Morning wrap 11.02.2021

  • US indices finished yesterday’s trading mixed. S&P 500 dropped 0.03%, Nasdaq declined 0.25% and Dow Jones gained 0.20%. Russell 2000 dropped 0.72%

  • Trading in Asia was muted as China and Japan were off for holiday. S&P/ASX 200 declined 0.1%

  • DAX futures point to a flat opening of the European session

  • Joe Biden spoke with China’s Xi on phone. Leaders agreed that cooperation is better than confrontation. Biden said that he will work with China when it benefits the United States

  • United States will review trade policy with China

  • Fed Chair Powell said that the outlook for the jobs market is still bleak with the real unemployment rate being close to 10%. He said that rates will remain low

  • United States are willing to work with the European Union to resolve Airbus-Boeing dispute once new US Trade Representative takes office

  • Janet Yellen said that she is supportive of digital assets but high misuse risks remain a problem

  • Precious metals and agricultural commodities pull back. Oil trades flat

  • Bitcoin trades near $44,500

  • CHF and USD are the weakest major currencies while AUD and NZD are top performers7.9% in the previous month.