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Top 5 things to watch in Wednesday's financial market | 11th November, 2020




Top 5 things to watch in Wednesday’s financial market | 11th November, 2020

  • Update Time : Wednesday, November 11, 2020
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Top 5 things to watch in Friday's financial market | November 20, 2020
Top 5 things to watch in Friday's financial market | November 20, 2020

MarketDeal24.Com – Here are five things to keep in mind in the financial market on Wednesday, 11th November:

1. Increased virus transmission across the United States

Record-breaking infections of the corona virus continue in the United States, and hospital admissions have increased.

So far, 62,000 people have been hospitalized with the virus. Of these, 20% of of the hospital admits are corona patients are hospitalized in Dakotas, and 15% corona patients are in Wisconsin, Montana, Nebraska and New Mexico.

Restrictions in New Jersey have been tightened as the highest number of corona transmission since April. Governor Phil Murphy has ordered the closure of unnecessary businesses by 8 p.m.

2. Losses in China’s technology sector due to new policies

Losses for Chinese technology companies have continued since Beijing unveiled a new anti-trust policy. Due to this policy, various activities of the companies have been hampered.

The Chinese administration has started a consultation process for market policy from Tuesday that will guide on online trading.

Shares of Tencent Holdings in Hong Kong fell 11% after the release of the policy, while Alibaba’s Adrs fell 6% on Tuesday and 2% in premarket trading.

Alibaba’s annual one-day marketing event saw a record amount of sales but didn’t get the focus because of the regulation news. Alibaba has sold $56 billion in just a few hours.

3. US stock market is set to open high

The U.S. stock market is set to begin the day on Wednesday in an uptrend, with U.S. tech companies recovering today after a two-day decline.

At 6:30 a.m. Eastern time, the Dow 30 futures gained 228 points, or 0.7%, while the S&P 500 futures gained 0.9% and the Nasdaq futures gained 1.1%.

Shares of Apple rose 1.2% today as the company unveiled its next-generation MacBook.

4. EU agreement with Pfizer and BioNTech

The European Union said on Wednesday that it had signed agreements with Pfizer (NYSE: PFE) and BioNTech to supply 300 million doses of the corona vaccine.

On Monday, Pfizer announced that their vaccine was 90% successful in preventing corona, which is considered to be the biggest success for any vaccine.

Under the agreement, the 27 countries of the European Union will be able to purchase about 200 million doses of the vaccine, and will have the chance to buy another 100 million.

The EU has already signed agreements with AstraZeneca (NYSE: AZN), Sanofi (NASDAQ: SNY) and Johnson & Johnson, and is in talks with Moderna (NASDAQ: MRNA), CureVac and Novavax (NASDAQ: NVAX) on the vaccine.

5. Increase in oil prices; OPEC’s monthly report will be published

The price of oil has risen overnight due to declining oil reserves in the United States.

At 8:35 a.m. Eastern time, U.S. crude futures rose 3.1% to $42.62 a barrel. Brent futures, on the other hand, rose 2.9% to $44.6.

The American Petroleum Institute (API) said Tuesday that crude oil reserves fell 5.15 million barrels last week. This is much more than the expected 900,000. However, official data is expected at 10:30 a.m. Eastern time. In addition, OPEC’s monthly oil report will be published at 8 am.

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