Morning Brief – September 4th 2020
Americas
U.S. stocks closed sharply lower Thursday, marking their deepest one-day dives since June as the high-flying technology sector suffered sharp declines, while economic data highlighted concerns about a long and difficult recovery. Read more https://t.co/5pzoxpYnKZ pic.twitter.com/JhZCmvzacv
— Reuters Business (@ReutersBiz) September 4, 2020
Market re-rating of tech sector will bring volatility https://t.co/4vpeAdJbzq
— FT Markets (@FTMarkets) September 4, 2020
$GOOGL | Justice Dept. Plans To File Antitrust Charges Against Google In Coming Weeks – NYT https://t.co/S3Urg5cyaQ
— LiveSquawk (@LiveSquawk) September 3, 2020
#Speculation in #tech derivatives points to wild swings – FT
*Link: https://t.co/EE3XoghBkx pic.twitter.com/RyAoyU2B5T— Christophe Barraud (@C_Barraud) September 4, 2020
Two Fed officials downplayed the chances of updated public guidance on the path of interest rates at their upcoming policy meeting https://t.co/JArQ7vrCcp
— Bloomberg Economics (@economics) September 4, 2020
Schumer rips ’emaciated’ Republican #coronavirus relief plan – Politicohttps://t.co/WmutHBX694
— Christophe Barraud (@C_Barraud) September 4, 2020
Pelosi, Mnuchin Agree to Avoid Government Shutdown in October – Bloomberghttps://t.co/UTiiigtO2G
— Christophe Barraud (@C_Barraud) September 4, 2020
US #trade deficit with #China wider than May 2016, when Donald Trump accused China of ‘greatest theft in history’ – SCMPhttps://t.co/luXvuk0RUN
— Christophe Barraud (@C_Barraud) September 4, 2020
Looking at latest U.S. trade data (goods only), Chinese purchases of U.S. goods improved a bit compared to June. However, using a linear extrapolation, they are still expected to decline in 2020 (compared to 2019), while #PhaseOne deal implies a jump of more than 110%❗ pic.twitter.com/uqLBSNtdw6
— Christophe Barraud (@C_Barraud) September 3, 2020
Jan-July 2020 exports of U.S. #soybeans to #China were the worst since 2004.
The Aug volume may have hit 2 mmt, the best since Jan. That puts 2019/20 exports to China around 15.9 mmt, up 18% YOY but next to that, the lowest since 07/08.
But 20/21 is set up to be much better…. pic.twitter.com/kMl2Tiiwtx
— Karen Braun (@kannbwx) September 3, 2020
U.S. is looking at banning more Chinese apps over national security as TikTok sale stalled – CNBChttps://t.co/upEBuAW6we
— Christophe Barraud (@C_Barraud) September 4, 2020
Exclusive: #WhiteHouse asks U.S. agencies to detail all #China-related funding – Reutershttps://t.co/JIWxtKELTk
— Christophe Barraud (@C_Barraud) September 4, 2020
#Covid Vaccine Frontrunners Will Soon See Their Moment of Truth – Bloomberghttps://t.co/j7yVqWVnPt
— Christophe Barraud (@C_Barraud) September 4, 2020
U.S. Employment Report Preview for August 2020https://t.co/gvtSQEPiyc
— Christophe Barraud (@C_Barraud) September 3, 2020
Asia
-Shares drop across Asia, though losses were smaller than those seen in the U.S. overnight
-Australia stocks ⬇️ 3%
-U.S. futures ⬇️
-Oil declines 1% to $41
-Gold ⬆️https://t.co/0XIEdOAWo9
https://t.co/lGLOn3x7Qc— Bloomberg Asia (@BloombergAsia) September 4, 2020
Xi Says He’ll Never Back Down in Facing Foreign Interference – Bloomberghttps://t.co/B8ZQHcIdTe
— Christophe Barraud (@C_Barraud) September 4, 2020
#China to overtake US as world’s top economy in 2032 despite Washington hostilities, state think tank predicts – SCMPhttps://t.co/vl51K9jivh
— Christophe Barraud (@C_Barraud) September 4, 2020
Amid rising tensions, #China likely to reduce US debt holdings – Global Timeshttps://t.co/ZKOA5Y9ID7
— Christophe Barraud (@C_Barraud) September 4, 2020
#China will collect anti-subsidy deposits for imports of U.S. n-propanol from Sept. 9, according to a statement from Ministry of Commerce.
This comes after it began collecting anti-dumping deposits for the same chemical from July 18
*Link (Chinese): https://t.co/dV4J21EPSj— Christophe Barraud (@C_Barraud) September 4, 2020
#China to issue negative list for services #trade by late 2020 – Xinhua
*Link: https://t.co/FDOXwqp4zs— Christophe Barraud (@C_Barraud) September 4, 2020
Japan’s Chief Cabinet Secretary Yoshihide Suga has 38% of the public’s support, ahead of 25% for former Defence Minister Shigeru Ishiba who had previously led several media opinion polls.https://t.co/fw7YE1ziLE
— Yahoo Singapore (@YahooSG) September 4, 2020
Nearly half of businesspeople surveyed, many with experience dealing with China, back Trump’s tough policy.https://t.co/77mXcgXria
— Nikkei Asian Review (@NAR) September 3, 2020
Europe
The skeptic’s roadmap pinpoints 5 risks to Europe’s market rally:
EU recovery fund falls through
More virus pain
Brexit talks go bad
Trump secures presidency
Military standoff in the Mediterraneanhttps://t.co/MhV1pU5SOt— Bloomberg Economics (@economics) September 4, 2020
Here’s a rundown of your top economic news today https://t.co/6Eun9VHmMR
— Bloomberg Asia (@BloombergAsia) September 4, 2020
#Europe #Covid_19: Daily Summary (September 4th)https://t.co/nstKc7TtVR
— Christophe Barraud (@C_Barraud) September 4, 2020
Madrid decreta varias restricciones relacionadas con aforos en velatorios, funerales, bodas, banquetes y terrazas. Limita el número de asistentes y el tamaño de las mesas según varios parámetros.https://t.co/kqAf7wDfEt
— ngb padel (@ngbpadel2) September 3, 2020
#GERMANY JULY FACTORY ORDERS M/M: 2.8% V 5.0%E; Y/Y: -7.3% V -6.0%E (-10.6% Prior)
➡ It confirms that global trade growth (goods) will rebound (in line with other proxies). pic.twitter.com/Pg0oUVDddK
— Christophe Barraud (@C_Barraud) September 4, 2020
UK Markit Construction PMI August Report – Markithttps://t.co/afma2jG6HJ pic.twitter.com/hFbB3vlpDj
— LiveSquawk (@LiveSquawk) September 4, 2020
UK car sales stumble in August, in setback to summer recovery https://t.co/TLGNiO4a9l
— Bloomberg Economics (@economics) September 4, 2020
No-Deal Brexit Looms After Boris Johnson Seeks To Double Fishing Quota – The Times https://t.co/SUELt1f1YP
— LiveSquawk (@LiveSquawk) September 3, 2020
Germans are shaking off their German Angst just in middle of coronacrisis. Acc to global PEW survey, 51% of Germans assess their country’s current econ situation as good, 47% think econ to improve. Makes #Germany one of most optimistic nations. https://t.co/CGF1QOevTT via @welt pic.twitter.com/vdcnxXaj5g
— Holger Zschaepitz (@Schuldensuehner) September 4, 2020