Bitcoin rockets above $18,000

Bitcoin is now above $18,000 having taken out $17,000 only a few hours earlier. The cryptocurrency is making a run at record highs.

MARKETS

News

• Bitcoin crossed the $18,000 mark overnight. Asia-Pacific markets were mixed in early Wednesday trade. Meanwhile, the U.S. dollar continued its slide;

• Ant Group is still capable of clinching the world's largest IPO — even as Chinese regulatory hurdles weigh heavily on the financial technology giant, says one of the country's major investors;

• China de-dollarization accelerates as U.S Treasury holdings near 4-Year lows;

• Japan reported its exports in October did much better than expected, falling 0.2% as compared to a 4.5% decline forecast in a Reuters poll;

• Bill Gates says more than 50% of business travel will disappear in post-coronavirus world;

• Coronavirus latest: China's Sinovac vaccine triggers ‘quick' antibody response, study shows;

• UK Prime Minister Boris Johnson wants a Green Industrial Revolution that bans new petrol cars, adds jobs.

What else?

• Europe's economic recovery will be three times faster than after 2008 crash, Morgan Stanley says;

• SoftBank CEO warns Of "Lehman-Like-Crisis" that could crash Global Economy;

• Amazon launches online pharmacy in challenge to traditional retailers. The news triggered a sharp sell-off in drug stores shares. Walgreen dropped 9.6% and CVS lost 8.6%;

• Robinhood soliciting advisors for potential IPO early next year;

• "People Are Afraid" - 300,000 New Yorkers flee City due to COVID-19;

• BA to launch coronavirus tests on some transatlantic flights.

The Day Ahead

• Earnings: NVIDIA, Lowe's, Target, TJX, A.P. Moeller-Maersk A-S, Clorox, Gazprom, Western Digital, Metro, News Corp;

• Macro: U.K. CPI, Eurozone CPI, U.S. Building Permits, U.S. Housing Starts.

WRAP

Markets

U.S. stocks fell on Tuesday as the market's recent rally cooled off amid a sharp decline in drug store shares and disappointing economic data. The Dow Jones dropped 0.6% while the Nasdaq Composite fell 0.2%. The pan-European Stoxx 600 closed down by around 0.2%, with travel stocks shedding 1.1% to lead the losses. Oil prices were little changed on Tuesday as worries that lockdowns to fight a new surge in coronavirus cases could hit short-term demand counteracted hopes for a vaccine and the possibility of tighter OPEC+ supply policies. The price of bitcoin was up over 4% in the last 24 hours, trading at over $17,000 and hitting its highest point since Jan. 7, 2018.

Macro

The U.S Commerce Department said Tuesday that retail sales rose 0.3% last month, missing economists' forecast for a 0.5% rise. The retail sales control group – which has a larger impact on U.S. GDP – climbed 0.1%, well short of expectations for a 0.5% increase.

QUOTE

"To steal ideas from one person is plagiarism; to steal from many is research.” – Steven Wright