Consensus Growing of when, not if Fed adds to QE program
- Pfizer said in a final analysis that its Covid vaccine is 95% effective vs 90 % Reported just last week. It appears markets have priced in all the good vaccine news for now.
- FDA also cleared the first test at home kit with results in 30 minutes
- Iowa Senator Grassley tested positive for virus
- Boeing’s 737 max are cleared by FAA to fly again (BBG)
- Target reported earnings of $2.79 a share vs $1.60 Same store sales rose 20.7% vs 11.2% Consensus, Stock ~+2%
- Unilever reported that it expects plant-based meat and dairy products to reach $1.2B in annual sales within the next 5 years.
- President trump Fired the head of Cybersecurity, in charge of overseeing the integrity of the election
- Apple cutting fees for App Developers by 15%
- Bitcoin +2.6% trading >18k + 2000 since Monday settle
Tokyo is planning to raise its virus alert level to the highest of four stages and is considering re-imposing its request for early closure of stores, Nikkei reports.
Markets trading with a QE theme, higher stocks, & bonds and lower dollar. Gold not participating similar to yesterday morning when the same occurred. Copper little changed to higher, Weekly API numbers lean bearish oh look Soy and Corn higher again today The Bullish Euphoria continues. From IFR “One increasing certainty amidst a world of uncertainty. The so hoped V-recovery in Europe and the US will likely be a bust. Yesterday the San Fran Fed said jobless benefits and forbearance efforts are ending exactly at the wrong time. “Thus the pricing in of more Fed QE