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Contents Click on the links below to get to the stuff you really really want. USA – OPEC agrees oil production cuts; Covid-19 deaths record; Positive jobs data; Stocks flat (#USA) UK – Pressure on for Brexit deal; Pound up slightly, FTSE 100 up 0.4%; Miners up, Just Eat down (#UK) Continental Europe – Investors cautious; Chemical companies continue to fall (#Europe) Elsewhere – Modest rises (#Elsewhere) WTF – Bar tender appreciation day (#WTF) Links (#Useful) Numbers (#Numbers) Ts & Cs (#Ts+Cs)
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USA
OPEC (Saudi Arabia and hangers on) and Russia agreed a deal to cut production of oil, albeit more gradually than had been expected. That sent oil prices up a touch and, more importantly, provided a projection of some stability in oil supplies. It’s not too much to get excited about, and investors duly didn’t get excited, they’d already priced in expectations. So oil-producing stocks didn’t rise much yesterday. In fact, a good few across the world nudged down from recent gains.
Meanwhile, the US hit another record of Covid-19 deaths in a day. The worries over this were offset to an extent by better-than-expected jobs data. But the key numbers will come out later today, and they will give an update on how the US economy is faring now and for the coming weeks.
While we wait, stocks and bonds nudged around, not really doing much that was interesting. The S&P 500 closed 0.1% lower on the day.
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UK
In the UK, we’re at the latest deadline for a Brexit deal. It needs to be sorted out this weekend. Michel Barnier is over here to meet his fellow Covid-19 victim, Bojo. The value of the pound has been pushed up and down as prospects of a deal rise and fall. This has pushed export-focused stocks around, and generally given UK investors something to worry about.
The pound rose a little yesterday and, sure enough, that held back gains on the FTSE 100 which closed 0.4% up on the day. The FTSE 250 is less export-focused, hence it managed to add 1.3%. The general hopes of vaccine and Brexit positive news pushed mining companies up and sent Just Eat down, a see-saw that we’ve seen aplenty in 2020.
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Continental Europe
Investors were still acting with caution on the continent. Chemical companies continued to fall, led by Linde which was dumped by Fidelity yesterday. By contrast, Airbus and MTU Aero Engines followed the Rolls Royce (aircraft engineering) example of rising after the UK company’s restructuring and focus on engines that have a positive future.
The Euro Stoxx 50 and German DAX were down by 0.1% and 0.5% respectively on the day.
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Elsewhere
Stocks across the Asia Pacific region are modestly higher this morning as hopes gather that the vaccines will be effective soon and that a US financial stimulus plan can be agreed.
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WTF (What’s The Fact?)
Bartender appreciation day
It’s bartender appreciation day, and I fully intend to express my appreciation by ordering something at a bar at some stage over the weekend, even if it’s takeaway.
I worked as a bar tender at a crappy hotel while I was a student. And what a thankless task that was. I’d be behind an ill-equipped and over-priced bar for local football clubs Christmas parties and then for the various footballers weddings. Sadly, they didn’t celebrate their divorces, I’d love to have been there for those speeches.
It’s not the worst job I’ve had. That would be wrapping lettuces. Let’s go to a bar and I’ll tell you about it.
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Links
Investopedia (www.investopedia.com/dictionary/) – Loads of free explanations of financial terms including some helpful videos. Not 100% accurate, but a good starting point Guffipedia (ig.ft.com/sites/guffipedia/) – Lucy Kellaway of the FT has collected some painful examples of corporate people disappearing up their own analogies Guardian (www.theguardian.com) – Free to access website with a couple of decent columnists (e.g. Nils Pratley and Larry Elliott) Times of India (timesofindia.indiatimes.com) – Why use five words when 37 will do? Daily Mail (www.theatlantic.com/magazine/archive/2016/07/the-war-on-stupid-people/485618) – Click it. I dare you.
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———————————————————— IMPORTANT This is my opinion. Yes I read a lot and share what I’ve read with you, but this content remains my opinion. It’s NOT advice. If you take my advice – don’t take my advice. Any decisions you make about investments, your hairstyle or whether or not to eat marzipan are entirely at your own behest. If you’re unable to recognise the devil’s ear wax when you see it, then you’re on your own.
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