News & Analysis

Overnight on Wall Street: Tuesday 10 November 2020

November 10, 2020

By Deepta Bolaky

Equity Markets

Following the election updates, global equities continued the rally on the back of positive vaccines updates.  Pfizer and BioNTech announce vaccine candidates against COVID-19 achieved success in first interim analysis from the Phase 3 Study. The vaccine candidate was found to be more than 90% effective in preventing COVID-19 in participants without evidence of prior SARS-CoV-2 infection in the first interim efficacy analysis.

In the US markets, major US equity indices pared gains towards the final trading hours on speculations that the divided Congress will only pass a smaller relief package by the year-end. While the Dow and S&P500 remained in positive territory, Nasdaq Composite dropped in the red dragged by the downbeat performance of the tech giants.

  • The Dow Jones Industrial Average added 835 points or 3% to 29,158.
  • S&P 500 rose by 41 points or 1.2% to 3,551. 

  • Nasdaq Composite lost 181 points or 1.5% to 11,714.

Currency Markets 

In the FX space, the price action in the markets was mostly driven by geopolitics amid a relatively subdued economic calendar. Major currencies were mixed against the US dollar following the upbeat market mood and vaccine updates. Commodity-linked currencies remained stronger against the greenback on Monday while safe-haven currencies like the Swiss franc and Japanese Yen took a beating. The British Pound also rose higher lifted by comments from the British finance minister Rishi Sunak that there was significant progress made on the Brexit negotiations front. 


Crude oil prices posted modest gains on the back of the broad optimism in the markets. The positive vaccine news has revived hopes of the global oil demand recovery amid fresh lockdown measures. As of writing, WTI Crude oil (Nymex) and Brent Crude (ICE) were trading at around $39.84 and $42.04 respectively. Oil traders will now be looking for weekly oil reports for fresh trading impetus.


After reaching a daily high of $1,965.52, the precious metal dropped to a low of $1,850 on the vaccines updates and the possibility of only a smaller stimulus package. As of writing, the XAUUSD pair is trading around $1,861.

Source: GO MT4

By Deepta Bolaky

Key upcoming events

  • Imports, Exports, Trade Balance (Australia)
  • Factory Orders (Germany)
  • Retail Sales (Eurozone)
  • Bank of England Monetary Policy Report, BoE MPC Vote, Monetary Policy Summary, BoE Asset Purchase Facility, Bank of England Minutes, BoE Interest Rate Decision, and Governor Bailey Speech (UK)
  • Jobless Claims, Nonfarm Productivity, Unit Labor Costs, Fed Interest Rate Decision, Fed’s Monetary Policy Statement and FOMC Press Conference (US)
Wednesday, 11 November 2020 
Indicative Index Dividends
Dividends are in Points
ASX200 WS30 US500 US2000 NDX100 CAC40 STOXX50
4.099 0 0 0 0 0 0
ESP35 ITA40 FTSE100 DAX30 HK50 JP225 INDIA50
0 0 0 0 0 0 0

Disclaimer:  The articles are from GO Markets analysts,  based on their independent analysis or personal experiences. Views or opinions or trading styles expressed are of their own;  should not be taken as either representative of or shared by GO Markets.  Advice (if any),  are of a ‘general’ nature and not based on your personal objectives, financial situation or needs.  You should therefore consider how appropriate the advice (if any) is to your objectives, financial situation and needs, before acting on the advice.  If the advice relates to acquiring a particular financial product, you should obtain and consider the Product Disclosure Statement (PDS) and Financial Services Guide (FSG) for that product before making any decisions.