Merck announced they are abandoning its two experimental Covid-19 vaccines-BBG
From trading Economics, a brief outlook for this week “
“US futures were higher to start a very busy of economic data, Fed’s monetary policy decision and corporate earnings. Investors where confident more stimulus will be unveiled soon by the new administration. President Joe Biden’s top economic official held a call with 16 senators on Sunday to discuss the $1.9 trillion coronavirus-aid plan presented by the new US President. Lawmakers supported funding for distributing Covid-19 vaccines and for coronavirus testing but the plan still faces Republican objections as some have doubts over its size. Meanwhile, the Fed will finish its 2-day monetary policy meeting on Wednesday and is expected to reinforce its commitment to a highly accommodative monetary policy and to clarify it won’t taper anytime soon. On the corporate front, quarterly results from from Apple, Microsoft, Facebook, and Tesla are due this week. Last week, the Dow Jones gained 0.6%, the S&P 500 2% and the Nasdaq 4.2%.”
European Stocks Lower to start the week a few things causing a bit of Angst firstly the economy not looking so good, this morning’s IFO business climate indicator fell to 90.1 vs 91.4 expected 6 month lows the future expectations survey 92.2 vs 93.6 expected. Secondly Delays in Vaccine rollout due to issue with supply and distribution From Forex live “ European Union members states will hold a virtual meeting with AstraZeneca at 1230 Brussels time (1130 UK) to express their anger over delays. EU is clear that it provided money so production capacity could have been ramped up before now.
This comes after AstraZeneca had said on Friday that its initial supplies of the vaccine to Europe will be lower than expected due to “reduced yields at a manufacturing site within our European supply chain”. Also, of Note protests in Netherlands due to Tougher lockdown measures, US banning travelers from Some European countries as well.
.. On the flip side of this US Economist see brighter day ahead per latest survey taken 70% of respondents see 3% growth by year end up from 59% in October (WSJ) president Biden will unveil a Buy American theme to boost manufacturing-FT
Big tech Winners in US and Asia Hang Seng Tech index extended early gains to 2.6% to jump above 10,000 mark, with tech heavyweights including NetEase, JD.com, Meituan and Tencent all hitting record highs. Tencent surged as much as 11.07% in Hong Kong to hit a new record high, before closing 10.9% higher, the biggest one-day gain since Oct 6, 2011, leaving its market value just $50bln shy of the trillion-dollar mark. (mizuho)
Nasdaq +1%, Russell down a bit Spoos unchanged Europe a bit ugly Stoxx 50 -1.2%, Spain -1.8% Dollar sideways to higher Soybeans speculators have cut Bullish bets to the lowest in a few weeks (Mizuho) as some froth comes out of that Space oil sideways Nat gas small bid as Cold weather shows up in Forecasts watching cattle as Fridays Cattle on feed report leaned bearish