By Geoffrey Smith
GossipMantri.com – The United States is releasing its latest jobless claims ahead of the holidays, along with weekly oil inventories data that could confirm further signs of falling demand. France is reopening its key border with the UK under pressure to keep internal trade flowing, and Elon Musk says he has already contacted Tim Cook with a view to selling Tesla to Apple. Here’s what you need to know about the financial markets on Wednesday, December 23rd.
1. Unemployment claims, personal income data due
The United States will release weekly unemployment compensation claims figures at 8:30 a.m. ET, fearing the new variant of the Covid-19 virus could cause longer and tighter restrictions on the economy during the new Year.
The key figure for is seen to remain at 885,000. Separately, the United States will also release data and spending for November.
The numbers come a day after President Donald Trump caused confusion by demanding changes to the $ 900 billion stimulus package sent to him by Congress before signing it. Trump said Congress should increase the size of direct stimulus controls and remove various elements of government spending contained in the separate spending bill that was also passed over the weekend.
2. France is reopening its border with the United Kingdom.
France has agreed to reopen its border with the United Kingdom, after sealing it this weekend in response to the discovery of a new, more contagious variant of the Covid-19 virus.
Many other countries have also severed transport links with the UK, but the French border is particularly important as it covers the Channel Tunnel, a vital artery for trade on the continent. The shutdown had stranded many European truck drivers in England, while also threatening to lead to shortages of fresh produce in the UK within days.
These economic concerns took precedence over health concerns, as the border was reopened despite the absence of any arrangement that would allow rapid and reliable testing of the disease detection factors.
3. Stocks should be higher; demands data from the eyes
US stocks are expected to open slightly higher, with signs of slowing the market ahead of the Christmas holidays.
As of 6:40 a.m. ET (11:40 a.m. GMT), were up 77 points, or 0.3%, while in line and up 0.2%.
The losses recorded by the and S&P on Tuesday on the back of disappointing consumer confidence and home sales data suggests markets may be sensitive to any further signs of slowing the economy due to the pandemic.
Actions likely to be targeted include Walmart (NYSE :), which fell 1.2% on Tuesday after U.S. lawyers sued it over its alleged role in the opioid crisis. The company called the lawsuit an attempt to deflect attention from government loopholes, especially in the DEA and health departments.
4. Musk tells snobbish by Cook
Elon Musk said he contacted Apple CEO (NASDAQ 🙂 Tim Cook about selling to Apple a few years ago, when Tesla (NASDAQ 🙂 was still struggling to break even. Cook declined to participate in the meeting, Musk said via Twitter.
The comments came a day after Reuters reported that Apple had relaunched plans to build a driverless electric vehicle, with a mass-market product launch in 2024. The report suggests that Apple identified a major advance in battery technology that analysts said Tesla may threaten to blow up.
The prospect of competition from Apple, one of the few companies in the world to match the power of the Tesla brand, helped push Tesla’s stock down 0.9% in pre-market, after losing 1.5% Tuesday.
5. EIA inventories seek confirmation of the constitution of new stocks
Crude oil prices edged up overnight, rebounding after a surprise increase in US inventories last week. The US oil industry estimated that crude inventories rose 2.7 million barrels last week, the sixth consecutive weekly increase and the largest in four weeks.
The United States will release their data at 10:30 a.m. ET, as usual. Last week’s EIA data, which uses a slightly different methodology, showed stocks were moving in a different direction than the API numbers. Today’s figures can therefore help to clarify the trend.
As of 6:40 a.m. ET, futures were up 0.3% to $ 47.14 per barrel, while futures were also up 0.3% to $ 50.23 per barrel.