trading operations in this market are now carried out mainly via the Internet.

The over-the-counter currency market is much larger than the exchange market in terms of trading volume. The Forex international over-the-counter currency market is considered the most liquid in the world. It operates around the clock in all financial centers of the world (from New York to Tokyo).

CURRENCY MARKET FUNCTIONS
Currency market— is the most important platform for ensuring the normal course of all global economic processes.

The main macroeconomic functions of the currency market are:

  • creating conditions for the subjects of foreign exchange relations to make timely international current and capital payments and thereby promoting the development of foreign trade;
  • providing conditions and mechanisms for the implementation of monetary and economic policy of the state;
  • diversifying foreign exchange reserves;
  • forming the exchange rate under the influence of supply and demand;

NEWS IMPACT
Various currencies are the main trading tool in the currency market. Exchange rates are formed under the influence of supply and demand in the market.

In addition to that, currency rates are influenced by many fundamental factors related to the global economic situation, events in national economies, and political decisions.

News about these factors can be found in various sources:

  • Reports showing a country´s level of economic development.

The more stable an economy is developing, the more stable its currency is. Accordingly, it is possible to predict how the currency will behave in the near future, based on statistical data published in official sources of countries with a certain regularity.
This data includes:

  • GDP
  • unemployment;
  • return on equity;
  • consumer price index;
  • industrial price index;
  • propensity to consume;
  • salaries outside of the agricultural sector;
  • residential construction, etc.

Interest rate level, set by national authorities regulating credit policy, is an equally important indicator. In the European Union, this is ECB–the European Central Bank, in the US, this is the Federal Reserve System, in Japan—the Bank of Japan, in the UK—the Bank of England, in Switzerland—the Swiss national Bank, etc.

The interest rate level is determined at meetings of the national central bank. Then, the decision on the rate is published in official sources. If the central bank of a country reduces the interest rate, the money supply in the country increases, and the national currency depreciates against other world currencies. If the interest rate increases, the national currency will strengthen.

  • Speeches of country leaders, leading economists and analysts.

A speech or even a separate statement by a country's leader can reverse a trend. Speeches on these topics may change the currency exchange rate:

  • analysis of the situation on the currency market;
  • changes in monetary or economic policy;
  • adoption of a budget policy;
  • forecasts of the economic situation, etc.

All this news is published in various sources. Major international news is more or less easy to find in Russian, but news related to the domestic economic policy and the economy of foreign countries is much less common in the Russian press. Mostly, such news is published by the national media and in the language of the country where the news is published.

It is very difficult for one person to follow all the news at once, and they are likely to miss some important event that can turn the whole situation on the market upside down. Guided by our main principle—to create the best trading conditions for our customers—we try to select the most important news from all over the world and publish them on our website.

The TeleTRADE Department of Analytics monitors news on most national and international news sources on a daily basis and identifies those that can potentially affect exchange rates. These are the main news items that are included in our news feed.

In addition, all our clients have free access to the Dow Jones news feed. This is a joint project of Dow Jones Newswires, the world's largest news agency, and the leading Russian news agency Prime-TASS. The news feed is created specifically for currency traders and those who are interested in getting information about the world's currency markets.

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