Friday 23rd October 2020
In a few hours Joe Biden and Donald Trump go head to head in the last election debate. NAB;s Gavin Friend says equities have picked up some momentum later in the session, possibly not because of lingering hopes of a pre-election stimulus deal, but more on a Biden victory that could secure a more sizeable deal than would ever be agreeable to fiscally conservative Republicans. The UK has added more support payments for workers as COVID cases continue to rise, there and across Europe. A newspaper report claims Michael Barnier sees fish as the only sticking point for Brexit, which suggests a deal is closer than ever. And PMIs for Europe, the UK and the US will give an indication on to what extent the service sector has stalled in its recovery.
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New highs, fast jabs and more inflation brush off
New highs in US equities again driven by vaccine optimism says NAB’s Tapas Strickland on today’s podcast, along with a consolidation in US bond yields (even though they rose on Friday)
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Month-end rebalancing, China tensions and the RBA
Month end has pushed the US dollar lower, then higher in the session overnight says NAB’s Ray Attrill. Meanwhile, no news on the EU recovery fund, OPEC or the UK-EU trade deal. Plus, should markets be worried about the tensions with China?
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It was turnaround Tuesday , yet the ‘squabble’ continues
The market turned around overnight, even though there’s no sign that the US-China trade spat is nearing an end. I ask NAB’s Gavin Friend, why?
