Investment. Com – Donald Trump almost in the departure hall, China is organizing the world’s largest trade deal ever, stocks are set to rise as Moderna Vaccine News (NASDAQ: MRNA) allows investors to see more shocking Covid-19 numbers spread through the U. s. in the weekend. PNC Financial (NYSE: PNC) buys BBVA (MC: BBVA) from U. s. Operations, while Simon Property (NYSE: SPG) forces rival Taubman mall operator to accept a lower price. Here’s what you need to know in the financial markets on Monday, November 16th.
President Donald Trump is close to admitting defeat in the United States. s. Election, though he backed away from what appeared to be a concession on Twitter after thinking better about him on his way to the golf course.
Trump’s refusal to release the funds and the usual mandates for the post-election transition angered Democrats and further angered Republicans, who warned of endangered national security issues.
The power vacuum in the Federal Administration also threatens to weaken the response to the Covid-19 pandemic, which continues to set new records for new cases and hospitalizations over the weekend.
The number of people hospitalized with Covid-19 was just under 70,000 on Sunday, more than double the level eight weeks ago.. The total number of confirmed cases in the United States. s. From 9 million to 11 million in just two weeks. An average of 1,321 Americans died a day from the disease last week, the highest rate since August. In better news, Moderna said early-stage data indicated an experimental Covid-19 vaccine is 94. 5% effective in preventing infection.
China finally blockaded 14 other countries across the Asia-Pacific region in the world’s largest trade agreement over the weekend, underlining the scale of the task President-elect Joe Biden will undertake in reaffirming. s. Leading the global economy.
The “Regional Comprehensive Economic Partnership” does not include the entire region and is far from comprehensive, but at least it does introduce lower tariffs on trade in a wide range of goods, something that is likely to reinforce China’s dominance over the Asia. Economy.
Japan, South Korea, Singapore, Australia and New Zealand are all signatories to the deal, which covers a third of the world’s population and one-third of its GDP..
Yo. s. Equity markets are set to open higher, as investors remain ready to consider the short-term rally in Covid cases and focus on the possibility that vaccines will become available in the new year to help..
By 6:30 AM ET (1130 GMT), the Dow 30 futures rose 277 points, or 0. 9%, while S&P 500 futures rose 0. 8% and Nasdaq futures rose 0. 6%.
Overnight, Chinese markets closed gains of nearly 1%, buoyed by RCEP news and numbers showing industrial production growth remained at 6.. 9% year over year in October, better than expected. Retail sales growth accelerated to 4. 3%, but was below expectations.
European stock markets have also gained from the same factors, and hopefully this week will finally see a deal to ensure the post-Brexit transition period with the European Union. K. It ends in an orderly manner in January. 1.
PNC Financial purchased the U. s. BBVA assets the second largest bank in Spain for $ 11. 6 billion, the second largest banking transaction in the United States. s. Since the collapse of Lehman Brothers in 2008.
The deal will open large markets in the South and Southwest for North Carolina-based PNC and make it U. s. The fifth largest company by assets, with more than $ 500 billion in total. That still leaves it less than half the size of JPMorgan, Bank of America (NYSE: BAC), Citigroup (NYSE: C), and Wells Fargo (NYSE: WFC).. . PNC is redistributing nearly all of the money it earned from selling its stake in Blackrock (NYSE: BLK) earlier this year..
BBVA’s share price rose 15% on the back of the news, a deal that illustrates the value of the stock hit hard by the pandemic this year. The news also led to a 15% rise in Banco de Sabadell’s price, as the local market predicted that BBVA would use the money to pool in its home market, as it is set to lose second place due to the planned merger of CaixaBank and Bankia..
Simon Property (NYSE: SPG), United States. s. Largest shopping center operator, acquisition target convinced Taubman (NYSE: TCO) to accept a lower price, allowing the mall sector to standardize.
Under the new terms, Simon will pay Taubman shareholders $ 43 a share, down from the originally agreed price of $ 52. 50.
It’s the latest big deal with M&A to be reviewed as a result of the pandemic, after LVMH (PA: LVMH) pressed 2. 6% off Tiffany Management (NYSE: TIF) last month. This comes as Pfizer announced that its experimental Covid-19 drug has restored hope in the retail sector in the broken brick industry.. .
By Katanga Johnson Washington (Reuters) – Yu. s. Securities and Exchange Commission Chairman Jay Clayton will step down at the end of the year, Wall Street. . .
By Jan Stropchevsky BRUSSELS (Reuters) – Hungary and Poland on Monday banned the adoption of the 2021-2027 budget and recovery fund by European Union governments because they. . .
By Kate Abnett BRUSSELS (Reuters) – Taxes will not escape European Union plans to curb global warming emissions, and fees should be adjusted to reflect the climate and. . .
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