How to start the week: analytics and forecasts — 14.09.2020

 


Pessimism has returned to the oil market as the global economy remains uncertain.

 

Economic calendar

11:00 UTC

The monthly report of the OPEC oil cartel will be published. The content of the document may cause an increase in the volatility of the oil market.

Assets for trading: Brent, ExxonMobil, Chevron

 

Must know

Saudi Arabia has cut oil export prices for Asian countries, which brought down the black gold market. Additional negativity also came from the United States, where stocks of crude oil have grown, and there is a growing demand among traders for renting tankers to store raw materials.


The UK Home Market Act has finally split London and Brussels because its provisions violate the terms of the previously concluded Brexit deal. Now Britain is facing new problems, and the country’s currency has been falling rapidly over the past week.


The US government failed to agree on the allocation of new economic stimuli, which was immediately projected onto the stock market. In addition to the fruitless discussion of politicians, the increased number of initial applications for unemployment benefits had a negative impact.


An unpleasant event also took place on the front lines of the fight against COVID-19. British pharmaceutical company AstraZeneca was forced to suspend trials of the COVID-19 vaccine due to an unexpected allergic reaction in one of its subjects. However, the head of the company still claims a vaccine will be available by the end of the year.


Last Friday, China and India decreased the heat in relations between the two countries. The parties agreed to withdraw the troops from the border section in the Ladakh region.

 

A fundamental view

Microsoft

The deal between Microsoft and ByteDance for the sale of TikTok is due by September 15, according to the US President’s decree. In addition, Donald Trump said that the deadline will not be postponed.

Despite this, the market has little faith in the possibility of concluding such a deal on time, since the Chinese authorities have begun to oppose this process.

Against this background, pressure on Microsoft shares may increase, but in case of a favorable outcome, the asset may return to a positive trend.

USD/CAD

The increased inflation rate in the US, which became known last week, may give investors confidence in the US currency. In addition, the hope of investors for the adoption of the economic stimulus package is still alive.

Apple

On September 15, a presentation of new products from Apple will take place, but the expected iPhone 12 will not be presented. Nevertheless, the company’s shares may show growth, as in recent days the quotes have dropped by more than 15%. All of this is also putting pressure on the Australian economy.

 


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