Morning wrap (11.11.2020)

• US equities finished yesterday's session mixed. Dow Jones gained 0.90%, S&P 500 dropped 0.14% and Nasdaq declined 1.37%. Rotation from tech to value continued

• Gains could be spotted during the Asian session. Nikkei gained 1.78%, S&P/ASX 200 added 1.72% and Kospi moved 1.35% higher. Indices from China declined

• DAXfutures point to a slightly higher opening of the European session

• The New York Times contacted election officials in 50 states. Neither of them reported voter fraud

• Reserve Bank of New Zealand left interest rates and previous QE programmes unchanged. The Bank launched new Funding for Lending Programme worth NZ$28 billion. NZD rallied as RBNZ hinted negative rates may not be needed

• US coronavirus hospitalization jumped above April's peak

• Italian Prime Minister said that national lockdown should not be the first choice as costs are too high

• China passed a rule that allows the removal of members of local parliament in Hong Kong that support independence. Rule was already used to unseat 4 opposition lawmakers

• South Korean exports increased 12.1% YoY during the first 10 days of November

• API report hinted at 5.1 million barrel draw in oil inventories

• Oil gains along with grains. Precious metals book small gains

• NZD and AUD are top movers among majors while JPY and CHF lag the most. USD trades lower against most major and EM currencies

Daily coronavirus case count jumped back above 500,000 on Tuesday. Source: worldometers, XTB