MarketDeal24.Com – Here are five things to keep in mind in the financial market on Wednesday, 4th November:
Both the President and the Senate of the United States are fighting a fierce election, with votes still being counted in both cases.
As time went on, President Trump began to move into a stronger position. Trump won in Texas, Florida, Ohio. There was a lot of skepticism about Trump’s victory in these states.
However, the two still have a chance to win, with nearly 5 million votes still being counted in Michigan, Pennsylvania, Wisconsin, North Carolina and Georgia.
Trump has threatened to take legal action to stop the vote count by claiming victory. Biden has called Trump’s remarks “illegal.”
Experts claim that the mail-in ballots will go in Biden’s favor, as they have in the past.
Shares of Uber, Lyft have risen after being declared the winner in California on election night. California voters voted to free their drivers from registering as employees.
Two ride-sharing companies have said that eliminating such expenses could ruin their business model. According to The Wall Street Journal, California accounts for about 9% of Uber’s earnings and 16% of Lyft earnings.
Pot’s share has also increased, as marijuana has been approved in the medical field in New Jersey, Arizona, South Dakota and Mississippi.
The US stock market is going to start upward for the most part today.
At 6:30 a.m. Eastern time, the Dow 30 futures were down 22 points, or 0.1%, while the S&P 500 futures were up 0.5% and the Nasdaq futures were up 2.0%.
Trump’s victory in key states like Florida and Texas in the US election has had a positive impact on the stock market. Although Trump’s victory is not yet certain. If Trump wins in Pennsylvania and North Carolina, the stock market could rise even higher.
The Chinese yuan lifted all losses on last night when policymakers canceled the IPO of financial giant Ant.
At 6:15 a.m. Eastern time, the U.S. dollar gained 0.2% against the yuan, as demand for the dollar rose as a safe haven amid election tensions.
Shares of Ant were due to be added to the Hong Kong and Shanghai Stock Exchanges on Thursday. But after the policymakers canceled the IPO, the process was stopped by the company and hinted at a major change.
Business services in China and Europe showed somewhat better results than expected in October.
In September, China’s Caixin Services PMI rose to 58.8 from 54.6 points previously. On the other hand, the service PMI of IHS Markit in Europe has risen to 48.9 from the previous 47.2. And the composite Eurozone PMI is at 50.
The eurozone economy has almost stagnated over the past month. Economic activity in the region has almost come to a standstill due to the second wave of corona virus infections.
The Institute of Supply Management will release its non-manufacturing PMI report at 10:30 a.m. Eastern time.