Overall, we started off with a good week, and we end off having the third consecutive week of declines for the US stock market, as the sell-off in Big Tech continued, dragging down the overall market. Mixed messaging around a coronavirus vaccine, & concerns over further fiscal stimulus, also weighed on stocks. Global stocks are mixed with investors concerned over a resurgence in coronavirus cases around the world & lingering disappointment that central banks merely affirmed their monetary support this week, without promising additional stimulus.
The U.S. Federal Reserve Bank has effectively established a 3-part litmus test that must be met before interest rates will be raised again: There must be maximum employment, inflation has to rise to 2% & it must be on course to moderately exceed 2%, for an extended time. Translation: No hikes for the foreseeable future.
On Tuesday U.S. President Trump hosted Israeli Prime Minister Netanyahu & the foreign ministers of the United Arab Emirates & Bahrain to mark historic normalization agreements between Israel & the 2 Arab countries. Trump hailed the occasion, claiming the signing of the Abraham Accords would soon be expanded. The question is how many additional Middle-Eastern countries will sign-on, as Iran becomes increasingly isolated.
The U. S. plans to sell as many as 7 major weapons systems, including mines, cruise missiles & drones to Taiwan, as the Trump administration ramps up pressure on China. The island state is beefing up its defenses in what it sees as increasingly threatening moves by China, such as regular Chinese military exercises nearby.
WikiLeaks founder allegedly pardoned to benefit Trump; Copper touched its highest in over 2 years; Chinese yuan jumped to its highest level in 16 months; BP invests $1.1 billion in wind power; the number of unemployment claims in the US remains high; Snowflake shares fall after successful market debut; Eastman Kodak shares up 50% after the director was acquitted; wildfires in the US are 26 times bigger than last year.
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