- US Suffers Record Daily COVID Cases as Hospitalizations Pass 100K; Global Death Toll Tops 1.5MM: Live Updates
- Los Angeles residents ordered to stay home, avoid gatherings: “Cancel everything”
- Dire warnings in WH Coronavirus Task Force’s confidential state report warns “#COVID19 risk to all Americans is at a historic high” and that “we are in a very dangerous place due to the current, extremely high COVID baseline and limited hospital capacity.”
… But stocks don’t seem to mind too much Spoos Little changed, Nasdaq up a touch European Bourses lower led by energy sector -1%, 13-20 Sectors down on day but travel and leisure +3% Dax -.5% but stoxx 50 only down small. NKY closed little changed as China Copper Small bid +.7% Dollar on the offer, again -.4% no real run up in risk just yet. Grains Bid again after three days of selling maybe the top is not in?? Chinese draft law would expand its stockpiling efforts for grains and oils (pro farmer) likely the reason for strength Export data today will shed a bit of Light on demand same for Hogs. Jpy bid today first up day this week. After yesterday’s almost breakout in 10-year yields bonds have a small bid today remember any positive Stimulus talk which we have seen a bit of lately weighs on Long end. Plenty of talk that Pelosi and Schumer willing to use the Bi partisan senate bill as a starting point, Not A Dem Led bill. …Nat Gas Warmer weather and LNG exports adjusted a bit lower weigh on prices gas -4%, H-J Cal spread approaching contract lows of 48 Winter is over!
A bit more on Currencies today GBP +.7%, franc.4% Multi- year highs vs Dollar Euro +.35 vs Dollar.
OPEC meeting today once again trying to reach a deal on a delay in production cuts, Meeting has already been delayed an hour today…. Hmmm
Stimulus talk appears to be the driver of activity again, Short window to get a deal done as Congress working on a spending bill as well, Congress out of town on Dec 10 A bit of positive news “At least 100 million vaccinations should be distributed by end of February”- pro farmer
Gold +.6%, Silver +.3% Platinum +2.4% A nice run in platinum as of late
No inflation though from Pro Farmer
“Global food prices hit highest level in nearly six years… Global food prices climbed 3.9% from October to November, with prices now 6.5% above year-ago levels, according to the Food and Agriculture Organization of the United Nations’ (FAO’s) Food Price Index. The 4-point November rise marked the biggest month-to-month climb since July 2012, and the index hit its highest level since December 2014 at 105 points. FAO reports, “All sub-indices of the FFPI registered gains in November, with the vegetable oil sub-index rising the most, followed by those of sugar, cereals, dairy and meat.” This comes as the pandemic and responses to it have heightened concerns about food security and inflation. “