In this week’s recap, Marcello talks about what seems like a repetition of the beginning of the coronavirus crisis, with the stocks market falling at record numbers not seen since months ago.
U.S. stocks to record one of their worst weeks of the year. All 3 indices are in the red & on track for their worst performance since March, when the market tumbled under the 1st wave of coronavirus infections & business lockdowns.
Asian & European stocks as well as commodity markets fell again on Thursday, with the stock market in France falling over 3%, after a return to national lockdowns in some of Europe’s biggest economies, triggering the worst global selloff in months.
Exxon-Mobil says that it intends to reduce its U.S. staff by around 1,900 employees. The job reductions will consist of both voluntary & involuntary programs. The company is reviewing its operations & final cuts could be close to 15% of the global workforce. The stock price remains flat on the news at $33 a share.
Central banks became gold sellers for the 1st time since 2010, as some producing nations exploited near-record prices, to soften the blow from the coronavirus pandemic. Net sales totaled 12.1 tons of bullion in Q3, vs. purchases of 141.9 tons a year earlier. Selling was driven by Uzbekistan & Turkey, while Russia’s central bank posted its first quarterly sale in 13 years. Overall gold demand fell -19% year-on-year.
Chinese President Xi Jinping begins a meeting in Beijing this week to map out the next phase of economic development with China’s 14th 5-year plan expected to center around technological innovation, economic self-reliance & a cleaner environment. Communist Party officials will also set goals for the next 15 years, as Xi seeks to deliver on his vow for the global lead in technology & other strategic industries.
At least 14 people were killed & hundreds were injured in Turkey & Greece after a strong earthquake struck the region with a magnitude of up to 7.0. Neighborhoods were deluged with surging seawater, which swept debris inland striking the Aegean Sea on Friday, bringing buildings crashing down & setting off tidal waves, which slammed into coastal areas & islands.
Cenovus Energy has agreed to buy Husky Energy in a $2.9B all-stock deal that will combine 2 of the largest players in Canada’s struggling oil-sands industry. The combined firm will have about 750K bpd production, making it the 3rd-largest Canadian oil & natural gas producer. It will also be the 2nd-largest Canadian-based refiner & upgrader with total North American upgrading & refining capacity of 660K bpd.
U.S. stocks closed lower in the worst drop since June; Taiwan has achieved 200 days without a locally transmitted case; China could surpass US GDP in the next decade; AMD agreed to buy Xilinx