Morning 9-25

 Sentiment Sour for Stocks, Europe A touch weaker than U.S

Week to date % changes:

  • Dax -5.5
  • Ftse -3.5
  • Stoxx 50 -5
  • Hang Seng -5
  • CSI 300 -3.5
  • SPX -3.3
  • Nasdaq -2.1

No place to hide in metals from Weaker stocks as it is the Short Dollar Long everything else unwind,

Week to date changes:

  • Gold -5%
  • Silver -15.5%
  • Platinum -10%
  • Copper -5%
  • LME nickel -6%

Dollar for the week +1.75 % if holds biggest weekly gain since spring. as usual treasuries doing nothing going no where and providing very little in the way of “information” for traders’ The Bond market is useless. from the FT more sings of Risk Off FT writes “Investors flee US junk bond funds as concern for the economy grows” as “the asset class suffers its worst weekly outflow since first wave of the pandemic in March”.    European banks Measured by stoxx 600 bank index probing all-time lows, no matter how you slice it Not good sign For the Economy when banks are weaker.  Per Bloomberg U.S. Stock Funds suffered the third worst outflow on record this week everyone running for the Exits!

Virus Data ITC Markets

  • – UK Reports 6634 New Cases of Covid-19, vs 6,178 prev; UK testing is now double what it was when the last daily peak was reached.
  • – Spain: 10653 Covid cases in the past 24hrs
  • – Dr. Fauci: re covid-19, “there’s good enough data to say that aerosol transmission does occur”
  • – ​France: Cases rise by 16096
  •  CDC director Redfield: a covid-19 vaccine will likely not be widely available until summer or fall 2021. children are far down on the priority list, so they would not be offered the vaccine right away.

News:

  • Trump: not sure the election can be honest; getting close to final choice on supreme court nominee
  • – Pelosi: Democrats Ready for negotiations on stimulus 
  •  Sources: Dems stimulus bill would be about $2.4Tn and would incl airline aid and new PPP funds
  •  Quinnipiac Poll: Biden and Trump in statistical tie in Ohio  All from ITC markets

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