Morning Minutes December 8, 2020

Morning Minutes

Backing and Filling Continues as Investors Await Vaccines and Fiscal/Trade Deals

December 8, 2020

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Market Commentary By:
Colin Cieszynski, CFA, CMT
Chief Market Strategist
ccieszynski@siawm.com
+1 (647) 282-4428

Coming off of a mixed Monday, this morning finds world markets trading moderately lower as investors digest recent all-time highs for some indices and await pending developments. On the vaccine front, the UK has started to roll out Pfizer’s vaccine today with a decision from the FDA on use in the US expected later this week. President Trump is scheduled to host a “Vaccine Summit” today.

Meanwhile, the UK and EU continue to negotiate a trade agreement ahead of a December 31st deadline. In the US, politicians continue to work on spending and stimulus arrangements ahead of deadlines of December 11 to avert a government shutdown and December 31 to avert several emergency fiscal support programs expiring.

US index futures are down 0.2%-0.3%, while overseas, the Dax, FTSE and Nikkei are all down 0.1%-0.3%. Gold has bounced back 0.2% but silver is down 0.4%. Commodities are sliding this morning with copper down 0.8%, WTI crude oil down 0.7% and Brent crude down 0.4%.

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