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The US general elections are stalled, although the clear winner has not yet been announced, in a volatile market, the main US stock indices continued to rise on Wednesday (4), led by technology stocks.
The Dow Jones Industrial Average was up more than 200 points or 0.9% at the start of trading on Wednesday, the S&P 500 was up 1.5%, the Nasdaq was up 2.7% and rates were up 1.8 %.
Tech stocks were collectively up, Apple (AAPL-US) was up 3%, Amazon (AMZN-US) was up 3.8% and Alphabet (GOOGL-US) was up 3.6%. After waiting for California voters to pass Proposition No. 22, Uber opened nearly 16% and Lyft gained 22%.
Election news shows that Biden currently holds the lead in Wisconsin. With 95% of the votes, Biden has 49.38% of the votes and 49.14% of Trump. Biden’s votes in Michigan are also behind, and other key changes states such as Pennsylvania, North Carolina and Georgia have stalled.
Democrats’ hopes of holding the Senate until the general election were gradually dashed. With the possibility of the “Blue Wave” dissipating, the 10-year US Treasury yield fell to 0.768% from 0.881% on Tuesday (3rd). It is expected to make the biggest drop in a day since mid-June.
As the vote counting operation draws to a close, the battle is still stalled. According to Bloomberg statistics, Democratic candidate Joe Biden leads Trump’s 213 electoral votes with 238 electoral votes. Due to the slow work of mailing ballots, the US general election may not have a result today (fourth).
Starting at 21 o’clock on Wednesday (4) Taipei time:
- The Dow Jones Index rose 238.66 points, or 0.87%, to 27,718.69 points temporarily.
- Nasdaq climbed 297.65 points, or 2.67%, to 11,458.23 points temporarily
- The S&P 500 Index rose 49.01 points or 1.45%, temporarily reporting 3418.17 points
- Commissions rose 41.13 points, or 1.79%, temporarily to 2,343.87 points
- TSMC ADR rises 1.78% to $ 89.25 per share
- Yield on 10-year US Treasuries fell to 0.768%
- New York light crude oil rose 2.34% to $ 38.54 a barrel
- Brent crude rose 2.39% to $ 40.66 a barrel
- Gold fell 0.02% to $ 1,910.10 an ounce
- The US dollar index fell 0.04% to 93.52 points.
Focus actions:
Uber (UBER-US) rose 15.96% in the first operations to $ 41.48; Lyft (LYFT-US) was up 22% to $ 32.
According to the Associated Press, sharing platforms like Uber, Lyft and DoorDash will win California’s Proposition 22, allowing them to continue the previous business operating model and classify their drivers as contractual relationships rather than employment relationships. The number of votes counted by the Associated Press showed that the support rate for Proposition No. 22 was 58%, the opposition rate was 42%, and the turnout rate was nearly 70%.
Hilton (HLT-US) was up 0.76% in early trading to $ 91.34.
Key facts for the 2020 Q3 earnings report:
- Revenues: US $ 933 million, a year-on-year decrease of 61%, lower than the US $ 982 million expected by Refinitiv.
- Net loss: US $ 81 million and net profit of US $ 290 million in the same period last year.
- Adjusted net loss per share: 28 cents, EPS for the same period last year was $ 1, Refinitiv is expected to lose 2 cents
Alibaba (BABA-US) was up 0.96% in early trading to $ 288.32.
Lu Media reported that after Ant Group’s A + H share listing plan was forced to halt, President Jing Xiandong immediately called an emergency meeting. The source revealed that, considering reinstatement, more information related to regulations must be disclosed, and reinstatement is estimated conservatively. Time will fall in half a year.
Daily key economic data:
- In the United States, ADP created 365,000 new jobs in October, which is expected to be 738,000. The previous value was revised up from 749,000 to 753,000
- September US Trade Report: US $ 63.9 billion, Expected: US $ 64.3 billion, Previous Value: US $ 67.1 billion
- At 10:45 p.m. Taipei time, the US October Markit Comprehensive PMI will be announced, the previous value was 55.5
- At 10:45 p.m. Taipei time, the US October Markit Service Industry PMI will be announced, which was previously 56.0
- At 23:00 Taipei time, the US ISM Non-Manufacturing PMI for October will be announced, which is expected to be 57.5 and the old value is 57.8
- At 23:30 Taipei time, last week will be announced the rise and fall of EIA crude inventories, the previous value increased by 4.32 million barrels.
Wall Street Analysis:
Kiran Ganesh, multi-asset strategist at UBS Global Wealth Management London, said: “Under the legal context, the delay in the election results will be the worst outcome, affecting the subsequent stimulus package and adding to the economic outlook. Uncertainty.”
Seema Shah, Chief Strategist at Principal Global Investors, said: “The market continues to underestimate the possibility of a close election. I am quite surprised by the good performance of the US equity market.” She expects the stock market to experience greater volatility in the short term.
Mike Lewis, director of equity and cash trading at Barclays (Barclays), said: “For the market, a big news is that there is no blue wave as expected. I think the future outlook for the market is primarily related to politics. and the Federal Reserve Committee. Linking, not politics, which is good for the market. “
Mark Haefele, global chief investment officer at UBS Wealth Management, said no matter who wins in the end, the scale of US debt can become the focus of the market. Compared to other major currencies, the US dollar will no longer have the advantage of spreads. Once the world economy recovers For starters, the market may favor high-risk currencies such as the euro and the British pound, the Swiss franc and the Japanese yen would be better safe-haven options.
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