Pre-market US stocks: panic sentiment hits the market, Dow futures fell 1.0%

Pre-market US stocks: panic sentiment hits the market, Dow futures fell 1.0%

   On Monday, the global market suffered selling pressure , European and American stock markets all fell, and oil prices dropped sharply.

   As of press time, Dow futures fell 1.0%, S&P 500 futures fell 1.0%, and Nasdaq futures fell 0.8%.

  Due to the influx of safe-haven funds, the U.S. dollar once returned to above the 93 mark; although the U.S. dollar rebounded, the price of gold also found support to return to above 1900 when the sentiment in the risk period cooled down.

   The epidemic in Europe and the United States has worsened, and the hope of signing a new round of stimulus plan before the general election is fading.

   This week, investors will also usher in intensive financial reports in the US stock market, especially those giant companies, which may also have an impact on market trends.

  European and American epidemics have worsened

   In recent days, the coronavirus has continued to spread rapidly in Europe, and governments around the world have anxiously introduced more restrictions to control the epidemic. .

   The number of new coronavirus cases reported daily in France hit a new high. The number of confirmed infections on Sunday exceeded 52,000, which was lower than the 85,000 confirmed cases in the United States last Saturday, but the population of the United States is about Five times that of France.

  Italy has imposed the strictest restrictions on the public since the company ended its blockade, including closing all bars and restaurants at 6 pm. The country is facing a severe epidemic with an explosive increase in the number of infections, with close to 20,000 new cases per day.

  In Spain, the government has declared a state of emergency throughout the country on Sunday, giving government departments greater powers to implement social distancing and emergency medical and health policies; the country declared a state of emergency in March this year. Spanish Prime Minister Sanchez said that a national curfew will be implemented immediately from 11 pm to 6 am, after 10 of the country’s 17 regions have requested.

   Governments of various countries have offered further restrictive measures. They are eager to avoid re-introducing the complete blockade measures in March and April. Although these measures have contained some epidemics, they have stifled economic development.

   “We are all scared,” said a 73-year-old Maria who lives in the small Slovakian town of Dolny Kubin. Local officials are experimenting with a test plan. “I see what is happening, it is terrible.”

   In terms of the U.S. epidemic, the number of new crown pneumonia in the U.S. reached 83,000 in a single day last Friday, exceeding the peak in mid-July. President Trump insisted that the United States is “turning the situation around.”

   The U.S. election has entered the countdown stage. President Trump traveled to New Hampshire on Sunday to attend the rally. He pointed out that the epidemic in the United States is being reversed. Even without the new crown pneumonia vaccine, the situation will be reversed and the epidemic will pass.

   Trump pointed out at the meeting that the situation is turning around and the new crown pneumonia epidemic is ending. As for the number of domestic diagnoses to pick up again, Trump blamed testing. He also criticized his opponent and the Democratic presidential candidate Biden’s anti-epidemic proposals that would harm the economic recovery and emphasized that the United States will never become a socialist country and that this war must be ended. Many of the supporters present did not wear masks and did not maintain social distancing.

  There is little hope for a new round of stimulus plan

   As the epidemic worsens, many investors are hoping for strong fiscal stimulus, but they signed a contract in Washington before the November 3 general election. The hopes of a new coronavirus aid bill are getting smaller every day.

   U.S. House of Representatives Speaker Nancy Pelosi and White House Chief of Staff Mark Meadows successively accepted CNN interviews on Sunday, accusing each other of “improving the stimulus legislation,” which made the hope of reaching an agreement even thinner.

   Pelosi said over the weekend that it is still possible to reach an agreement this week. She has sent an updated proposal for the rescue plan to Treasury Secretary Steven Mnuchin over the weekend and hopes to get an answer on Monday.

   Pelosi said that regardless of the outcome of the general election, she will still strive to reach an agreement after the November 3 election, but she hopes that a new round of federal financial assistance agreements can be reached as soon as possible.

   reported that Pelosi has been negotiating with Treasury Secretary Mnuchin recently, trying to reach an agreement that may be worth about 2 trillion US dollars before the presidential and congressional elections.

   Pelosi said on the 25th that Mnuchin is reviewing the latest plan text and she is waiting for a formal agreement with the White House.

   However, White House Chief of Staff Meadows said in a media interview on the same day that he has not yet seen the text of the proposed bill. “We are still proposing proposals one after another, but Nancy Pelosi keeps changing,” he said.

   He added that he has been in contact with Senate Republicans and said that Senate Majority Leader McConnell has agreed to bring any agreement into the Senate, “and get it passed.”

   “The hope of a fiscal agreement before the election fades, the news of the epidemic and the possible implementation of stricter lockdowns, these factors combined are enough to hurt the stock market,” said Ray Attrill, a foreign exchange analyst at National Australia Bank.

  U.S. Election Countdown

   This week is the last week before the U.S. Presidential Election, and it has now entered the ninth day countdown. Statistics show that the number of voters who voted early in the United States will exceed 65 million, twice the number of voters in the 2016 election.

   According to the latest poll by Reuters/Ipsos, Biden currently leads Trump by 8% in the United States. Among voters who may vote, 51% voted Biden and 43% supported Trump.

   As far as the market is concerned, the US presidential election still affects traders. The market is digesting the possibility of Biden’s victory and the Democratic Party’s control of Congress, which will increase the possibility of larger government spending.

   NatWest Markets analyst team wrote in the report: “The Democratic Party’s victory is our basic forecast. We have raised the probability of this estimate from 40% to a little more than 50%. Biden’s expectation of winning has been raised from 65% to 75%. Under our basic scenario forecast, we expect the U.S. Treasury yield curve to steepen and the U.S. dollar may weaken.”

   focus stocks

   Technology stocks generally fell before the market, Apple, Microsoft, Intel fell more than 1% before the market, Netflix fell 0.82% before the market, Amazon fell 0.51% before the market, Facebook fell 0.56% before the market.

   Lockheed Martin fell 1.42% before the market, and the Chinese Ministry of Foreign Affairs announced sanctions against US companies selling arms to Taiwan.

   Software giant SAP SE fell more than 19% before the market, and its third-quarter revenue fell 4% year-on-year, lowering its full-year performance guidance.

   Fiat Chrysler Automobile Group rose more than 3% before the market. It is reported that the European antitrust agency will clarify the transaction between it and the PSA Group.

   Hasbro rose more than 3% before the market. Net revenue in the third quarter was US$1.78 billion, a year-on-year increase of 13%.

   Tesla fell 1.81% before the market, after it announced that it would actively recall the front suspension and rear linkage components of some ModelS and ModelX vehicles in China. According to a report from the US Securities and Exchange Commission, Tesla said its capital expenditures for the next two fiscal years are expected to increase to US$4.5 billion and US$6 billion, respectively.

   Google pays 8-12 billion U.S. dollars to Apple every year to make its search engine a preselected option for Apple devices.

  Haina International raised the AMD target price from US$85 to US$95.

   Wade Bush raised his Twitter target price from US$37.5 to US$47.

   Huanju Group rose 4.55% pre-market after news that Baidu was about to acquire YY’s domestic business.

   Alibaba: Based on the subscription of 730 million A shares, Alibaba is expected to hold approximately 31.8% of Ant Group’s equity, or 31.2% of the equity after this issuance.

   Ruixing Coffee business scope change: Obtained the permission of the publication Internet sales project.

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