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US stocks ushered in the first trading day of 2021 on Monday (4). The major indices opened for a short time before hitting new highs and then fell back. The Dow Jones industrial average fell nearly 60 points or 0.2%, while the S&P 500 and Nasdaq fell slightly. 0.07% and 0.03%, the rate increased by 1.44%. Tesla soared more than 5% in early trading.
In terms of economic data, IHS Markit announced on Monday that the final value of the euro zone manufacturing PMI for December was 55.2. Although it has been revised slightly from the initial value, it still reached a maximum of two and a half years, with German manufacturing activities as the main driving force. The Markit US Manufacturing PMI will be announced later today, and the December non-farm employment report will be released on Friday (8).
Vaccine news, the UK officially launched the vaccination plan for AstraZeneca and Oxford University on Monday, and the UK started distributing the AstraZeneca vaccine on Monday morning local time. AstraZeneca (AZN-US) opened 1.5%.
The US dollar experienced another selloff on Monday, hitting its lowest point since April 2018. As the US dollar plunged, the price of gold continued to rise.
In the first week of trading in 2021, the market will usher in strong news from the US elections. The US Congress will calculate and announce the Electoral College voting results this Wednesday (6). The Georgia Senate runoff will also appear this week to determine who will ultimately control the US Senate and the prospects for stimulus measures in 2021.
Starting Monday (4) 22:00 Taipei time:
- The Dow Jones Index fell 59.50 points, or -0.19%, to 30,546.98 points temporarily.
- Nasdaq fell 4.46 points, or -0.03%, to 12,883.82 points temporarily
- The S&P 500 Index fell 2.70 points, or -0.07%, to 3,753.37 points temporarily.
- Commissions rose 31.96 points, 1.14%, temporarily to 2,827.46 points
- TSMC ADR rose 2.88% to $ 112.18 per share
- Yield on 10-year US Treasuries increased to 0.948%
- New York light crude oil fell 0.33% to $ 48.36 a barrel
- Brent crude rose 0.17% to $ 51.89 a barrel
- Gold rose 2.6% to $ 1,944.40 an ounce
- The dollar index fell 0.39% to 89,540 points
Focus actions:
Tesla (TSLA-US) was up 5.15% in early trading to $ 742.00.
Tesla recently announced that its 2020 delivery volume will reach 499,550 vehicles, an annual increase of 36%. Although it performs well, it is still slightly below Musk’s previous expectation of 500,000 vehicles. Tesla delivered 185,700 vehicles in the fourth quarter, setting a new all-time high.
Magellan Health (MGLN-US) was up 12.23% in early trading to $ 92.97.
American health insurance giant Centene announced on Monday (4) that it will acquire Magellan Health for US $ 2.2 billion to help expand its mobile health platform. The transaction is expected to be completed in the second half of the year.
The two companies stated that Centene will acquire at a price of $ 95 per share, which is a premium of 15% over Magellan Health’s closing price on Thursday (31).
Roku (ROKU-US) was up 0.75% in early trading to $ 334.50.
The Wall Street Journal cited people familiar with the matter as reporting that streaming set-top box provider Roku is negotiating with short video streaming platform Quibi to acquire the latter’s content rights. Once the negotiations go well, Roku will have the opportunity to obtain a series of exclusive content, which will help the company expand in the field of film and television content.
Daily key economic data:
- Dec US Markit Manufacturing PMI Ending Value Reported 57.1, Expected 56.3, Previous Value 56.5
- At 23:00 Taipei time, the monthly growth rate of construction spending in the United States will be announced in November, which is expected to be 1.0% and 1.3% earlier.
Wall Street Analysis:
Sebastian Mackay, Invesco’s multi-asset fund manager, said: “We are experiencing a new round of lockdown measures, which have restricted economic activity to some extent, but we can see from the epidemic that manufacturing activities tend to remain strong “. Mackay believes that Zhou’s announced US manufacturing PMI may remain strong, indicating that the economy is recovering.
Paul Sandhu, director of multi-asset quantitative solutions for Asia and the Pacific at BNP Paribas Asset Management, predicts that the dollar will continue to weaken, in part due to increased spending on infrastructure and potential stimulus programs.
Dominic Schnider, director of commodities at UBS Wealth Management, said that some macroeconomic data supports gold prices and that the epidemic still has a big impact in Europe and the United States.
Schnider noted that when the vaccine is effective, it will not return to normal until the second half of the year at the earliest, which means that monetary policy will remain lax and investors will choose to continue to hold gold as a hedging tool.
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