NAB – The Morning Call · Trump relents, oil climbs and Dow hits new high
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Trump relents, oil climbs and Dow hits new high

Wednesday 25th November 2020

President Trump made an appearance before cameras today to boast about the rise in equities, with the Dow breaking 3,0000 for the first time. NAB’s Rodrigo Catril tells Phil Dobbie it’s in part down to the relief that the Biden administration has now been given access to the handover process for the White House. It’s mixed with continued optimism around vaccines, which is seeing stocks that have suffered, like airlines, starting to bounce back. Oil is also back to pre-pandemic prices. The news that Janet Yellen is likely to be Treasury Secretary has also has a positive impact, whilst in New Zealand the request from the Finance Minister for the RBNZ to consider control house prices as part of its remit has seen sharp moves in bonds and the NZ dollar. Meanwhile, COVID numbers in the US continue to cause concern, even though it seems to have slipped the concern of investors right now.

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