Global stock market cap hits $100 trillion

The value of all the stocks in the world put together has reached a giant $100 trillion for the first time.

MARKETS

The Dow fell 0.69% Monday, led by Intel and broad-based weakness in value stocks as rising Covid-19 restrictions offset optimism over an imminent vaccine roll out and signs of progress on a stimulus deal. The pan-European Stoxx 600 index closed 0.3% lower, with the majority of sectors finishing in negative territory. U.K. banks and homebuilder stocks were under pressure on the index and sterling was down nearly 1% against the dollar. Gold jumped over 1% on U.S. stimulus bets. Bonds were bid as well.

The path to a $908 billion stimulus bipartisan deal in the U.S looks set to clear up in the coming days as lawmakers are expected to agree a stopgap spending bill by the Friday deadline to keep the government funded, buying more time for lawmakers to iron out their differences on stimulus.

WRAP

News

Asia-Pacific markets are  mixed as investors remain cautious over post-Brexit trade deal; 

Chinese e-commerce giant JD Health shares surge 50% on their market debut in Hong Kong this morning;

Chinese FX Reserves soared most In 7 Years as Beijing starts to intervene against the soaring Yuan; 

US puts sanctions on 14 Chinese officials over Hong Kong crackdown;

Global Stock Market Cap tops $100 Trillion for first time ever;

Boris Johnson to go to Brussels in search of way out Brexit stalemate. PM is set for make-or-break political talks after ‘no tangible progress’ made on key differences;

New York City restaurants face ‘clamp down’ as hospitalisations rise. Officials warn pandemic surge is set to accelerate even faster in the coming weeks;

FDA could authorize Pfizer’s Covid vaccine this week as U.S. deaths surge;• U.S Consumer credit misses badly as Americans unexpectedly pay down credit card debt in October;

Uber abandons effort to develop own self-driving vehicle as start-up Aurora is acquiring Uber’s Advanced Technologies Group;

Palantir jumped 21% on report of $44 million FDA contract;

Moderna's stock rallied nearly 5% after Canada doubles order for COVID-19 vaccine candidate;

Intel fell 4% on fears of rising competition on a report from Bloomberg suggesting Apple is planning to launch a new series of Mac processors next year to outperform Intel’s fastest chips;

Tesla jumped 8% en route to fresh all-time highs as traders appeared to pile into the company's shares ahead of its inclusion in the S&P 500 on Dec. 21. 

What Else?  

Senator Schumer calls on Biden to forgive $50,000 in student debt per borrower;

Maduro claims victory in Venezuela election boycotted by opposition;

The BIS issues a dire warning: "We Are Moving From The Liquidity To The Solvency Phase Of The Crisis"; 

Macron vows to keep defence ties to Egyptian regime. French president welcomes Sisi to Paris and rejects sanctions over human rights abuses

Italy’s Eni to buy 20% stake in world’s largest offshore wind farm;

XPeng stock dropped 2% to extend selloff after public share offering;

Kodak’s stock soared after Journal report that federal regulators found no wrongdoing in government loan deal;

Uranium stock Cameco, which controls the world’s largest high-grade uranium reserves reported yesterday that an individual at its Cigar Lake uranium mine in Saskatchewan has tested positive for COVID-1. Earnings Update 

Toll Brothers is capitalizing on the red hot housing market with net contracts up 26 percent for a record third quarter amid the pandemic. 

Day Ahead 

Earnings: AutoZone Inc (AZO), Barnes & Noble Education Inc (BNED), Gamestop Corp (GME), H & R Block Inc (HRB); 

Macro: German ZEW Current Conditions and Sentiment Indexes, Eurozone Preliminary GDP (Q3), Chinese CPI.

QUOTE

“Between two evils, I always pick the one I never tried before." - Mae West.