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Top 5 things to watch in Thursday's financial market | 22nd October, 2020

Top 5 things to watch in Thursday’s financial market | 22nd October, 2020

  • Update Time : Thursday, October 22, 2020
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Top 5 things to watch in Thursday's financial market | 22nd October, 2020
Top 5 things to watch in Thursday's financial market | 22nd October, 2020

MarketDeal24.Com – Here are five things to keep in mind in the financial market on Thursday, 22nd October:

1. The final round of debate

President Donald Trump and his Democratic rival Joe Biden are set to take part in the final debate as part of the presidential campaign, which many see as Trump’s last chance to advance in the election polls before November 3.

Yesterday, John Ratcliffe, Trump’s head of national intelligence, and Christopher Ray, head of the FBI, said Iran and Russia had hacked voters details and used them to manipulate election results. Ratcliffe claims that Iranian hackers have tried to disrupt Trump’s election campaign. The report says hackers in Iran have mailed Democrat voters “Vote for Trump or else.” The emails were sent to the right-wing “Proud Boys.”

It goes without saying that US policymakers are unlikely to allow incentive packages before the election. Wednesday’s discussion remains that in the face of a lack of time and obstruction by GOP-controlled senators, there is no possibility of a vote on incentives before the election.

2. Tesla reports a record amount of revenue

It has broken all previous records through this quarter’s income record. They have increased their profits by reducing production costs.

Doubts about Tesla’s business will be dispelled by this report and the possibility of its inclusion in the S&P 500 will increase.

According to reports, thousands of shares of the company have already been sold, making it a matter of time before the S&P 500 is included. Shares of the company rose 4.6% in the pre-market.

3. The US stock market is down at the beginning of the day

The US stock market is going to start the day on a downward trend today while maintaining the downtrend on Wednesday. Weekly unemployment claims will be published today at 6:30 a.m. Eastern time. Experts expect unemployment to fall to 860,000 from 898,000 last week.

At 6:25 a.m. Eastern time, the Dow futures fell 46 points, or 0.2%, while the S&P 500 Futures and the NASDAQ Futures fell equally.

4. The horrors of the Corona epidemic in Europe

Italy and Germany have recorded the highest number of corona infections in a single day, leading to the possibility of a full-scale lockdown in Europe, as seen earlier this year. Corona infections have also increased in the UK.

The rise in infection in the second phase of the corona is affecting economic data in Europe. German consumer confidence has declined, as has France’s business confidence.

The European Central Bank is preparing to increase its bond-buying activities.

5. Oil prices are stable

Crude prices have remained stable since a report released by the Department of Energy Information on Wednesday showed that US gasoline reserves rose 2 million barrels last week.

This means that the increase in corona infection has led to a decline in demand for oil in the US market.

6:30 a.m. Eastern Time U.S. Crude futures traded up 0.2% at $40.22 per barrel, while Brent futures traded up 0.2% at $41.22 per barrel.

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