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    US military strikes Iran

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    EFCC seeks transfer of Orji Uzor Kalu’s trial to Lagos

    Yahoo boys launder money for ‘politically exposed persons’ – EFCC boss

    Gombe receives N60 billion from FG to establish Agro-Livestock Industrial Zone

    Gombe receives N60 billion from FG to establish Agro-Livestock Industrial Zone

    Student Loan Act: How to apply for the loan, all you need to know

    The increased prices of driver’s licenses, number plates set to take effect

    Trump congratulates Nigeria for Banning Twitter, says more countries should do same

    Trump bans citizens of 12 countries from entering the U.S, full list

    France launches mandatory online visa appointments for travelers

    France launches mandatory online visa appointments for travelers

    Federal Government declares June 6 and 9 public holidays

    Federal Government declares June 6 and 9 public holidays

    Prosecutors demand six-year prison sentence for Simon Ekpa

    Prosecutors demand six-year prison sentence for Simon Ekpa

    SEC alerts Nigerians of illegal operator Silverkuun Investment Cooperative Society/Silverkuun Limited

    SEC alerts Nigerians of illegal operator Silverkuun Investment Cooperative Society/Silverkuun Limited

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    • All
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    • Economic Data
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    UK tightens visa rules for care workers, skilled workers and students

    UK tightens visa rules for care workers, skilled workers and students

    United States scraps visa dropbox service for Nigerian applicants

    President Donald Trump cancels protection for 500,000 Haitian migrants

    Spain golden visa scheme ends as Portugal and Greece demand increases

    Spain golden visa scheme ends as Portugal and Greece demand increases

    CBN fines nine banks 150 million Naira each for failing to dispense cash

    CBN ends free ATM withdrawals for other banks’customers

    FG increases private university application fee from N5m to N25m

    FG increases private university application fee from N5m to N25m

    United States scraps visa dropbox service for Nigerian applicants

    United States scraps visa dropbox service for Nigerian applicants

    Buhari says Nigeria security and economy improved during his tenure

    Buhari says Nigeria security and economy improved during his tenure

    Air Sierra Leone commences flight operations to Lagos

    Air Sierra Leone commences flight operations to Lagos

    Nigeria renews $2 billion currency swap deal with China to boost bilateral trade

    Nigeria renews $2 billion currency swap deal with China to boost bilateral trade

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    MTN Nigeria to pay over N200 billion final dividend for 2022

    List of Dividends announced in 2025, qualification and payment dates

    Sovereign Trust Insurance Plc grows Profit after tax by 43%  in Q1 2021

    Sovereign Trust Insurance Plc appoints Abimbola Oguntunde as New Board Chairman

    FY 2020: Zenith Bank Plc rakes in N230.6 billion profit after tax

    Zenith Bank to exit CBN forbearance restriction end of June, confident in dividend payments

    FY 2020: FCMB Group Plc gross earnings, profit, assets see double-digit growth rates

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    Renaissance Capital names banks affected by CBN’s dividend payout suspension

    Dangote Refinery further reduces Diesel and Aviation fuel prices

    Dangote Petroleum Refinery to begin distribution of PMS and Diesel nationwide

    United Capital Plc receives FMDQ approval to increase size of Commercial Paper programme

    United Capital Group expands into Francophone West Africa

    List of Dividends announced in 2024, qualification and payment dates

    Cornerstone Insurance Plc to pay 27 kobo final dividend for 2024 FY

    Legend Internet Plc reports N32.9 million profit for Q1 2025

    Legend Internet Plc reports N32.9 million profit for Q1 2025

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    NGX suspends trading in the shares of four listed companies

    Banking stocks plunge after CBN suspends banks under regulatory forbearance from paying dividends

    ELECTION: Cutix Plc reschedules Board Meeting

    Weekly Report: Nigerian Exchange sees mixed performance as Cutix Plc emerge top gainer

    Again DMO offers N360 billion FGN bond for February

    DMO offers N300 billion FGN bond for auction in May

    NGX Daily Equities Market Report: Market gains for third consecutive days

    CSCS Plc explores listing on the Nigerian Exchange (NGX)

    NGX Daily Equities Market Report: Market gains for third consecutive days

    NGX delists Flour Mills shares, lists additional NB and Jaiz Bank shares

    Bitcoin soars above $21,000 as U.S. dollar sags

    BITCOIN hits $103,000 for the first time

    Bitcoin (BTC) rises above US$90,000 records a new all time high

    Bitcoin (BTC) rises above US$90,000 records a new all time high

    Bitcoin crosses US$60K, approaches All-Time High

    Bitcoin (BTC) rises above US$80,000

    Alhaji Dahiru Mangal sold his 1.96bn Oando Shares for N11.81bn

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    How Donald Trump won the 2024 U.S Presidential Election

    Rovina Medical Diagnostic Services offers free Breast and Prostrate cancer scans

    Rovina Medical Diagnostic Services offers free Breast and Prostrate cancer scans

    Security features of the new naira notes revealed by the CBN

    New hope for Naira fixed income savers?

    The Nigerian Stock Market: Has Tinubu’s Election impacted the Market Negatively?

    Nigerian Exchange gains 5.37% in Tinubu’s first week, highest for any President since return to Democracy

    The Nigerian Stock Market: Has Tinubu’s Election impacted the Market Negatively?

    The Nigerian Stock Market: Has Tinubu’s Election impacted the Market Negatively?

    Just in: Bandits attack President Buhari’s convoy in Katsina, two injured

    2015 vs 2023 Data: Nigeria situation went from bad to worse under Buhari

    Who is Hiba Abouk soon to be Achraf Hakimi’s ex-wife worth millions of dollars?

    Who is Hiba Abouk soon to be Achraf Hakimi’s ex-wife worth millions of dollars?

    LP won Obio-Akpor LGA Rivers State not APC as announced – INEC’s IReV

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US Market Review and the week ahead, dollar, Bitcoin, Gold

Monday, 7 December 2020, 8:41 am
in Markets, Stocks/Equities
0
Investors Gain N533.67 Billion as MTNN & Co. Put a Stop to the Market Bull Run
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On Friday four major US indices hit new records, as the S&P 500, Dow Jones Industrial Average, the NASDAQ Composite, and the Russell 2000 each closed at new all-time highs. This is the first time since January 2018 that all four indices made new records on the same day.

However, equities are expected to endure a turbulent week driven by new lockdowns due to rising cases of Covid-19 in the US, although the hopes that a new government stimulus package will boost the US economy will steady ship as well vaccine hopes.

The US set a new daily record on Friday with 228,407 cases of Covid-19 with reports of the number of coronavirus patients admitted to hospitals across the country surpassing 100,000.

California’s state Governor issued stricter stay-at-home orders affecting Southern California and the San Joaquin Valley, as well as the Bay area, which includes San Francisco.

Last, the US Labor Department’s monthly nonfarm payrolls report revealed that jobs growth for November increased less than anticipated, by 245,000, from October, and the unemployment rate slid 0.2% to 6.7%. The participation rate declined as well, indicating that a greater number of Americans are no longer in the labor force.

More ‘stimulus-speak’ came from House Speaker Nancy Pelosi, who insisted “there is momentum” by lawmakers from both sides of the aisle on a $908 billion bill. She said she and Senate Majority Leader Mitch McConnell talked about attaching a stimulus package to an omnibus spending bill the two parties are each ironing out to avoid a government shutdown come on Dec 11.

Read also: Saudi Arabia raises official January crude oil price

As stocks soared, investors dumped Treasuries, pushing yields, including for the 10-year note, to their highest levels in nine months according to Investing.com.

The disappointing employment numbers stretched the horizon on the Fed’s all-time low-interest rates, triggering the selloff. Rates were buoyed to 0.973, the highest since Mar.19, along their rising channel.

The dollar extended its decline for the third week in a row, suffering the worst weekly performance in five weeks. If more money is pumped into the economy, the value of the USD would be watered down.

Gold jumped last week, in another twist after it hit its Aug. 8 all-time high.

The precious metal is now back above the 200 DMA and back into a pattern, which means it could retest the top, above 1,900.

Bitcoin rose over the weekend, regaining most of Friday’s 4.1% loss, after nearing the $19,891 all-time high registered on Dec. 12, 2017. Although Bloomberg report projects the digital currency to hit $50,000 in the new year, NYU Stern School of Business Professor Nouriel Roubini believes Bitcoin has no fundamental value and thinks the cryptocurrency’s price is being manipulated.

Oil prices rose on Friday, hitting its highest since early March with Brent crude oil futures rising to just a shy of $50 per barrel as OPEC+ agreed to ease oil-output cuts next year after almost a week of negotiations.

The Week Ahead according to Investing.com

All times listed are EST

Monday

10:00: Canada – Ivey PMI: seen to decline to 51.5 from 54.5, returning toward contraction mode.

18:50: Japan – GDP: expected to surge to 5.0% from -7.9% previously, on a quarterly basis.

Tuesday

5:00: Germany – ZEW Economic Sentiment: forecast to jump to 46.0 from 39.0.

7:00: US – EIA Short-Term Energy Outlook

Wednesday

10:00: US – JOLTs Job Openings: came in at 6.436M in September.

10:00: Canada – BoC Interest Rate Decision: forecast to remain unchanged at 0.25%.

10:30: US – Crude Oil Inventories: expected to show a significant drawdown of -2.358 million from -0.679 million barrels previously.

Thursday

2:00: UK – GDP: seen to slump to 0.5% MoM from 1.1% previously.

2:00: UK – Manufacturing Production: anticipated to remain steady a 0.2%.

7:45: Eurozone – ECB Interest Rate Decision

European Interest Rate Decision

Upcoming Release: Dec 10, 2020

Previous: 0.00% : rates currently at 0.00%.

8:30: US – Core CPI: predicted to have edged down in November to 0.1% from 0.2%.

8:30: US – Initial Jobless Claims: expected to move higher, to 725,000 from 712,000 last week.

Friday

8:30: US – PPI: likely to slide to 0.2% from 0.3%.

By: Ifunanya Ikueze

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