Wake Up Wall Street (SPY) (QQQ): Disney CEO is back as China shuts down

Ivan Brian FXStreet

Here is what you need to know on Monday, November 21:

Equity markets are lower ahead of the US open as concerns over China weigh on sentiment. China has recorded its first covid deaths in over six months. Equity markets in Asia were lower as risk-off became the dominant theme. That sent the US Dollar higher, and oil too traded lower. This has contineud into the European session. Disney (DIS) is a notable premarket gainer as former CEO Bob Igor returns to take the helm and investors rejoice by pushing stock price up 10%.

The Dollar Index is at 107.75 now, while Gold is lower at $1,745. Oil is down to $79.67, and Bitcoin is trading at $16,100.

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European markets are higher with the EuroStoxx down 0.4%.

US futures are also lower with the Nasdaq down 0.5% while the Dow is flat, and the S&P is -0.4%

Wall Street top news

Reuters headlines

Imago Biosciences & Merck & Co: The drugmaker said it would acquire cancer drug developer Imago BioSciences for a total equity value of $1.35 billion.

Walt Disney Company: Bob Iger is returning to the media company as chief executive.

BP: Workers at the oil major's Rotterdam refinery, which is currently offline, will not help restart operations unless their wage demands are met, union leaders said.

Broadcom & VMware: Britain's competition regulator said it was looking into whether US chipmaker Broadcom's $61 billion acquisition of cloud computing company VMware may substantially lessen competition.

Manulife Financial: The company has become the first foreign financial firm to receive regulatory approval in China.

Suncor Energy: The company extinguished a small pump fire at its 103,000 barrel-per-day Commerce City refinery in Colorado on Saturday afternoon.

Taiwan Semiconductor: The Taiwanese chipmaker is planning to produce chips with advanced 3-nanometre technology at its new factory in the US state of Arizona.

Tesla: The electric vehicle manufacturer is recalling more than 321,000 vehicles in the United States, because tail lights may intermittently fail to illuminate.

Upgrades and downgrades

Source: WSJ.com

Economic releases

Author

Ivan Brian

FXStreet

Ivan Brian started his career with AIB Bank in corporate finance and then worked for seven years at Baxter. He started as a macro analyst before becoming Head of Research and then CFO.

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