Here is the list of news you need to catch up for today:
- Germany and France Announce New National Lockdowns due to 2nd Wave of Covid-19
- The ECB Meeting Preview on October, 29
- Big Tech Companies Announcement their Balance-Sheet upon the Closing Tonight
Germany and France Announce New National Lockdowns due to Second Wave of Covid-19
French President Emmanuel Macron said the second wave sweeping Europe will be ‘’ more deadly than the first’’. Hence, France and Germany are back in lockdown with tough restrictions. France will be in lockdown with just schools and essential businesses staying open until December, 1. Until the end of November, French citizens must stay indoors, only allowed to be outside to buy goods, for medical care, and to exercise for one hour a day. Meanwhile, restaurants, bars, gyms, and cultural places such as theaters will be closed in Germany, leaving only schools and shops open.
ECB Meeting Preview on October,29
The upcoming ECB meeting has become extremely important and interesting with COVID- 19 cases increasing throughout Europe and the US. Analysts say the ECB is expected to take action at its next meeting, which will take place in December. For the time being, what is expected regarding the upcoming ECB meeting:
- Rising covid numbers and tightening of restrictions will provide a backdrop to the interest-rate decision, which will be announced following the press conference with ECB President Christine Lagarde.
- Ahead of the meeting, the EUR/USD is almost at its October monthly low around 1.1688. In determining the course of the EUR over the next month or so, the President’s news conference would likely be critical.
- Deutsche Bank analysts have said that ‘’ With the second wave of COVID-19 infections rising, we expect the ECB to warn of growing downside risks amid an already weak outlook for inflation. This will open the door to an easing of policy in December. ‘’
Big Tech Companies Announcement their Balance Sheet upon the Closing Tonight
Since June, U.S. stocks have dropped the most, with growing cases of the coronavirus threatening the economic recovery. This week, more than $2 trillion was wiped from the value of American equities. The shares of big tech firms from Apple Inc. to Amazon Inc. have gotten so expensive related to their expected earnings that it became impossible to justify further price gains. Next up are the other four of the sectors five largest that have a total market value of $5 trillion. Apple, Amazon, Facebook and Alphabet all report after the close today, on October 29. The strong 3rd quarter of the calendar is expected to be seen, but the emphasis will be on how theoy perform by the end of 2020.
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