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Ups and downs for the global markets - Weekly Review, October 19 – 23

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Miguel A. Rodriguez
Miguel A. Rodriguez
26 octubre 2020
Markets were on their toes over the prospects of a new US stimulus package

Monday and Tuesday: HongKong45 gained 0.6% after the Bureau of Statistics of China showed that the country’s Q3 GDP increased by 4.9%. Despite the promising number, the figures are lower than the 5.2% forecasted.

The announcement that the US stimulus package is not imminent made the markets end in the red. The American benchmarks closed lower between 1.37% and 1.56%.

The past Q3 wasn’t a particularly prolific one for IBM. The company posted revenues that missed expectations for the third consecutive quarter, the figures coming in at $4 billion. Year-to-date, IBM stock price lost 6%.

Alibaba is expanding its online food deliveries business, to be precise. The company will have decisive power in Sun Art Retail Group Ltd, which operates supermarkets and hypermarkets around China.  Following the news, the company’s stock price closed 1% lower.

Intel announced that it’s selling its NAND business for $9 billion to SK Hynix. The deal is expected to go through in the first quarter of 2025. After the news hit the wire, Intel stock price gained 0.40%.

The rising number of COVID-19 infections made Germany30 trade 0.3% lower.

Wednesday wasn’t a particularly good day for oil. Crude lost 4% closing at $40.03 a barrel, while Brent inched 3.4% lower at $41.73.

Snap stock price gained 23% after it posted Q3 revenue figures of $679 million, topping the $557 million expected. For Q4, Snap believes that its revenue will grow 50% while the number of active daily users will be 257 million.

Unlike Snap, Netflix didn’t have promising Q3 figures. The company’s EPS came in at $1.74, below the $2.13 expected. The number of subscribers also came below expectations at $2.2 million. After the report, its stock price lost 5%.

Pfizer is getting ready to distribute its COVID-19 vaccine if approved by the US Food and Drug Administration. The logistics are the largest ones so far seen in distributing a vaccine. Following the news, in pre-market trading, Pfizer stock price gained 0.24%.

Thursday: Europe50 reached its lower point since September 25, after it fell 0.7% amid a drop in consumer confidence. UK100 inched 0.7% down, touching a five-month low.

Tesla’s past Q3 quarter marked the fifth consecutive profitable trimester. In Q3, it had revenues of $8.77 billion, topping the $8.36 billion forecasted. Since the beginning of the year, its stock price has gained 408%. USA500 went up 7%.

Verizon’s EPS numbers came in at $1.25 higher than the $1.22 expected. The number of new subscribers came twofold higher than consensus at 553,000.

Friday: Intel’s Q3 revenue figures came in higher than expected at $18.33 billion. For the full year, the revenue is expected to increase 5% to $75.3 billion. Despite the promising results and the optimistic forecast, its stock price fell 10% after the report.

Gilead’s Remdesivir became the first and only COVID-19 vaccine to get approved by the FDA so far. Remdesivir will be sold under the name Veklury. Following the news, Gilead stock price went up 0.76%.

American Express stock price inched down 2.83% after it posted lower-than-expected Q3 earnings. The 40% drop in quarterly profit was caused by the pandemic’s impact on consumer spending.

Goldman Sachs settled with various regulators to pay more than $2.9 billion for its involvement in the 1MDB (Malaysia Development Berhad) fraud. Its stock price wasn’t impacted by the news, as it traded 0.73% higher.

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Sources: investing.com, marketwatch.com, reuters.com

Esta información/estudio preparada por Miguel A. Rodriguez  no tiene en cuenta los objetivos específicos de inversión, la situación financiera o las necesidades particulares de una persona. El analista de estudios es, principalmente, responsable del contenido de este informe de estudio, en parte o en su totalidad, certifica que los puntos de vista sobre las compañías y sus valores expresados en este informe reflejan con exactitud sus puntos de vista personales, y como consecuencia, toda persona que actúe basándose en ellos lo hace bajo su propio riesgo.El estudio proporcionado no constituye los puntos de vista de KW Investments Ltd, ni es una invitación a invertir con KW Investments Ltd El analista de estudios certifica, además, que ninguna parte de su remuneración ha sido, es o será directa o indirectamente relacionada con recomendaciones o puntos de vista específicos expresados en este informe.El analista de estudios no está contratado por KW Investments Ltd Le animamos a buscar asesoramiento con un consejero financiero independiente con respecto a la idoneidad de la inversión, en virtud de otra participación separada, cuando considere oportuno que es conforme con sus objetivos específicos de inversión, su situación financiera o, sus necesidades financieras particulares antes de comprometerse a invertir..Las leyes de la República de Seychelles rigen cualquier reclamación relacionada o que surja por el contenido de la información/análisis proporcionado.

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Miguel A. Rodriguez
Miguel A. Rodriguez
Autor financiero

Miguel worked for major financial institutions such as Banco Santander, and Banco Central-Hispano. He is a published author of currency trading books.