Post by Dave on Dec 6, 2020 15:15:25 GMT -8
Good morning, yes it’s Monday again. The pre-market is a little red at -$0.02 at this moment.
What to Expect in the Markets This Week
Sunday, Dec. 6:
Chinese Trade Balance (Nov.)
Monday, Dec. 7:
German Industrial Production (October)
Canadian Ivey Purchasing Managers' Index (PMI) (October)
Japanese Household Spending (October)
Japanese Gross Domestic Product (GDP) (Q3)
Tuesday, Dec. 8:
German ZEW Current Conditions and Sentiment Indexes (December)
Eurozone Preliminary GDP (Q3)
Brazilian Consumer Price Index (CPI) (November)
Chinese CPI (November)
Wednesday, Dec. 9:
German Trade Balance (October)
Brazilian Central Bank Interest Rate Decision
U.S. Job Openings and Labor Turnover Survey (JOLTS) (October)
Bank of Canada Interest Rate Decision
Mexican CPI (November)
Thursday, Dec. 10:
Scheduled IPO of Airbnb
U.K. Manufacturing Production (October)
U.K. Monthly GDP Estimate (October)
U.K. Trade Balance (October)
Brazilian Retail Sales (October)
European Central Bank (ECB) Policy Statement and Interest Rate Decision
U.S. Core CPI (November)
Friday, Dec. 11:
Deadline for U.S. Congress to Pass a Funding Bill to Avert Government Shutdown
German CPI (November)
French CPI (November)
Indian CPI (November)
U.S. Preliminary Michigan Consumer Sentiment and Expectations (December)
Airbnb IPO
On Thursday, Dec. 10, Airbnb will begin trading on the Nasdaq under the ticker ABNB. It is selling 50 million shares at between $44 and $50 a share; at the midpoint, this would raise $2.3 billion for the company. After the IPO, Airbnb's market value would stand at upwards of $35 billion if its stock sells at the higher end of its range. That's way up from the $18 billion valuation earlier this year after the pandemic smashed its bookings, but only somewhat up from the $31 billion valuation it garnered in a funding round in 2017. While its business has been hit hard by the pandemic, with sales dropping 72% year-over-year in Q2 2020, its YoY sales decline in Q3 2020 was just 18%, and it managed to turn a profit after major cost cuts.
Government Shutdown
As election and stimulus talk has dominated government news, another issue is looming, the need to pass a bill to avert another government shutdown. If Congress does not pass a funding bill of some sort by Friday, Dec. 11, most Federal agencies will run out of funding and we will enter another government shutdown, the third shutdown under the current administration. Tangled up in the dispute is what stimulus and relief funding there will be in the spending bill. A bipartisan $908 billion proposal has gained support from Democratic House and Senate leadership, a substantial compromise from their starting point of $2.2 trillion, in turn, already a compromise from the $3.3 trillion HEROES Act passed by the House in May. However, Republican Senate Majority Leader Mitch McConnell, who had proposed a similarly sized package in the summer, insisted that proposed stimulus be cut in half again, proposing only $500 billion in stimulus and relief spending.
ECB Decision
With Brexit negotiations coming down to the wire and a second wave of COVID-19 cases surging across the EU, the ECB will announce its next monetary policy measures and interest rate decisions on Dec. 10, this upcoming Thursday. In an interview with Bloomberg on Dec. 1, ECB Board Member Isabel Schnabel indicated that the ECB isn't afraid of disappointing markets with new stimulus and that "It is appropriate to focus on preserving these conditions rather than easing much further."
Thought that I would get an early start on the week by opening the thread last night, or at least it was dark out, and I didn’t think anyone would notice. My bad.
What to Expect in the Markets This Week
Sunday, Dec. 6:
Chinese Trade Balance (Nov.)
Monday, Dec. 7:
German Industrial Production (October)
Canadian Ivey Purchasing Managers' Index (PMI) (October)
Japanese Household Spending (October)
Japanese Gross Domestic Product (GDP) (Q3)
Tuesday, Dec. 8:
German ZEW Current Conditions and Sentiment Indexes (December)
Eurozone Preliminary GDP (Q3)
Brazilian Consumer Price Index (CPI) (November)
Chinese CPI (November)
Wednesday, Dec. 9:
German Trade Balance (October)
Brazilian Central Bank Interest Rate Decision
U.S. Job Openings and Labor Turnover Survey (JOLTS) (October)
Bank of Canada Interest Rate Decision
Mexican CPI (November)
Thursday, Dec. 10:
Scheduled IPO of Airbnb
U.K. Manufacturing Production (October)
U.K. Monthly GDP Estimate (October)
U.K. Trade Balance (October)
Brazilian Retail Sales (October)
European Central Bank (ECB) Policy Statement and Interest Rate Decision
U.S. Core CPI (November)
Friday, Dec. 11:
Deadline for U.S. Congress to Pass a Funding Bill to Avert Government Shutdown
German CPI (November)
French CPI (November)
Indian CPI (November)
U.S. Preliminary Michigan Consumer Sentiment and Expectations (December)
Airbnb IPO
On Thursday, Dec. 10, Airbnb will begin trading on the Nasdaq under the ticker ABNB. It is selling 50 million shares at between $44 and $50 a share; at the midpoint, this would raise $2.3 billion for the company. After the IPO, Airbnb's market value would stand at upwards of $35 billion if its stock sells at the higher end of its range. That's way up from the $18 billion valuation earlier this year after the pandemic smashed its bookings, but only somewhat up from the $31 billion valuation it garnered in a funding round in 2017. While its business has been hit hard by the pandemic, with sales dropping 72% year-over-year in Q2 2020, its YoY sales decline in Q3 2020 was just 18%, and it managed to turn a profit after major cost cuts.
Government Shutdown
As election and stimulus talk has dominated government news, another issue is looming, the need to pass a bill to avert another government shutdown. If Congress does not pass a funding bill of some sort by Friday, Dec. 11, most Federal agencies will run out of funding and we will enter another government shutdown, the third shutdown under the current administration. Tangled up in the dispute is what stimulus and relief funding there will be in the spending bill. A bipartisan $908 billion proposal has gained support from Democratic House and Senate leadership, a substantial compromise from their starting point of $2.2 trillion, in turn, already a compromise from the $3.3 trillion HEROES Act passed by the House in May. However, Republican Senate Majority Leader Mitch McConnell, who had proposed a similarly sized package in the summer, insisted that proposed stimulus be cut in half again, proposing only $500 billion in stimulus and relief spending.
ECB Decision
With Brexit negotiations coming down to the wire and a second wave of COVID-19 cases surging across the EU, the ECB will announce its next monetary policy measures and interest rate decisions on Dec. 10, this upcoming Thursday. In an interview with Bloomberg on Dec. 1, ECB Board Member Isabel Schnabel indicated that the ECB isn't afraid of disappointing markets with new stimulus and that "It is appropriate to focus on preserving these conditions rather than easing much further."
Thought that I would get an early start on the week by opening the thread last night, or at least it was dark out, and I didn’t think anyone would notice. My bad.