Stocks rebound while Trump signals possibility of losing elections

November 16, 2020

By IFCMarkets.com

Top daily news

Equities are solidly higher currently after President Trump twitted possibility of Biden presidential election win for first time but then said he ‘concedes nothing.’ Amazon.com stock rose Friday 0.6%, still underperforming the market, as did Tesla shares down 0.79%.

Forex news

Currency Pair Change
EUR USD +0.33%
GBP USD +0.45%
USD JPY -0.22%
The Dollar weakening continues currently. The live dollar index data show the ICE US Dollar index, a measure of the dollar’s strength against a basket of six rival currencies, lost 0.3% Friday as the University of Michigan reported consumer sentiment deteriorated with the sentiment index declining to 77 for November from 81.8 in October. GBP/USD joined EUR/USD’s continued rising Friday despite euro-zone GDP downgrade in second reading for the third quarter to 11.6% over quarter from 11.7% . Both Euro and Pound are higher currently. USD/JPY continued retreating Friday while AUD/USD reversed its declining with the dynamics intact for both pairs currently.

Stock Market news

Indices Change
Dow Jones Index +0.26%
Nikkei Index +2.05%
Hang Seng Index +0.03%
Futures on US equity benchmarks are up currently ahead of Federal Open Market Committee voting member Richard Clarida speech at 23:00 CET today. President Trump acknowledged Biden presidential election win for first time in a Sunday tweet but then said he would soon file “big cases” challenging the 2020 election results, repeating claim of ‘rigged’ vote. The three main US stock indexes recorded gains ranging from 1% to 1.4% on Friday. European stock indexes are extending gains currently after a bullish session Friday. Asian indexes are rising today led by Nikkei as Japan’s economy expanded above expected 5% over quarter in Q3 when a 4% growth was forecast.

Commodity Market news

Commodities Change
Brent Crude Oil +1.53%
WTI Crude +2.43%
Brent is edging higher today while Saudi Aramco said it has hired Goldman Sachs, Citi, HSBC, JPMorgan, Morgan Stanley and other banks ahead of a multi-tranche US dollar-denominated bond issuance amid lower oil prices. Oil prices ended down last session in the light of rising output from Libya. The US oil benchmark West Texas Intermediate (WTI) futures are higher currently after WTI dropped 2.4% Friday. Brent crude lost 1.7% to $42.78 a barrel on Friday.

Gold Market News

Metals Change
Gold +0.69%
Gold prices are extending gains today. December gold added 0.7% to $1886.20 an ounce on Friday.

Market Analysis provided by IFCMarkets.com