Vaccine Approved, ECB and EU injections, jobless claims
Yesterday again was quite eventful day. UK reported GDP and industrial production for October. On the whole, the data came out rather good and, in some indicators, even better than forecasts. But there were few people willing to buy the pound after the Brexit situation continued to hang in the air. Plus Johnson threatened markets with no-deal scenario.
The ECB, as expected, left the rate unchanged, but at the same time expanded the quantitative easing program: PEPP was increased by 500 billion euros and extended until the end of March 2022. So, it is not surprising that the euro was doing relatively well.
The same cannot be said about the dollar. The data on jobless claims came out much worse than expected and soared to the values of a month and a half ago, recalling that lockdowns have quite a material price for the economy.
Oil prices rose rather unexpectedly yesterday. Unexpectedly, because after the growth of oil stocks in the United States by 15 million barrels, it would be logical to go down, not up. Partially this growth can be explained with the attack on an Iraqi oilfield. But the damage was so insignificant that this barely can be called a game-changer.
S&P Dow Jones Indices said Thursday it will remove a total of 21 Chinese companies from its stock and bond indices.
The epic continues with stimulus in the USA. Treasury Secretary Steven Mnuchin said Republicans and Democrats have made significant progress. But there is no final decision yet and negotiations will continue today. Europeans, in turn, reached a landmark budget agreement Thursday after weeks of fraught negotiations, unblocking $2.2 trillion in funds. The agreement paves the way for the EU to put into effect a 750 billion-euro ($909 billion) pandemic relief package that will be financed by joint debt.
The main reason for the growth of optimism yesterday was the FDA's decision to approve the Pfizer vaccine for use in the United States. So next week, mass vaccination will begin in the United States.
The ECB, as expected, left the rate unchanged, but at the same time expanded the quantitative easing program: PEPP was increased by 500 billion euros and extended until the end of March 2022. So, it is not surprising that the euro was doing relatively well.
The same cannot be said about the dollar. The data on jobless claims came out much worse than expected and soared to the values of a month and a half ago, recalling that lockdowns have quite a material price for the economy.
Oil prices rose rather unexpectedly yesterday. Unexpectedly, because after the growth of oil stocks in the United States by 15 million barrels, it would be logical to go down, not up. Partially this growth can be explained with the attack on an Iraqi oilfield. But the damage was so insignificant that this barely can be called a game-changer.
S&P Dow Jones Indices said Thursday it will remove a total of 21 Chinese companies from its stock and bond indices.
The epic continues with stimulus in the USA. Treasury Secretary Steven Mnuchin said Republicans and Democrats have made significant progress. But there is no final decision yet and negotiations will continue today. Europeans, in turn, reached a landmark budget agreement Thursday after weeks of fraught negotiations, unblocking $2.2 trillion in funds. The agreement paves the way for the EU to put into effect a 750 billion-euro ($909 billion) pandemic relief package that will be financed by joint debt.
The main reason for the growth of optimism yesterday was the FDA's decision to approve the Pfizer vaccine for use in the United States. So next week, mass vaccination will begin in the United States.
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