Oct 16 2020 0

This is today's hottest updates on the financial market.

Quick updates:

  • European stocks plunged as France and Britain both tightened measures to stop the spread of coronavirus. The French government imposed a curfew on major cities late on Wednesday, while Londoners will be barred from traveling between households starting this weekend.
  • Germany's Chancellor Angela Merkel is said to have said after meeting with local politicians on Wednesday that the measures they have approved are "insufficient to avert a disaster."
  • The market was in turmoil again when the New York Post published a story that appeared to confirm a connection between Democratic presidential candidate Joe Biden and a representative of a Ukrainian company where his son (Hunter) was on the board.
  • Last week's US unemployment data was not as expected, soaring to close to 900k.

The protest in Thailand

forex news Oct 16

Tens of thousands of anti-government protesters staged a rally for a second straight day in the Thai capital, despite a state of emergency declared by Prime Minister Prayuth Chan-Ocha to quell the protests. love escalated in favor of monarchy reform and for greater democracy. Growing protests weigh heavily on the nation's currencies and stocks, which have come under pressure as a trade and tourism-dependent country is facing an economic crisis. The emergency could also affect the government's plan to gradually reopen tourism to foreign tourists from this month.

Export limitation

China is preparing to pass a new law, which limits sensitive exports that are important to national security, and expands the toolkit of policy options when competing for technology access with America is on the rise. China's top legislature, the Standing Committee of the National People's Congress, is expected to approve the measure in a session that ends on Saturday. This law will apply to all companies in China, including foreign-invested companies. The law would help put China in the same position as the United States, which strategically uses export licensing and control measures against its rivals.

A chaotic market

Asian stocks look to be off to a tumultuous start on Friday as traders await news of U.S. stimulus negotiations, while coronavirus cases continue to rise in some parts of the world. gender. US stocks fell and the dollar rose. Futures markets fell in Japan and Australia, and increased in Hong Kong. The S&P 500 slumped to intraday lows as banks rebounded from a two-day sell-off and energy stocks rallied. House Speaker Nancy Pelosi told Democrats that the Covid-19 bailout would not have to wait until January, while President Donald Trump said he would stimulate more than $1.8 trillion. Treasury bonds were stable, while crude oil declined.

The deal of the century

Hong Kong stockbrokers are so confident that Ant Group's blockbuster IPO will go so smoothly that they are offering to allow popular investors to buy shares with 20 times leverage. That number matches the highest rate ever offered by brokerage firms, reflecting the fierce financial competition and transaction fees for what may be the biggest IPO in history. Ant's dual listings in Hong Kong and Shanghai are expected to raise at least $35 billion, though that date has yet to be finalized. While a higher than normal level of leverage can help boost demand, it puts both investors and their brokers at greater risk if stocks plunge and risk devastating currency markets of Hong Kong.

Decisive moment

forex news Oct 16

Negotiations between the UK and the European Union over their future relationship are headed to a crisis after EU leaders told Boris Johnson that he had to make concessions just hours before the prime minister decide whether or not to abandon the negotiations. David Frost, UK's Brexit negotiator chief, said he was "surprised" and "disappointed" by the warning and said that Johnson would respond on Friday. The controversy increases the risk that Johnson will decide to pursue a no-deal Brexit. Without a deal, millions of businesses and consumers will face additional costs and disruptions when the UK leaves the European Unity market on December 31st.


Fanara Filippo

Hey, I’m Fanara Filippo. I’m the founder of this site. I'm currently living in Bangkok, Thailand. I have been trading forex for more than 5 years. You can read my articles about the best forex brokers on this page. Let’s review brokers today.

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