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MRKTE USA / Vague hope for government aid drives stocks | message

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NEW YORK (Dow Jones) – New hope for government aid for certain industries and consumers in the US will support Wall Street on Wednesday. The day before had US President Donald Trump with his announcement that the negotiations with the opposition Democrats for a new Corona aid package had failed, is still heavily burdened. Now the President is putting his stance into perspective and providing new hope in the matter. Trump promised government aid for families, airlines and small businesses. As a result, the Dow Jones Index rose 1.6 percent to 28,209 points around noon, New York time, while the S&P 500 and Nasdaq Composite rose 1.3 and 1.4 percent respectively.

Trump was “ready to sign immediately” if he was sent a statement for sending $ 1,200 checks to the Americans. He also urged lawmakers to approve a $ 25 billion package to help airlines and an additional $ 135 billion for the program to help small businesses. In response to Trump’s partial pullback, US Treasury Secretary Steven Mnuchin and House Speaker Nancy Pelosi have resumed talks.

“The rowing back from his earlier messages is quite significant. Investors believe he will provide targeted incentives,” commented market strategist James McCormick of NatWest Markets Trump’s partial retreat. The market is assuming that there will be some kind of Corona aid package, which is why Trump’s statements from the previous day were also shocking, notes another Brsian, referring to statements by US Federal Reserve Governor Jerome Powell, the state aid to support the economy had demanded in the Corona crisis. The minutes of the Federal Reserve’s meeting expected that evening should also reveal the need for additional assistance.

Trump gives wings to aviation titles

Airline shares are the clear winners: Southwest Airlines, United Airlines and Delta Air are up between 1.9 and 3.5 percent. The industry papers benefit from Trump’s announcement that he wants to give sector companies a hand.

RPM International are increasing by 2.5 percent. The building materials group reports rising revenues and profit figures for the August quarter. Levi Strauss jump 10.6 percent. Thanks to its online business, the jeans manufacturer posted quarterly profits and sales that exceeded market expectations.

Cleanspark, on the other hand, buckle by 9.5 percent. The power management software company announced that it will issue new shares to raise funds for marketing and product development.

The strength of the stock market is weighing on US bonds, and the yield on ten-year US government bonds increased by 3.0 basis points to 0.77 percent.

On the foreign exchange market, the ICE dollar index is just in the red. The resurgent hopes of additional economic aid are weakening the US dollar, which is becoming more popular as a supposedly safe currency haven. In return, the euro rose to 1.1770 dollars after exchange rates of 1.1730 the previous evening.

The slacking greenback is supporting the price of gold, the troy ounce has risen by 0.5 percent to $ 1,888.

Oil prices are being depressed by increased US stocks. According to official government data, there was an increase in raw inventories in the United States last week. The previous evening, data from the private American Petroleum Institute (API) had indicated an increase. In addition, the oil market is more critical of the prospects for economic aid. It is said that Trump’s proposals are nowhere near the aid that Democrats are calling for. US light oil of the WTI variety fell 2.9 percent to $ 39.49 per barrel, while the European reference oil of the Brent variety fell 2.7 percent to $ 41.50.

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INDEX last +/-% absolute +/-% YTD

DJIA 28,208.60 1.57 435.84 -1.16

S&P 500 3,405.88 1.34 44.93 5.42

Nasdaq Comp. 11,315.62 1.44 161.02 26.11

Nasdaq-100 11,449.65 1.40 158.38 31.11

US bonds

Maturity Yield Bp to VT Yield VT +/- Bp YTD

2 years 0.15 0.0 0.15 -105.4

5 years 0.33 1.8 0.31 -159.5

7 years 0.54 2.2 0.52 -170.4

10 years 0.77 3.0 0.74 -167.4

30 years 1.57 2.6 1.54 -150.2

Forex last +/-% Wed, 8:20 a.m. Tue, 5:30 p.m.% YTD

EUR / USD 1.1770 + 0.31% 1.1738 1.1784 + 4.9%

EUR / JPY 124.71 + 0.63% 124.16 124.44 + 2.3%

EUR / CHF 1.0788 + 0.12% 1.0774 1.0778 -0.6%

EUR / GBP 0.9107 -0.04% 0.9100 0.9096 + 7.6%

USD / JPY 105.96 + 0.32% 105.76 105.61 -2.6%

GBP / USD 1.2923 + 0.38% 1.2901 1.2956 -2.5%

USD / CNH (offshore) 6.7288 -0.30% 6.7362 6.7338 -3.4%

Bitcoin

BTC / USD 10,631.76 + 0.60% 10,620.76 10,682.01 + 47.5%

ROHL last VT-Settl. +/-% +/- USD% YTD

WTI / Nymex 39.49 40.67 -2.9% -1.18 -30.5%

Brent / ICE 41.50 42.65 -2.7% -1.15 -32.3%

METALS last previous day +/-% +/- USD% YTD

Gold (spot) 1,888.11 1,877.79 + 0.5% + 10.32 + 24.4%

Silver (spot) 23.84 23.10 + 3.2% + 0.74 + 33.6%

Platinum (spot) 867.08 852.00 + 1.8% +15.08 -10.2%

Copper future 3.05 2.97 + 2.7% +0.08 + 7.9%

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Contact the author: maerkte.de@dowjones.com

DJG / DJN / raz / flf

(END) Dow Jones Newswires

October 07, 2020 11:58 ET (15:58 GMT)



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