Monday, November 30

Day: October 22, 2020

FDA approves Gilead’s remdesivir as coronavirus treatment
Business news

FDA approves Gilead’s remdesivir as coronavirus treatment

The Food and Drug Administration on Thursday approved Gilead Sciences' antiviral drug remdesivir as a treatment for the coronavirus.In May, the FDA granted the drug an emergency use authorization, allowing hospitals and doctors to use it on patients hospitalized with the disease even though the medication had not been formally approved by the agency. The intravenous drug has helped shorten the recovery time of some hospitalized Covid-19 patients. It was one of the drugs used to treat President Donald Trump, who tested positive for the virus earlier this month.The drug will be used for Covid-19 patients at least 12 years old and requiring hospitalization, Gilead said. Remdesivir is now the first and only fully approved treatment in the U.S. for Covid-19, which has infected more than 4...
Top traders say Bitcoin log chart points to a 2017-style BTC bull run
Crypto News

Top traders say Bitcoin log chart points to a 2017-style BTC bull run

Peter Brandt, a well-regarded veteran trader, recently emphasized the high demand from institutions as a key catalyst for Bitcoin's strong performance.BTC/USD 1-month chart. Source: TradingViewThe strong high time frame technical structure of BTC, especially the weekly chart, and the strengthening fundamentals are buoying the market sentiment. In a tweet, Brandt posted the above chart and said:“Bitcoin—IF the current gains hold through end of Oct—is poised for the second-highest monthly close ever. $BTC Institutions are increasingly involved in Bitcoin ownership. Institutions mark the value of their assets monthly.”In addition to the rise in trading volume and growing institutional appetite, investors are referring to the logarithmic chart to forecast a broader rally.Raoul Pal ...
SP ends choppy session lower as US stimulus talks drag on
Stock News

SP ends choppy session lower as US stimulus talks drag on

Wall Street’s three major averages closed lower on Wednesday after a volatile trading session, as investors worried whether difficult negotiations in Washington would produce a deal for a fresh U.S. coronavirus stimulus package.White House Chief of Staff Mark Meadows said that while there are a number of differences between the White House and Congressional Democrats, Republican President Donald Trump was “willing to lean into” working on an agreement.Before starting afternoon talks with Treasury Secretary Steven Mnuchin, U.S. House Speaker Nancy Pelosi said there was still a chance for a deal despite resistance from Senate Republicans, though she acknowledged it might not pass until after the election.“As long as she keeps dangling the carrot out there that there’s still a chance...
After The Bell: Nifty breaks 4-day winning streak; here is what should investors do on Friday?
Stock

After The Bell: Nifty breaks 4-day winning streak; here is what should investors do on Friday?

The Indian market snapped its four-day winning streak as bears took control of D-Street, following a muted trend in global markets. The Sensex fell by about 150 points to 40,558 and the Nifty failed to hold on to 11,900 levels.Sectorally, the action was seen in telecom, power, capital goods, and oil & gas, while profit-taking was visible in IT, banks, healthcare and finance.Experts feel the volatility in the market is likely to continue in the run-up to US elections. They advise traders to track crucial support levels in case the index starts to drift southwards.Shrikant Chouhan, Executive Vice President, Equity Technical Research at Kotak Securities, said the strategy should be to buy Nifty if it crosses 11,950 levels. "In that case, Nifty could move up to 12,050 or 12,100 le...
EUR/USD: ECB meeting is no game changer – Danske
Forex

EUR/USD: ECB meeting is no game changer – Danske

Next week, the European Central Bank (ECB) will have its policy meeting. Analysts at Danske Bank do not expect any new measures to be announced.  They expect the central bank to send its usual dovish signals, which could raise further market expectations for a December decision to increase/extend PEPP due to its open interpretation of the language. They see the EUR/USD at 1.17 in a month and at 1.20 in three months.Key Quotes:“Over the past 2-3 months, we have seen EUR/USD and European equities go broadly sideways while short-term market interest rates have moved lower. This generally reflects a weakening pace of recovery in the euro area, in part due to the resurging coronavirus. In addition, it reflects a mild weakening of the political situation in Europe.”“We expect the ECB to ...
Tradespoon Review 2020: What We Like and Dislike
Online Trading

Tradespoon Review 2020: What We Like and Dislike

Value For Investors Value For Active Traders Fees Platform & Tools Customer ServiceSummary Tradespoon offers several nice analysis tools that provide quick price forecasts that day traders can use to make trade decisions, but the company’s prices are awfully steep.ProsFree 7-day trial Futures, forex, and bitcoin forecasting Multiple subscription plans Large suite of tools Website is easy to useConsNo trading capability Customer service is substandard No desktop software or mobile app Integration is limited Expensive subscription plansIn this TradeSpoon review we dive deep into their offerings, what we like and dislike and how it compares to other companies.Brief OverviewTradespoon ...
HDFC AMC Q2 results: PAT falls 8% to Rs 338 cr
Stock News

HDFC AMC Q2 results: PAT falls 8% to Rs 338 cr

New Delhi: HDFC Asset Management Company (AMC) on Thursday reported a 8 per cent decline in profit after tax (PAT) at Rs 338.06 crore for the three months ended September 30. The company had posted a PAT of Rs 368.24 crore in the year-ago period, HDFC AMC said in a regulatory filing to the stock exchanges.Total income rose to Rs 569.95 crore in the quarter under review from Rs 549.07 crore in the corresponding quarter a year ago.The company's average asset under management (AAUM) stood at Rs 3.75 lakh crore as of September 30, 2020 as against Rs 3.76 lakh crore on September 30, 2019. Credit: Stocks-Markets-Economic Times
Paul Tudor Jones says Bitcoin is ‘like investing early in Apple or Google’
Crypto News

Paul Tudor Jones says Bitcoin is ‘like investing early in Apple or Google’

Famed Wall Street investor and billionaire Paul Tudor Jones said that he likes Bitcoin "even more than I did then,” referring to his initial investment announced in May 2020.Jones praised Bitcoin on CNBC’s Squawk Box morning show, revealing that he holds a “small single-digit investment” in the asset.His investment thesis remains unchanged — Bitcoin is an excellent hedge against inflation, which is expected to ramp up in the next few years due to central bank intervention. Unprecedented amounts of quantitative easing and balance sheet expansion, in addition to more aggressive commitment to inflation by the Fed, resulted in heightened inflation expectations.Bitcoin, according to Jones, is one of the best “inflation trades” when compared to traditional options like gold, Treasury Inf...
Weekly jobless claims drop to the lowest level since the pandemic started in March
Business news

Weekly jobless claims drop to the lowest level since the pandemic started in March

New filings for jobless claims in the U.S. totaled 787,000 last week, the lowest total since the early days of the coronavirus pandemic.Economists surveyed by Dow Jones had been expecting 875,000 for the week ended Oct. 17.The total reflected a decline of 55,000 from the downwardly revised 842,000 in the previous week. The last time the weekly claims total was lower was the 282,000 on March 14, just before an avalanche of layoffs that followed shutdown efforts to combat the virus.One reason for the decline in jobless claims has been the migration of workers who have exhausted their regular benefits and have moved to the Pandemic Unemployment Assistance emergency compensation program.That total increased by 509,828 for the week ended Oct. 3 to 3.3 million. Recipients under that ...
Pound Sterling Price News and Forecast: GBP/USD slides below 1.3100 mark, fresh session lows
Forex

Pound Sterling Price News and Forecast: GBP/USD slides below 1.3100 mark, fresh session lows

GBP/USD: Strong near-term recovery towards the March high at 1.3201 – CommerzbankGBP/USD soared on Wednesday and Karen Jones, Team Head FICC Technical Analysis Research at Commerzbank, looks at the 1.3201 March high after the cable moved above the 1.3085 mark.Key quotes: "GBP/USD has seen a pretty strong rebound from the 20-day ma and this has effectively neutralised the near-term outlook. It is immediately bid above the near-term uptrend at 1.2881.""The move above 1.3085 implies that the market is capable of retesting the 1.3201 March high and the recent high at 1.3483. In this vicinity is the 1.3468 multi-year downtrend and if seen we would allow this to again hold." Read Moor...GBP/USD slides below 1.3100 mark, fresh session lowsThe intraday USD buying interest picked up pa...