MarketDeal24.Com – Here are five things to keep in mind in the financial market on Thursday, 5th November:
Joe Biden is close to winning the US presidential election with victories in Wisconsin and Michigan.
Competition is still going on in five states. Biden leads by a narrow margin in Nevada and Arizona, while Trump is still leading in Pennsylvania and Georgia. Trump is also ahead of North Carolina by a narrow margin, he must win all these states to be president.
So far, Biden has received 264 electoral votes, according to various media reports, while Trump has received 213. 270 electoral votes are required to become president.
The Fed’s latest policy statement will be released at 2pm Eastern time, which will reflect the central bank’s view of the economy and will likely remain unchanged from its previous promise to keep interest rates close to zero until the US labor market returns to “maximum” employment and inflation exceeds the 2% target. .
In addition, the report on this week’s initial unemployment claims in the United States will be released at 8:30 a.m. Eastern time.
For the second day in a row, the US stock market is set to start the day on an upward trajectory as investors now reflect on what they expected from the election.
At 6:30 a.m. Eastern time, the Dow futures gained 365 points, or 1.4%, while the S&P 500 futures gained 1.9% and the Nasdaq futures gained 2.8%.
The Bank of England has increased their QE program more than expected. The central bank has announced huge government borrowing to stave off a recession.
The bank has increased its asset purchases by 150 billion pounds, or 8% of the UK’s total GDP, as they anticipate that the country’s economic growth will slow in the fourth quarter.
The European Union, meanwhile, says the eurozone economy will shrink by 0.1% in the fourth quarter due to the epidemic. They also said that the economy would shrink by less than 7.8% this year, which they had previously predicted.
Jack Ma’s Ant Group’s IPO will be delayed by six months as their record breaking IPOs were suspended by policymakers earlier this week.
According to a report in the Financial Times, the financial institution is built around the Alipay payment system which will increase Alibaba’s power in the market.