Were up, and then lifted nicely at the pfizer announcement, 1. 11, up 12. We are near dow 30,000. To me, the clarion idea is that the vix is peeling away the fear , the volatility that is out there come up with a vix at 22. 01. Jonathan wejonathan have been doing that since the election, and the move got a big boost of the pfizer news from last week. The final efficacy rating, and the number is decent. Lisa 95 , better than the initial read last week of 90 . S is the mark on brands this is the more comprehensive data. Of over 65, so preventing illness. An incredibly good display here. The interesting thing to me is that we are not seeing more of a reaction in markets. It is already baked in, and in fact, you are seeing bond yields a little lower on the day. They are just flirting with this idea that longterm, we are not changing the scenario, even with this incredibly good news. Equity futures are elevated on the s p 500. A big move in the equity market. We stayed elevated over the las
Open. We are seeing curve flattening in the bond market, although btps moving earlier on out of coming from the ecb suggesting that stimulus may not be forthcoming in the near future. The cable rate also tracking lower as well, 1. 2911. Still north of 1. 29, but yesterday we were north of 1. 30. We are down by 0. 8 . Alix lets get back to the virus resurgence in europe. Italy reporting over 8800 new cases yesterday. Leaders from the u. K. , germany and france all weighing in. For londoners and to all who work in our great capital, i want to say thank you for what you have done to suppress the virus once. We now all need to play our part in getting the virus under control once again. I am convinced that what we do and dont do now in the weeks that are coming will determine how we get through this pandemic. We can see that the curves and the infection figures are pointing upward, and some cases quite quickly. A government which is absolutely committed to be divided, that is what the Busi
The news flow absolutely extraordinary. I want to get to the markets in a moment. The president tweeting. Weve got two longer tweets today. Both tweets say get out and vote. We will leave it at that. I am sure we will hear much more from a president in the white house today, masked or massless, as well. I want to go to it is clearly the market story, and a nice recovery here with yields getting right back to the enthusiasm of yesterday. Jonathan i think the three issues youve got to look at, one is the improving health of the president , according to his doctors. Another is the momentum. Three if the prospect that we dont have a contested outcome. Going off of the national polls, and i know the risks around that, this is a snapshot of where things are, not a production of where they will be. The snapshot right now, 57 40 1 , according to the poll yesterday. Cnn, the 57 being joe biden, and 41 being donald trump, that poll conducted from october 4. That is important because we have been
Joe, its these mnuchin headlines getting something done in terms of stimulus by the election, he says, is tough. That caused a bit more of a selloff in stocks and it underscores why the nasdaq continues to have a bit under it yes, it does clearly and youre also seeing a little bit of a fallback in yield, scott. The tenyear is pushing back towards 70 basis points, somewhat troubling, i would think the market needs a little bit of some of the Forward Momentum that its been carrying in the last week or so to really cool off a little. I think we were getting a little too vertical in the way we were appreciating so the negative news that youre getting on the stimulus aligns with maybe a much needed little bit of pause in that rate of appreciation im not overly concerned by it. Yeah, rates are falling you see it there 71 basis points is where we are on the tenyear, an issue to deal with, tiffany, or perhaps the message in the fall. Everything is coming down on the mnuchin comments but its mo
Down. 2 , nonfarm futures, claims better than expected. Next chart, dollar remains in story or theme around the dollar today, relative weakness against the g10 but not so much against emergingmarket currencies. That is what the dollar is doing right now. Weakness in offshore currency remains on the back of this broader news from the trump administration, down. 2 , that is your aussie dollar, risk off mood, down. 1 , and the boe is flat against the u. S. Dollar. Gold move to commodities, publicly above 2050 and out, further gains. Not as Much Movement in terms of stimulus conversations in washington. Barrel, up,42 a maybe on track for gains across the week. And that is your yield for the 1132 and 52. , tencents down on the back of this executive order. Just how much and how significant this move is by President Trump is of course the question, given wechat is largely used by the chineseamerican community. It is not clear how much revenue tencent derives from the u. S. Market, but this i