Global stocks rally as COVID-19 vaccines lift hope, dollar eases

NEW YORK (Reuters) – The dollar weakened and world stock markets rallied on Monday on encouraging signs of progress in developing a COVID-19 vaccine, while several multi-billion dollar deals also helped lift the spirit of investors after the downdraft in the past two weeks.

FILE PHOTO: A street sign is seen in front of the New York Stock Exchange on Wall Street in New York, February 10, 2009. REUTERS/Eric Thayer

Gold jumped almost 1% as the dollar slid and bond yields were stable as investors gauge how the U.S. Federal Reserve will put its new approach to monetary policy into practice and keep its dovish stance at this week’s policy meeting.

Pfizer Inc and BioNTech SE on Saturday proposed expanding their Phase 3 COVID-19 vaccine trial to about 44,000 participants, while increasing the diversity of the trial population.

Drugmaker AstraZeneca also said on Saturday it has resumed British clinical trials of its COVID-19 vaccine, one of the most advanced in development, after getting the green light from safety watchdogs.

Enrollment of new patients and other trial procedures for AstraZeneca’s pivotal U.S. trial were being rescheduled until at least midweek and it was not clear how long it would take for a U.S. investigators to complete a probe, sources told Reuters.

“The market reacts positively to any vaccine news,” said Tim Ghriskey, chief investment strategist at Inverness Counsel in New York. “We’re going to see a lot more vaccines come out, and that is what really is helping the markets.”

The World Health Organization reported a record one-day increase in global coronavirus cases on Sunday, with the total rising by 307,930 in 24 hours. The biggest increases were from India, the United States and Brazil.

“There is still some caution in markets because U.S. virus numbers appear to be picking up again in some states,” said Seema Shah, chief strategist at Principal Global Investors.

“The vaccine news is positive but there is a lot of skepticism about when they become widely adopted,” Shah said.

Plans by Nvidia Corp to buy British-based chip designer Arm from Japan’s SoftBank Group Corp for as much as $40 billion, a deal expected to reshape the global semiconductor landscape, also drove sentiment. Nvidia shares, which have more than doubled this year, added 5.8%.

Oracle surged 4.3% as the cloud services company said it would team up with China’s ByteDance to keep TikTok operating in the United States, beating Microsoft Corp in a deal structured as a partnership rather than an outright sale.

MSCI’s benchmark for global equity markets rose 1.17% to 572.57. In Europe, the broad FTSEurofirst 300 index edged up 0.07% to 1,429 as losses in the energy sector offset surging travel and technology stocks that were boosted by the vaccine news.

On Wall Street, the Dow Jones Industrial Average rose 1.18%, the S&P 500 gained 1.27% and the Nasdaq Composite added 1.87% after plunging 10% into corrective territory on Friday from a record closing high on Sept. 2.

U.S. stocks had notched two straight weeks of losses as investors sold the technology shares that fueled the benchmark S&P 500 and Nasdaq to record highs in a dramatic recovery from March lows spawned by the pandemic-induced downturn.

Overnight in Asia, MSCI’s broadest index of Asia-Pacific shares outside Japan rose 0.9% to its highest in almost a week. Japan’s Nikkei firmed 0.7% after Chief Cabinet Secretary Yoshihide Suga won a landslide victory in a ruling party leadership election, paving the way for him to succeed Prime Minister Shinzo Abe.

The Fed starts a two-day policy meeting on Tuesday, the first since unveiling a landmark shift to a more tolerant stance on inflation in August. The Bank of Japan and the Bank of England announce their respective policy decisions on Thursday.

Sterling, which has been hurt by renewed Brexit turmoil, firmed before a vote on British Prime Minister Boris Johnson’s plan to break international law by breaching parts of the Brexit divorce treaty with the European Union.

Sterling was last trading at $1.2855, up 0.48% on the day, while the dollar index fell 0.22%.

The euro was up 0.15% to $1.1863, and the Japanese yen strengthened 0.48% versus the greenback at 105.70 per dollar.

Turkey’s lira set a record low against the U.S. dollar and its dollar bonds came under pressure after Moody’s cut the country’s sovereign rating and warned of the risk of a balance of payment crisis.

The 10-year U.S. Treasury note rose 0.7 basis points to 0.6739%.

Oil prices slipped slightly on concerns about a stalled global economic recovery as Libya is poised to resume production, and failed to get support from an impending storm that has disrupted U.S. oil output.

Brent crude futures settled down 22 cents at $39.61 a barrel. U.S. crude futures fell 7 cents to settle at $37.26 a barrel.

U.S. gold futures settled up 0.8% at $1,963.70 an ounce.

Reporting by Herb Lash; additional reproting by Dhara Ranasinghe; Editing by Dan Grebler, Nick Zieminski and Will Dunham

.

MARKET POINT-Slight downturn in sight in Europe after the new decline in US “techs” (updated)

 (Actualisé avec futures sur le CAC, clôture de Tokyo, marché obligataire en
Europe et propos de Lane)
    * Les indices européens attendus en repli autour de 0,3%
    * A Wall Street, les géants de la "tech" sont repartis à la baisse
    * Les futures US en hausse, possible soutien pour l'Europe boursière
    * Le pétrole recule encore

    par Blandine Henault
    PARIS, 11 septembre (Reuters) - Les principales Bourses européennes sont
attendues en légère baisse vendredi après le nouveau recul des grandes valeurs
technologiques américaines la veille à Wall Street. 
    Les contrats à terme signalent pour l'ouverture une baisse de 0,25% pour le
CAC 40 parisien, un repli de 0,31% pour le Dax à Francfort et
de 0,28% pour le FTSE à Londres.
    Après leur rebond en Bourse mercredi, les géants américains de la "tech",
poids lourds des marchés d'actions mondiaux, sont de nouveau repartis à la
baisse jeudi, un mouvement qui alimente la nervosité des investisseurs sur fond
d'interrogations sur les perspectives économiques. 
    
    LES VALEURS A SUIVRE :
    
    A WALL STREET 
    Les futures sur les indices américains évoluent pour l'instant en hausse de
0,6% à 1%, ce qui pourrait venir soutenir la tendance en Europe.
    La Bourse de New York a fini en baisse jeudi au terme d'une séance agitée,
marquée par le recul des géants de la technologie et l'annonce de chiffres du
chômage aux Etats-Unis qui confirment le manque de vigueur de la reprise.
    L'indice Dow Jones a cédé 1,45% à 27.534,58 points et le S&P-500
 a perdu 1,76%, à 3.339,19 points. Le Nasdaq Composite, à forte composante
technologique, a reculé de son côté de 1,99% à 10.919,59 points.
    Les grands noms de la "tech" tels qu'Apple (-3,32%), Microsoft
 (-2,8%) et Amazon.com (-2,86%), ont tous fini en net recul
après leur rebond de la veille.
    Seul Tesla Inc a gagné 1,38%, ce qui a permis au Nasdaq de résister
brièvement avant de passer dans le rouge.
    
    EN ASIE 
    La Bourse de Tokyo a gagné 0,74%, encouragée par la hausse des
futures de Wall Street et l'abaissement d'un cran de l'alerte sanitaire au
coronavirus dans la capitale Tokyo. 
    Les Bourses chinoises sont pour leur part orientées en hausse après
l'annonce d'un accord entre la Chine et l'Inde sur un désengaement de leurs
troupes à leur frontière commune.
    Le CSI 300 des grandes capitalisations de Chine continentale gagne
0,85%. 
   
    CHANGES/TAUX 
    Le dollar est pratiquement inchangé face à un panier de devises de référence
 mais s'apprête à signer sa deuxième semaine de hausse consécutive depuis
mai alors que la nervosité observée sur les marchés d'actions nourrit l'appétit
pour les actifs jugés plus sûrs. 
    L'euro évolue à 1,1834 dollar, après avoir bondi jusqu'à 1,1916 la
veille à la suite de la réunion de politique monétaire de la Banque centrale
européenne (BCE) qui a dit prévoir une récession un peu moins forte en 2020.

    La livre sterling se stabilise face au dollar et à l'euro
après avoir souffert tout au long de la semaine des vives tensions entre Londres
et Bruxelles sur leur accord de libre-échange post-Brexit.
    La devise britannique se dirige vers un repli hebdomadaire de 3,4% face au
dollar et à l'euro, sa plus mauvaise semaine depuis mars.
    
    TAUX
    Le rendement du Bund allemand à dix ans perd près de trois
points de base dans les premiers échanges, à -0,459%, après les propos de
l'économiste en chef de la BCE, Philip Lane qui a déclaré que la banque centrale
ne pouvait se permettre d'être "complaisante" au regard de la faiblesse de
l'inflation en zone euro.
    Les données définitives de l'inflation allemande ont confirmé vendredi une
baisse des prix à la consommation en août.
    De son côté, le rendement des Treasuries à dix ans est stable, à
0,6854%, mais pourrait réagir à la publication, à 12h30 GMT, des chiffres de
l'inflation aux Etats-Unis. 
    
    PÉTROLE
    Le marché pétrolier poursuit son repli vendredi après l'annonce par l'Energy
Information Administration (EIA) américaine d'une hausse inattendue de deux
millions de barils des stocks de brut aux Etats-Unis la semaine dernière.
    Le baril de Brent abandonne 0,3% à moins de 40 dollars et celui du
brut léger américain (West Texas Intermediate, WTI) perd 0,1% à 37,26
dollars. 
    Les deux contrats de référence se dirigent vers une baisse de plus de 6% sur
la semaine, leur deuxième repli hebdomadaire consécutif sur fond de craintes
d'une deuxième vague épidémique susceptible de menacer la reprise économique. 
         
    PRINCIPAUX INDICATEURS ÉCONOMIQUES À L'AGENDA DU 11 SEPTEMBRE: 
 PAYS    GMT    INDICATEUR                     PÉRIODE     CONSENSUS     PRÉCÉDENT
 USA     12h30  Prix à la consommation         août        +0,3%         +0,6%
                - sur un an                                +1,2%         +1,0%
                Indice "core CPI"                          +0,2%         +0,6%
 * 1re estimation
    
    LA SITUATION SUR LES MARCHÉS:
    (Certaines données peuvent accuser un léger décalage)
    
    
  BOURSES                                                           
 ASIATIQUES                                                
 Indices       Dernier    Var.       Var. %     YTD                 
                          points                           
 Nikkei-225    23406,49   +171,02    +0,74%     -1,06%              
                                                           
 Topix         1636,64    +11,78     +0,72%     -4,92%              
                                                           
 Hong Kong     24475,85   +162,31    +0,67%     -13,17%             
                                                           
 Taiwan        12675,95   -15,80     -0,12%     +5,66%              
                                                           
 Séoul         2396,69    +0,21      +0,01%     +9,06%              
                                                           
 Singapour     2485,78    -6,31      -0,25%     -22,87%             
                                                           
 Shanghaï      3258,43    +23,61     +0,73%     +6,83%              
                                                           
 Sydney        5859,40    -49,10     -0,83%     -12,34%             
                                                           
 La clôture à Tokyo : WALL STREET                                                       
  La clôture précédente                                             
 :                                                         
 Indices       Dernier    Var.       Var. %     YTD                 
                          points                           
 Dow Jones     27534,58   -405,89    -1,45%     -3,52%              
                                                           
 S&P-500       3339,19    -59,77     -1,76%     +3,36%              
                                                           
 Nasdaq        10919,59   -221,97    -1,99%     +21,70%             
                                                           
 Nasdaq 100    11154,12   -241,72    -2,12%     +27,72% Détail de la séance à Wall Street                                 
 :                                                         
 "The Day Ahead" - Le point sur la prochaine                        
 séance à Wall Street MARCHES                                                           
 EUROPEENS                                                 
 Les futures sur le CAC 40          et sur                          
 l'EuroStoxx50 Les valeurs à suivre à Paris et                                   
 en Europe :                                               
  La séance précédente :                                            
 Indices       Clôture    Var.       Var. %     YTD                 
                          points                           
 Eurofirst     1425,72    -8,59      -0,60%     -12,21%             
 300                                                       
 Eurostoxx 50  3312,77    -12,06     -0,36%     -11,55%             
                                                           
 CAC 40        5023,93    -19,05     -0,38%     -15,96%             
                                                           
 Dax 30        13208,89   -28,32     -0,21%     -0,30%              
                                                           
 FTSE          6003,32    -9,52      -0,16%     -20,41%             
 SMI           10387,44   -19,13     -0,18%     -2,16%              
                                                                    
  CHANGES                                                           
               Cours      Veille     Var. %     YTD                 
 Euro/Dlr      1,1836     1,1813     +0,19%     +5,58%              
                                                           
 Dlr/Yen       106,16     106,13     +0,03%     -2,48%              
                                                           
 Euro/Yen      125,66     125,37     +0,23%     +3,04%              
                                                           
 Dlr/CHF       0,9102     0,9104     -0,02%     -5,95%              
                                                           
 Euro/CHF      1,0775     1,0758     +0,16%     -0,71%              
                                                           
 Stg/Dlr       1,2812     1,2803     +0,07%     -3,37%              
                                                           
 Indice $      93,2780    93,3360    -0,06%     -3,01% TAUX                                                              
                          Dernier    Var.       Spread/Bund
                                                    (pts)
                                                                    
 Bund 10 ans              -0,4580    -0,0320                        
 Bund 2 ans               -0,6750    -0,0110                        
                                                           
 OAT 10 ans               -0,1662    -0,0320    +29,18              
                                                           
 Treasury 10 ans          0,6854     +0,0010                        
                                                           
 Treasury 2 ans           0,1389     -0,0020 PETROLE                                                           
 (en dollars)  Cours      Précédent  Var        Var.%      YTD
 Brut léger    37,25      37,30      -0,05      -0,13%     -39,14%
 US                                                        
 Brent         39,93      40,06      -0,13      -0,32%     -39,53% (Édité par Patrick Vignal)
  
 
 

.

Aramco Finds New Well, Oil Prices Skyrocket This Morning!

Jakarta, CNBC Indonesia – The price of crude oil for actively traded contracts increased significantly earlier this week, Monday (31/8/2020), especially for the international benchmark Brent.

At 07.45 WIB, the price of Brent oil futures rose 2.38% to US $ 46.12 / barrel and the benchmark oil of the United States (US) namely West Texas Intermediate (WTI) rose 0.44% to US $ 43.16 / barrel.

One of the triggers for the increase in crude oil prices was the weakening of the US dollar. The weakening of the US dollar can be seen from the decline in the dollar index which returned to its lowest level in two years with a further correction of 0.11% this morning.

The weakening of the dollar is a blessing for commodities traded in these currencies. One of them is crude oil. The drop in the dollar was inseparable from a statement by the chairman of the US central bank (Federal Reserves / the Fed) Jerome Powell at the Jakson Hole Symposium last week.

Powell said that the Fed will continue to push up inflation and higher employment figures. This reflects the still attitude of the Fed dovish.

Hurricane Laura began to weaken as it traversed the refinery and the Gulf of Mexico region which is rich in liquefied natural gas (LNG), allowing affected refineries to start the recovery process early.

On the other hand, facilities in Southeast Texas are also reportedly not experiencing a significant impact due to the storm. This makes fears of a significantly reduced supply of gasoline in the market diminish.

Turning to the Middle East, the Arab state-owned oil company, Saudi Aramco, reportedly found one oil well and one gas well in the northern part of the country. This news was announced by Arab energy minister Prince Abdulaziz bin Salman yesterday (30/8/2020).

Citing Argus Media, in the Hadabat al-Hajra gas field, condensate-rich gas flows from the al-Sara reservoir at a rate of 16mn cubic feet per day (ft3 / s) with about 1,944 barrels per day (bpd) of condensate, Prince Abdulaziz said, while staying in the Abraq al-Tulul oil field.

Aramco will drill more wells to delineate the two fields and evaluate their potential and reserves.

Aramco, which has 261.5 billion barrels of crude oil and condensate reserves and 237.4 ft3 of gas reserves, recently said it was focusing its exploration efforts to find more gas to use in power generation and to provide for the needs of its country’s petrochemical industry.

The company is currently halting around 3.5 million bpd of crude oil production in line with its commitments under the OPEC + agreement which took effect on May 1.

CNBC INDONESIA RESEARCH TEAM

[Gambas:Video CNBC]

(which / which)


.

Oil climbs and ends the week higher, with record OPEC + cuts starting

NEW YORK (Reuters) – US oil prices rose 5 percent, while Brent crude exceeded $ 26 a barrel on Friday, and both benchmarks recorded their first weekly increase in four weeks, as OPEC and its allies began record production cuts to counter supply glut due to the Corona virus crisis.

An oil rig in Texas at sunset with a photo from the Reuters archive.

In April, US crude fell to its lowest level ever, while Brent reached its lowest level in 21 years, as demand plunged by the pandemic, and OPEC and other producers raised production before a new supply agreement came into effect on Friday.

Brent futures for July fell four cents, or 0.2 percent, to be settled at $ 26.44 a barrel, and the June contract expired on Thursday at $ 25.27.

US West Texas Intermediate crude ended the session, up 94 cents, or five percent, to $ 19.78 a barrel after climbing to $ 20 earlier in the session.

After three consecutive weeks of losses, Brent increased 23 percent, while West Texas Intermediate added about 17 percent.

The Organization of the Petroleum Exporting Countries, Russia and other producers, in what is known as the OPEC + group, started to cut production by 9.7 million barrels per day as of May 1.

A number of countries and regions, including central China’s Hubei Province, in which the emerging pandemic coronavirus first appeared, are beginning to ease the general isolation measures that have been imposed to contain the virus.

But there are doubts that the cut, which is the largest ever agreed, will be sufficient, as demand is unlikely to recover quickly.

A Reuters survey showed on Thursday that before the new production cut, OPEC had raised its output vigorously to the highest level since March 2019, boosting surplus supplies in the market.

In highlighting the difficulties faced by some producers to meet their obligations, sources in the sector said that Iraq will face difficulties to meet its share of production cuts by about a quarter. Iraq is the second largest producer in OPEC.

Prices also received support from US Energy Information Administration data that showed crude stocks increased nine million barrels last week to 527.6 million barrels, below analysts’ expectations for an increase of 10.6 million barrels.

Prepared by Mahmoud Salama for the Arabic Bulletin

.

Prospect of pandemic easing supports US stock markets

Frankfurt The prospect of loosening corona restrictions in some U.S. states supported prices on Wall Street on Friday. However, due to the overall gloomy economic forecasts, there was no real mood to buy.

The Dow Jones gained 1.1 percent to 23,775 points. The technology-heavy Nasdaq advanced 1.7 percent to 8635 points and the broad S&P 500 increased 1.4 percent to 2837 points. On a weekly basis, the Dow gained about 1.1 percent, the S&P 1.4 percent and the Nasdaq just under 1.7 percent.

Georgia is the first federal state to lift the lockdown, although President Donald Trump did not approve the timing. Governors from Texas, Tennessee, Ohio and Montana, for example, also announced plans to allow business to resume quickly for some jobs.

“We have passed the peak and slowly but surely all countries in which there have been no major cases will gradually reopen,” said Thomas Hayes, managing member of the asset manager Great Hill Capital. “The market sees this as a signal that demand will come back.”

But the prospects for the global economy remain bleak. The US industry is experiencing a massive drop in orders as a result of the corona crisis. Orders for consumer goods such as airplanes and machines dropped by 14.4 percent in March. Economists surveyed by Reuters had expected a drop of 11.9 percent.

In Europe, investors were disappointed by the EU’s contingency plans to combat the aftermath of the pandemic. The Dax lost 1.7 percent to 10,336 points, the EuroStoxx fell by around one and a half percent.

Prices went up and down on the oil market. After a loss of around five percent, a barrel (159 liters) cost $ 16.86, around two percent more than on Thursday. North Sea oil of the variety Brent was quoted at $ 21.60. The price for the main US brand WTI then stabilized around $ 17. Oil stocks like ExxonMobil and Chevron reacted with further moderate profits.

Analysts are not giving the all-clear after the historic price collapse at the start of the week. “The extracted oil simply has no place where it can be stored,” said Bjornar Tonhaugen, who is responsible for the oil market at the Rystad Energy analysis company.

Because of the pandemic, oil demand has plummeted 30 percent. At the same time, the camps are filled to bursting, particularly in the USA.

The unprecedented drop in the price of oil at the beginning of the week is the subject of investigations by the US derivatives regulator (CFTC). “In such a situation, we are looking into all sorts of explanations,” CFTC Commissioner Dan Berkovitz told Reuters on Friday. Because of the extreme price fluctuations, you will take a closer look this time. In the United States, such an investigation can take years.

Focus on individual values

One of the biggest losers in the US stock market was stocks of Boeing, which gave around 6.4 percent. According to a newspaper report, the aircraft manufacturer plans to cut the production of its Dreamliner model 787 in half.

In addition, the planned purchase of the commercial airline division of the Brazilian airline threatens Embraer to burst in view of the rapidly falling market value of both groups. There was a blockade on the $ 4.2 billion deal, and fate is uncertain unless a breakthrough is found quickly, people familiar with the talks said.

Papers from Intel tended to go down in the course, then close 0.4 percent up. The chipmaker had forecast earnings below expectations for the second quarter.

Given the general situation, it is not surprising that the group has also cashed in its annual forecast, the analysts from Cowen and Company judged. However, it is surprising that the structural drivers for growth in the first quarter apparently no longer exist in the second quarter.

The shares of Facebook at the same time increased by 2.7 percent, while the papers from zoom Video communications, which had risen to a record high of $ 181.50 at the start of trading, plummeted 6.1 percent. In view of the rapid growth of video chats in the corona crisis, Facebook does not want to leave this terrain to the rising zoom and counters with its own offer.

The fuss about the Ebola drug Remdesivir from Gilead Science, which is currently being tested in the treatment of lung disease Covid-19, did not go on too long that day. According to the manufacturer, the fact that the administration of the drug in China did not lead to a noticeable improvement in patients, as was reported on Thursday, is not meaningful

The study was terminated prematurely due to low participation and therefore has no statistical value, it said. Gilead’s stock, which had dropped a little more than 4 percent the day before, eventually recovered by 2.4 percent after further losses initially.

The share certificate from Beyond Meatwhich rose for the seventh day in a row. Cooperation with has been particularly strong since Tuesday, after the meat substitute manufacturer had announced Starbucks want to enter the Chinese market. Overall, the paper has risen by almost 40 percent since this announcement, nine percent of which this Friday alone.

After a weaker start, trend-setting ten-year government bonds on the US bond market finally rose by 3/32 points to 108 20/32 points and returned 0.590 percent. The euro was trading around the $ 1.08 mark in US trade and was priced at $ 1.0815 at the close on Wall Street. The European Central Bank set the reference price at $ 1.0800 (Thursday: 1.0772). The dollar thus cost 0.9259 (0.9283) euros.

More: Read here how the German stock market ended the week.

.

US stock exchanges hardly change – Gilead Sciences weighed down

Dusseldorf The US stock exchanges closed little changed on Thursday. Relief from US economic data initially supported Wall Street. A media report on disappointing test results with the remdesivir agent for the possible treatment of Covid-19 then depressed the mood in late trade.

The standard value index Dow Jones closed 0.2 percent higher at 23,515 points. The technology-heavy Nasdaq stagnated at 8494 points. The broad S&P 500 lost 0.1 percent to 2797 points.

Last week, 4.4 million Americans applied for US unemployment benefits. In the previous week, however, the number of initial applications had been around a million higher.

The markets rated this as positive, even if a recession could not be averted, said Steven Blitz, chief economist for the USA at the research house TS Lombard. Investors appear to be betting that the economy will recover quickly if the restrictions to curb the coronavirus pandemic are relaxed.

However, Peter Cardillo, chief economist at Spartan, advised against excessive expectations. “The worst of the pandemic is probably behind us,” said Peter Cardillo, chief economist at Spartan. “But with the oil price at the current level, there is a threat of a wave of layoffs in the US energy sector, which will nullify the effects of a restarting economy.”

The US crude oil grade WTI rose 23 percent to $ 16.95 a barrel (159 liters) after its price fell below zero for the first time at the beginning of the week. At the beginning of March – before the outbreak of the virus crisis in the USA and before the price war between Saudi Arabia and Russia – WTI had still cost twice as much.

This drop in price is a problem especially for shale oil producers. According to experts, because of the complex fracking process, they only work profitably at a price of around $ 50.

Focus on individual values

Nevertheless, investors also accessed these values. The shares of companies like marathon, Occidental or Apache won up to eleven percent. The papers of the oil multinationals Exxon and Chevron each advanced about three percent. The paper from the company active in health care was also among the top values UnitedHealth with plus 3.0 percent.

The titles of Las Vegas Sands, which rose by around twelve percent. The casino operator expects the important Asian business to recover quickly as soon as the travel restrictions there are lifted. Competitors’ shares Wynn and MGM won up to 8.6 percent.

Eli Lilly shares jumped to a record high at $ 162.56. With a smaller plus of 2.1 percent to $ 159.93, they finally went out of the day. Investors recognized the 40 percent year-over-year increase in sales of the blockbuster drug Trulicity for diabetes to a quarterly record of $ 1.2 billion.

By contrast, the shares of Target, even though the retailer’s online sales almost quadrupled in the past quarter, making up for lost business from closed stores. However, the company warned of shrinking profit margins due to wage increases for employees. Target shares lost 2.8 percent.

The titles of Crocs even slipped by more than 16 percent. Known for its rubber slippers, the shoe manufacturer fell short of market expectations with quarterly sales of $ 281.2 million and earnings of $ 0.16 per share. The company also warned of further losses in the current quarter due to virus restrictions.

Among the losers Gilead Sciences with a discount of 4.3 percent. The company denied a media report of disappointing test results with the remdesivir agent for the possible treatment of Covid-19.

The study in China was terminated prematurely due to a lack of participants and was therefore not statistically meaningful, the US pharmaceutical company explained. The Financial Times has presented the process inappropriately, the World Health Organization accidentally posted a draft clinical trial on the Internet. The UN organization confirmed the breakdown and said the document had been removed after the error became known.

Quarterly reports were also in view.

Air Products & Chemicals Withdrawn the 2019/20 financial year forecast for earnings per share from the figures. The industrial gases manufacturer’s paper then gave way by 1.5 percent.

The chip manufacturer’s quarterly report, which was announced after the market closed, was also eagerly awaited Intel, whose shares in the Dow lost 1.8 percent. Intel ultimately disappointed with its earnings outlook for the second quarter, whereupon the papers gave in even more after-hours.

The share certificates of Snap down. The makers of the photo app Snapchat want to get $ 750 million (695 million euros) of fresh money on the market in the face of the corona crisis via convertible bonds.

In the US bond market, trend-setting ten-year government bonds rose 5/32 points to 108 16/32 points and returned 0.603 percent. The euro exchange rate went up and down in US trade and ultimately slid below the $ 1.08 mark again. At the close on Wall Street, the common currency was $ 1.0771. The European Central Bank set the reference price at $ 1.0772 (Wednesday: 1.0867). The dollar thus cost 0.9283 (0.9202) euros.

More: Read here what moves the German stock market on Thursday.

.

Wall Street gets off to a good start – US unemployment figures have dropped

Wall Street

The New York Stock Exchange is located on the famous street.

(Photo: AP)

Dusseldorf The declining number of first-time jobless claims in the US seems to be giving investors hope that the economy will quickly recover from the corona shock. The Dow Jones started the trading day with a profit increase of around one percent at 23,543 points. The situation was similar at the start of trading for the S&P 500 (2810 points) and the Nasdaq (8529 points).

The prospect of further stimulus from the US government had prompted investors to buy stocks again on Wednesday. The standard value index Dow Jones closed two percent higher at 23,475 points. The technology-heavy Nasdaq advanced 2.8 percent to 8495 points. The broad S&P 500 gained 2.3 percent to 2799 points.

As announced on Thursday, the number of first-time job applications in the US has decreased compared to the previous week: by April 18, 4.4 million Americans had registered unemployment. Previously, 5.2 million people applied for new support. In the meantime, 26 million people have lost their jobs within a month.

However, it is certain that the corona pandemic thus slowed the positive development of the US labor market: In February, the USA celebrated the lowest unemployment rate in decades, and until March, initial applications were regularly below 100,000 a week. Some analysts estimate the US unemployment rate as high as 15 percent.

Look at the individual values

Of the Casino operator Las Vegas Sands expects the important Asian business to recover quickly as soon as the travel restrictions there are lifted. Las Vegas Sands shares then rose 13 percent, while competitors Wynn and MGM gained up to 12 percent.

Things looked worse with the papers from Target out. Although the retailer’s online sales almost quadrupled in the past quarter, thereby compensating for the losses due to closed stores, the share came under pressure: the company warned of shrinking profit margins due to wage increases for employees. The Target shares lost 5.9 percent.

With agency material.

More: Read here what moves the German stock market on Thursday.

.

Wall Street on the upswing after oil price collapse

Dusseldorf After the turmoil of the past few days, Wall Street is breathing a little more. The prospect of further stimulus measures on Wednesday lured investors back into the US stock market. The standard value index Dow Jones closed two percent higher at 23,475 points. The technology-heavy Nasdaq advanced 2.8 percent to 8495 points. The broad S&P 500 gained 2.3 percent to 2799 points.

Impaired by the historic oil price chaos, the Dow Jones ended Tuesday trading 2.7 percent lower at 23,018 points. The technology-heavy Nasdaq dropped 3.5 percent to 8,263 points. The broad S&P 500 lost 3.1 percent to 2736 points.

“Stock markets seem to think that stimulus from governments and central banks will be enough to neutralize the economic damage caused by the coronavirus pandemic,” said Rabobank economist Teeuwe Mevissen. “As long as this mood persists, economic data don’t seem to matter.”

The Federal Reserve (Fed) pumps trillions of dollars into the financial markets through the purchase of securities. In parallel, the US Senate launched another $ 500 billion stimulus package. That is certainly not the last, said analyst Joshua Mahony from the brokerage IG. “US President Donald Trump has demonstrated his willingness to increase debt in the name of economic growth.”

With the overall market, oil stocks also went on a recovery course. They had come under pressure in the past few days because of the price hype of the US variety WTI. The shares of Exxon and Chevron grew up to 3.4 percent.

Look at the individual values

One of the biggest winners on Wall Street Biontech with a course increase of almost 27 percent. The Mainz biotech company, which works together with the US pharmaceutical company Pfizer researching a vaccine against the lung disease Covid-19 has received approval for a clinical study in Germany.

In the USA, too, the active ingredient will soon be clinically tested after approval. While in the Dow Pfizer shares In line with the market, increasing by 1.8 percent, the Biontech stocks listed on the Nasdaq gained almost 27 percent.

The titles of Chipotle, which rose by twelve percent. The strong online business cushioned the slump in the stationary business of the fast food chain, the analysts of the investment bank BMO wrote. The company, which also has branches in Germany, made a surprisingly high quarterly profit of $ 0.18 per share.

The papers from Netflix On the other hand, they fell by 2.8 percent, although the online video store was able to win twice as many new customers as expected due to the coronavirus restrictions. However, the company warned that the boom would slow down as soon as the restrictions on public life were relaxed again.

But that doesn’t change the positive long-term business prospects, wrote the analysts of the asset manager Cowen. They also considered Q2 user numbers to be too conservative because of the still widespread exit restrictions.

Quarterly numbers, among other things Texas Instruments, AT&T and Biogen in front. The chipmaker had lost less revenue and profit in the first quarter than feared, which gave the shares an increase of 4.8 percent. The telecom company’s papers, on the other hand, lost 1.3 percent after a drop in sales and a withdrawn outlook.

Biogen fell by 9.4 percent to the end of the Nasdaq 100. The biotech company was not only in the spotlight with its quarterly figures, but also with its active ingredient aducanumab against Alzheimer’s.

The application for approval of this product is to be submitted later than previously announced. That raised more questions than answers, complained about RBC analyst Brian Abrahams and immediately lowered the price target for the share.

There was also news too United Airlines and Facebook. The shares of the battered airline dropped 7.2 percent because United wants to raise fresh money through a billion dollar capital increase.

Facebook on the other hand, jumped 6.7 percent after strong losses from the previous day. The network giant wants to penetrate further into India and buys almost ten percent of the Jio Platforms for $ 5.7 billion (€ 5.25 billion). This is the subsidiary of a leading mobile operator.

In the US bond market, ten-year government bonds lost 17/32 points to 108 10/32 points and returned 0.624 percent. The euro was trading at $ 1.0820 at the close on Wall Street. The European Central Bank set the reference price at $ 1.0867 (Tuesday: 1.0837). The dollar thus cost 0.9202 (0.9228) euros

With agency material.

More: Read here what happened on the German stock market this Tuesday.

.

Dow Jones, Nasdaq, S&P 500: Oil price chaos leads to further losses on the US stock exchanges

Oil prices have not yet recovered after the historic crash. This puts pressure on the three most important US indices, they close in the loss zone. .

Trump has an open ear for his oil friends


Would like to be re-elected this year: Donald Trump
Image: Reuters

Low oil prices are a real problem when you give your empathy to frackers in Texas, oil sheiks in Saudi Arabia, or producers of Putin’s grace. The majority of humanity does not fall into the category.

Dhe willingness of politicians to intervene in markets only because companies with low prices have problems is remarkable. On Monday, American crude oil saw an unexpectedly sharp drop in prices. A certain variety for delivery in May even closed the trading day with a negative price. Financial investors who had the corresponding futures contracts had to pay money to get their crude oil. That had never happened before.

The same day, President Donald Trump introduced restrictions on oil imports and a government purchase program to replenish the strategic petroleum reserve. He had previously helped to reanimate the loose production cartel between Russia and Saudi Arabia with the intention of driving up crude oil prices. With the Republican line of tradition, oil cartels, and especially Opec as instruments to harm the United States, it’s surprising that Trump’s intervention has not been scandalized.

.