November 6, 2020
Financial markets came off highs as gridlock from a Biden presidency and a Republican Senate was fully priced in, even as the US Presidential election count continued. The dollar steadied after weakening to two-year lows and US Treasuries were unchanged.
Asia Times Financial columnist Ralph Jennings tells ATF TV how Taiwanese chip giant TSMC could continue supplying semiconductors to leading Chinese tech firms, despite US sanctions that have for now halted sales to companies like Huawei
President Donald Trump's rage demonstrated at a press briefing late on Thursday is likely to intensify amid reports that his lead in the race to take Georgia has evaporated, further strengthening the likelihood his Democratic challenger will moving into the White House in January.
Saudi Arabia’s Public Investment Fund plans to buy a $1.3 billion, 2% equity stake in Reliance Retail Ventures, the latest investment by the sovereign wealth fund into the empire controlled by billionaire Mukesh Ambani.
US non-farm payrolls are expected to show 600k new jobs were added to the US economy in October. Meanwhile the unemployment rate is expected to slip from 7.9% to 7.7%. Lead indicators have been mixed. A stronger-than-forecast reading could lift sentiment, boosting US stock markets higher, whilst dragging on the safe haven US Dollar.
Fiona Cincotta, analyst
Huawei would hope to get an easier ride from a US administration led by Joe Biden. But even if the Democrat wins this week’s election, the Chinese tech company must wait another two months for him to take office - and in that time a disgruntled Trump won’t be in the mood to offer any favours to a company he considers a security threat.
Jason Tsui, managing director, Institutional Business, Lombard International
