MarketDeal24.Com – Here are five things to keep in mind in the financial market on Monday, 2nd November:
The main event of the US presidential election will be held on Tuesday. This is going to be the most significant presidential election in the history of the country. The election campaign will have a huge impact on the market, albeit to a lesser extent due to the Corona virus.
President Donald Trump has accused the election of rigging and said he would not hand over power peacefully if he lost.
President Trump is still not paying attention to the corona virus, while 9 million people in the United States have been infected with corona so far, of which 230,000 have died.
Both Britain and the United States are confident in their ongoing trade talks and moving towards a better deal. The British Commerce Minister said on Monday.
The Ministry of Commerce said in a statement: “The current talks have come a long way and we are hopeful of a comprehensive deal that will benefit our two countries and contribute to our economic prosperity.”
“We believe that we are in a good position to move the talks forward after the US election.”
The U.S. stock market has finally started to rise after spending the worst month since March in premarket trading.
At 6:30 a.m. Eastern time, the Dow 30 futures gained 452 points, or 1.6%, while the S&P 500 futures rose 1.7% and the Nasdaq futures rose 1.4%.
The stock market has risen in the United States, despite widespread coronavirus infections and high rates of hospital admissions. 47,000 corona patients were newly admitted to the hospital this month, which is 60% of the total patients in September. Corona has killed 231,000 people in the United States so far.
The US Institute of Supply Management will release its ISM PMI report today at 10 a.m. Eastern time.
U.S. ISM reports, similar to those previously published by IHSS and Caixin in Europe and China, are also expected to be positive. China’s Caixin PMI has risen more than expected which is the highest in six years.
Oil prices fell on Friday, the last working day of the week. Oil prices have begun to fall as the number of coronavirus cases in the United States has risen and Europe has re-imposed a lockdown. Today, Brent crude fell 0.3% to $36.75 a barrel as fuel consumption continued to decline. WTI fell 3.50% to $34.35 a barrel.
This week and next week are very important for the oil market. If OPEC + can’t handle the situation, oil prices could fall further. At the same time, the United States and Europe must be targeted.