Good night, Bull Sheeters. That is Fortune finance reporter Rey Mashayekhi filling on this week for Bernhard, who’s taking a well-deserved break. Whereas he’s out, I’ll be recapping the day’s finance- and market-related information with a particular PM version of the publication.
Optimistic developments on the COVID-19 vaccine entrance couldn’t forestall international markets from pulling again on Monday, bringing a tepid finish to what was a traditionally good November. Right here’s what to know as we head into the ultimate month of this most outstanding yr.
- Neither Moderna’s request to clear its COVID-19 vaccine, nor information that Pfizer is already shipping out its therapy, gave the markets a lift Monday. The Dow misplaced greater than 270 factors (-0.9%), whereas the S&P 500 dipped almost half a p.c (-0.46%) and the Nasdaq closed down a shade (-0.06%). Nonetheless, it was a historic November for U.S. markets, with the Dow’s 12% acquire representing its greatest month since January 1987. The Nasdaq additionally ended the month up almost 12%, whereas the S&P gained round 11% in November.
- President-elect Joe Biden has formally unveiled the economic team that can be advising him within the White Home. As anticipated, former Federal Reserve chair Janet Yellen will seemingly grow to be the first lady to function Treasury Secretary. Biden additionally tapped a various and skilled group—most of whom served within the Obama administration—to spherical out his financial braintrust.
- S&P World has agreed to acquire IHS Markit in a $44 billion deal that may mix two of Wall Road’s largest monetary information suppliers. In different deal information, Normal Motors has passed on an equity stake in electrical truck producer Nikola, a improvement that despatched Nikola shares down 27% Monday. And DoorDash’s IPO might value the food delivery startup at as much as $32 billion.
- On the regulatory entrance, the Federal Reserve has urged banks to cease utilizing LIBOR by the tip of subsequent yr. The Fed can be extending through March 4 emergency lending services that it launched to cope with the pandemic’s financial affect.
- HSBC is considering exiting its retail banking enterprise within the U.S., the Monetary Occasions reported over the weekend.
- The European bourses all posted losses on Monday, with London’s FTSE (-1.6%) and the CAC 40 in Paris (-1.4%) seeing the largest slips and Frankfurt’s DAX (-0.3%) falling extra barely. The pan-European STOXX 600 was down almost -1% on the day, however nonetheless climbed 14% in November—its greatest month on document.
- The European Union is reportedly angling for an alliance with the Biden administration that may look to confront the “strategic problem” posed by China.
- The Worldwide Financial Fund has warned that Europe might really feel the “scarring” economic effects of the COVID-19 pandemic properly into subsequent yr, and prompt that further stimulus measures could also be wanted to help the area.
- The spying scandal plaguing Swiss monetary large Credit score Suisse has thickened, as additional instances of staff being surveilled by personal investigators have come to mild.
- The most important Asian indexes all fell on Monday, forecasting declines to come back throughout the remainder of the world. Tokyo’s Nikkei slipped -0.8%, whereas Hong Hong’s Cling Seng dropped greater than -2% and South Korea’s KOSPI fell -1.6%. On mainland China, the key indexes in Shanghai (-0.5%) and Shenzhen (-0.2%) noticed slight losses.
- The CEO of the Tokyo Inventory Alternate has stepped down, taking the autumn for an unprecedented system failure that halted buying and selling for a full day on Oct. 1.
- Commerce tensions between Australia and China proceed to escalate, with the Aussies prepared to take action by means of the World Commerce Group over barley import tariffs imposed by China.
- It seems increasingly unlikely that Jack Ma’s Ant Group will go public through its extremely anticipated IPO earlier than the tip of subsequent yr, based on Bloomberg.
- JPMorgan Chase plans to double down, actually, on its wealth administration enterprise in Singapore by doubling the number of private bankers serving rich Chinese language clientele from the southeast Asian city-state.
- Gold dipped Monday and is now beneath $1,800/ounce after a poor November through which buyers deserted the protected haven.
- The greenback ticked up but additionally had a weak month general. In the meantime, Bitcoin hit one other all-time excessive because it edges closer to the vaunted $20,000 mark.
- Crude oil slipped as OPEC continues to deliberate extending output cuts, with Brent settling at lower than $48/barrel.
That’s all for now; please you should definitely take a look at right now’s reads beneath. Have a nice night and see you tomorrow.
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