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Top 5 things to watch in Tuesday's financial market | 27th October, 2020




Top 5 things to watch in Tuesday’s financial market | 27th October, 2020

  • Update Time : Tuesday, October 27, 2020
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MarketDeal24.Com – Here are five things to keep in mind in the financial market on Tuesday, 27th October:

1. The possibility of stimulus disappears; durable product and house price data due

The prospect of a stimulus package before the election for the U.S. economy has faded as majority leader Mitch McConnell has announced a November 9 Senate adjournment.

In recent times, Republican senators have blocked the incentive deal, opposing Trump’s large-scale incentive package.

durable product orders for September will be released today at 8:30 a.m. Eastern time, and house price data will be released at 9 a.m. Eastern time.

2. An agreement between AMD/Xilinx

Advanced Micro Devices (NASDAQ: AMD) has agreed to a $35 billion deal to buy all share of its rival chip maker Xilinx, which is set to become the largest consolidation deal this year.

The deal will open up some new markets for AMD, which typically focuses on making chips for laptops and gaming systems. Buyers can re-program the chips that Xilinx makes.

The deal will have a huge impact on the chip manufacturing sector. A few weeks ago, Nvidia (NASDAQ: NVDA) decided to buy UK-based chip designer ARM Holdings (LON: ARM) for $40 billion.

3. Slightly rise in the stock market

After going through the worst day in a month on Monday, today the US stock market is going to start the day in a slightly upward trend.

At 6:15 a.m. Eastern time, the Dow 30 futures gained 102 points, or 0.4%, while the S&P 500 futures gained 0.4% and the Nasdaq futures gained 0.5%.

Today, the earnings reports of many large companies will be published, including Pfizer (NYSE: PFE) and Eli Lilly (NYSE: LLY) in the pharmaceutical sector.

4. European banks have put pressure on regulators with strong results

Europe’s two largest banks have reported better-than-expected results, putting pressure on policymakers in the region to lift restrictions on dividend payments.

Shares of HSBC Bank rose 7.4%, the highest in 10 weeks. The strong recovery of the Chinese economy has helped the bank release its report on rising profits and declining debt losses. Spain-based Santander (MC: SAN) has also performed better than expected as Brazil and Mexico have seen economic prosperity, two of the bank’s most important markets.

5. Oil prices bounce slightly

Crude oil prices rose slightly today after falling in value like other risky assets on Monday, but US crude futures are still below $39 a barrel and Brent futures are at. $41.23 a barrel.

The first bad news of the day comes from the UK oil producer BP. The company reported a slight loss in the third quarter. Shares of BP are reported to have risen only 6%.

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