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REFINITIV™
 
 
 
FRIDAY, AUGUST 21, 2020
 


For the full report including more on Top News, Analysis and Insight, click here


COMING UP IN U.S.
Equipment maker Deere & Co is expected to report lower third-quarter profit and revenue, due to the turmoil caused by the pandemic. 

• IHS Markit is expected to show its manufacturing sector flash PMI likely rose to 51.9 in August, from 50.9 in July. IHS Markit's services sector flash PMI is likely to show a reading of 51 in August, compared with 50 in July. 

• The National Association of Realtors is expected to report existing home sales likely jumped to 5.38 million units in July, from 4.72 million units in June. 



U.S. TOP NEWS
• 
Rise in U.S. weekly jobless claims clouds labor market recovery
The number of Americans filing a new claim for unemployment benefits rose unexpectedly back above the 1 million mark last week, a setback for a struggling U.S. job market crippled by the coronavirus pandemic. 

• Alibaba beats estimates as pandemic fuels online, cloud computing demand
China's Alibaba beat quarterly revenue and profit estimates, as its core commerce and cloud computing businesses continued to grow following China's emergence from the coronavirus lockdown. 

• EU, CureVac in advanced talks for 225 mln COVID-19 vaccine doses
The European Commission and German biotech firm CureVac said they had concluded a first round of talks for the supply of at least 225 million doses of a potential COVID-19 vaccine to EU states. 

• Johnson & Johnson to test coronavirus vaccine in 60,000 volunteers
Johnson & Johnson aims to test its experimental coronavirus vaccine in up to 60,000 volunteers in a late-stage trial scheduled to start in September, according to a U.S. government database of clinical trials. 

• Last-minute California court ruling paves way to stave off Uber, Lyft shutdown  
A California appeals court avoided a shutdown of ride-hailing services in the state by halting a lower court order that would have forced Uber Technologies and Lyft to treat their drivers as employees. 


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MARKET RECAP AT 4 pm ET

Stocks ended higher as heavyweight tech stocks outweighed downbeat economic data. The dollar index pared gains. Treasury yields fell after a poor showing for an auction of 30-year Treasury-Inflation Protected Securities. Oil prices slipped on concerns over excess crude stocks and spot gold advanced.​

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COMING UP IN CANADA
Statistics Canada is expected to report Canadian retail sales likely rose 24.5% in June, compared with 18.7% in May. 


CANADA TOP NEWS
• 
Canada outlines plan to move unemployed off COVID-19 emergency benefits 
Canada outlined a plan to move the unemployed off of an emergency COVID-19 income-support program and onto an expanded employment insurance plan that requires people to look for a job to qualify, Employment Minister Carla Qualtrough said. 

• Canadian home prices rise in July but market still slow
Canadian home prices rose in July, led by the Quebec City and Ottawa-Gatineau markets, though it was the smallest July advance in 15 years, data showed, confirming the slowing of the housing market in the wake of the COVID-19 pandemic. 

• Miner B2Gold says Mali border shutdown to be short-lived after coup 
B2Gold expects the shutdown of land and air borders in Mali to last "days or weeks, not months," its chief executive said, after Tuesday's overthrow of President Ibrahim Boubacar Keita. 

• Canada adds over a million jobs in July -ADP
Canada added 1,149,800 jobs in July, breaking a four-month streak of declines, led by increased hiring in the trade, transportation and utilities sector, a report from payroll services provider ADP showed.

• Transport Canada to conduct flight test for Boeing 737 MAX next week 
Transport Canada said it plans to conduct flight test activities for the validation of Boeing's grounded 737 MAX during the week of Aug. 24, the regulator told Reuters, as part of global efforts to return the plane to service following two fatal crashes involving the model. 



INSIGHT AND ANALYSIS
• Fear fading on Wall St as investors learn to love the new bull market 
Fear is ebbing on Wall Street, with stocks on a bull run in the midst of the global coronavirus pandemic. The Cboe Volatility Index, known as Wall Street's "fear gauge," is near its lowest level since late February and options markets are showing diminishing concerns of a near-term drop in equities.


• GRAPHIC-U.S. recovery grinds along as coronavirus case growth eases 
Americans made tentative moves back to restaurants and gyms over the past week, hiring advanced across a sample of industries and a rise in job postings suggested it may continue, signs the U.S. recovery grinds along, albeit not without some setbacks.



WEALTH NEWS
• China, United States agree to hold trade talks, Chinese commerce ministry says 
China and the United States have agreed to hold trade talks "in the coming days" to evaluate the progress of their Phase 1 trade deal six months after it took effect in February, the Chinese commerce ministry said. 

• OPEC+ needs to fix daily oversupply of more than 2 million barrels -document 
Some members of the OPEC+ group of oil-producing nations would need to slash output by an extra 2.31 million barrels per day (bpd) to make up for their recent oversupply, an internal OPEC+ report seen by Reuters shows. 

• Iraq is open for U.S. business, prime minister says; Trump eyes oil prospects 
President Donald Trump said U.S. companies were involved in many prospects in Iraq's oil business, as Iraqi Prime Minister Mustafa al-Kadhimi declared his country open for American business and investment. 

• Harley's activist investor backs business reboot strategy 
An activist investor who shook up Harley-Davidson earlier this year said he is impressed with the changes initiated by new Chief Executive Jochen Zeitz to turn around the 117-year-old motorcycle company 

• Goldman Sachs to offer clearing services via LCH’s ForexClear 
Goldman Sachs will offer clearing facilities for some currency derivative products on the London-based clearing house LCH's ForexClear service, the bank said.


For the full report including more on Top News, Analysis and Insight, click here



CHART OF THE DAY
 
 
 
 
 
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