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Top 5 things to watch in Wednesday's financial market | 28th October, 2020

Top 5 things to watch in Wednesday’s financial market | 28th October, 2020

  • Update Time : Wednesday, October 28, 2020
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Top 5 things to watch in Top 5 things to watch in Thursday's financial market | November 19, 2020financial market | 28th October, 2020

MarketDeal24.Com – Here are five things to keep in mind in the financial market on Wednesday, 28th October:

1. Virus attacks the global stock market

The global stock market has plummeted since various countries imposed restrictions on the gatherings of the public to prevent the spread of the virus.

According to various German media reports, Chancellor Angela Merkel will discuss with governors on Wednesday the decision to close bars and restaurants throughout the month of November.

The fall of the DAX index has sent European stock markets down, with the index falling 3% to a four-month low. German 10-year government bonds fell 0.64%, the lowest level since March. The Stoxx 600 index fell 1.8% to a five-month low.

2. Microsoft’s strong position in cloud hosting and gaming revenue

Microsoft is making $1 billion a week for three consecutive months until September as demand for its cloud hosting, computers and video gaming grows exponentially.

Microsoft’s profit has increased by 12% as the company’s cloud hosting service Azure has increased its profit by 48%. In addition, the profits of their gaming product Xbox have increased by 30%.

3. The US stock market is down

The U.S. stock market is set to begin the day in a downward spiral as new virus infections begin at a massive rate in Europe and America. In the United States on Tuesday, 84,000 new cases of corona were reported, with hospital admissions rising by 50%.

Michigan, Wisconsin and Ohio, the most important states in the election, are being infected with the highest number of viruses. According to Johns Hopkins University, 228,000 Americans have died from the virus so far, the highest in the world.

At 7:15 a.m. Eastern time, the Dow futures were down 484 points, or 1.6%, the S&P 500 futures were down 1.4%, and the Nasdaq futures were down 1.1%.

4. Turkey on the brink of currency collapse

The Turkish lira depreciated to a record low for the fifth day in a row as investors lost faith in the central bank’s ability to deal with the dollar, whose value is now rising again due to global safe havens. At 7:15 a.m. Eastern time, the dollar was at 8.2962 against the lira.

The currency has stagnated since the central bank decided not to raise interest rates at last week’s central bank meeting, and on Wednesday the bank raised its inflation forecast for the year from 8.9% to 12.1%.

Turkish President Recep Tayyip Erdogan has in recent times developed hostile relations with several of the world’s major powers. The United States has angered Turkey over its purchase of a missile defense system from Russia. Relations with Russia have deteriorated since Turkish government helped Azerbaijan in the Azerbaijan-Armenia war. Turkey also has disputes with the European Union over oil and gas in the Mediterranean.

5. Oil prices have fallen and stocks have risen in anticipation of rising demand

The price of oil, like other risky assets, has been at an all-time low in the last three weeks as coronavirus infections have increased in several countries, including Europe and America.

At 6:05 a.m. Eastern time, U.S. crude futures fell 4.5% to $38.61 a barrel. International benchmark Brent, on the other hand, fell 3.6% to $40.05 a barrel.

According to the American Petroleum Institute, oil reserves in the United States have risen by about 4.8 million barrels in the last three months. Which has played a role in the fall in oil prices.

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