Weekly Recap — 31.Oct.2020
US markets dropped, as the DJ30 fell 3.43%, the SPX500 dropped 3.53% and the NASDAQ100 closed 3.73% lower. The losses are attributed to the second wave of the coronavirus pandemic.
Oil drops 5% on growing fears that the coronavirus pandemic will impact demand for longer than expected. However, this morning it recovered some losses, due to a hurricane warning shutting down some manufacturing facilities in the US.
- Pinterest showed a 49% increase in revenue and Ford beat analysts’ revenue expectations by more than $1.5 billion.
- Shell boosts payout after beating forecasts.
- Samsung Electronics sees fourth-quarter decline in profits.
- PayPal announced the launch of a new service allowing customers to buy, hold, and sell cryptocurrencies directly from their accounts.
- Electric carmaker Nio announced that it manufactured 5,000 cars in one month for he first time ever.
ECB leaves the interest rate policy unchanged on Thursday afternoon to attempt to reassure that it is ready to act, especially considering it was only the night before the decision that both Germany and France tightened their restrictive measures drastically. The EURUSD fell to threatening levels with a potential return to 1.15 for the first time since late July.
DXY increased volatility has translated to other asset classes, with the US Dollar advancing significantly against other pairs.
Germany industry numbers mostly disappointing, the Services PMI worse than it was initially expected, which shows the impact of the corona virus on the economic recovery, The reintroduction of another lockdown is likely to take this further.
