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Daily Market Outlook - Week to close with solid gains

Market View | Friday, December 18, 2020 1:06 PM GMT

Markets are still experiencing bullish bias as vaccine optimism teamed with the soon-to-be-agreed US stimulus package are supporting all major indices. The EU market started off neutral today due to the ongoing delay of the Brexit deal, however, still keeps their previous gains. 

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US news: Following similar practice with Pfizer/BioNTech COVID-19 vaccine, it is expected the FDA will approve Moderna’s vaccine as a means to combat the ongoing spread of the pandemic, especially in the US. In the meantime, Dr. Anthony Fauci made an important announcement regarding COVID-19, “Stay at home as much as you can, keep your interactions to the extent possible to members of the same household", he said. "This cannot be business as usual this Christmas because we're already in a very difficult situation, and we're going to make it worse, if we don't do something about it".

In other news, Joe Biden has announced Jennifer Granholm as the head of the Department of Energy.

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EU-UK news: In Brexit news, Michel Barnier warned time is running out for reaching an agreement before the end of the year. Boris Jonhson also addressed the fisheries issue, which could be a potential block in reaching an agreement. A major money laundering case involving Credit Suisse has come to light, as the Swiss regulator placed charges against the global investment bank for failing to comply with anti-money laundering regulatory requirements between 2004 -2008. 

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Corporate news: Robinhood has accepted a $65m fine from the SEC as the platform failed to provide customers with the best price for their trades. FedEx (FDX) dropped sharply in the after hours market, as their executives warned that the new wave of COVID-19 will threaten the US economic recovery. Coca-Cola announced they will cut 2200 jobs globally, half of them in the US, as part of their restructuring.

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Macros: Earlier today, Japan’s Inflation Rate YoY dropped a further to -0.9%, while BoJ kept their interest rate unchanged at -0.1%. UK’s Retail Sales YoY fell at 2.4% from 5.8% while German’s PPI YoY improved by 0.2% and Ifo Business Climate increased to 92.1. Later today, traders expect the results of the 2nd round from the Fed Bank Stress Test as well as FED speeches by Evans and Brainard.


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