Market Talk – Wednesday, Feb. 24

Swiss:

ZEW Expectations (Feb) increased from 43.2 to 55.5

US/AMERICAS:

The Food and Drug Administration endorsed Johnson & Johnson’s new coronavirus vaccine, marking the third available vaccination in the US. The new vaccination only requires one dosage, unlike Pfizer and Moderna, however it is less effective with a 66% overall effectiveness rating. For people with pre-existing conditions over 60, the vaccine is only 42.3% effective. The FDA plans to deliberate later in the week to decide is an emergency approval is warranted.

Federal Reserve Board Governor Lael Brainard echoed words stated yesterday by Fed Chairman Jerome Powell in that the US is far from meeting employment and inflation targets. “Today the economy remains far from our goals in terms of both employment and inflation, and it will take some time to achieve substantial further progress,” Brainard said. Under a policy adopted in August 2020, the central bank will not raise interest rates during times of low inflation, as providing the labor market time to recover if their first priority.

Brazil’s federal public debt reached a new high, according to data released by the Treasury this Wednesday. Federal public debt advanced 1% from December to January, before reaching 5.06 trillion reais ($931.7 billion). The total domestic debt stock has reached 4.82 trillion reais after rising 1.2% MoM.

US Market Closings:

  • Dow advanced 424.58 points or 1.35% to 31,961.93
  • S&P 500 advanced 43.99 points or 1.13% to 3,925.36
  • Nasdaq advanced 132.77 points or 0.99% to 13,597.97
  • Russell 2000 advanced 53.07 points or 2.38% to 2,284.38

Canada Market Closing:

  • TSX Composite advanced 154.44 points or 0.84% to 18,484.53
  • TSX 60 advanced 8.28 points or 0.76% to 1,098.86

Brazil Market Closing:

  • Bovespa advanced 440.32 points or 0.38% to 115,667.78

ENERGY:

The oil markets had a mixed day today:

  • Crude Oil increased 1.59 USD/BBL or 2.58% to 63.2600
  • Brent increased 1.76 USD/BBL or 2.69% to 67.1300
  • Natural gas decreased 0.057 USD/MMBtu or -1.98% to 2.8220
  • Gasoline increased 0.0364 USD/GAL or 1.96% to 1.8950
  • Heating oil increased 0.0375 USD/GAL or 2.01% to 1.9055
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Disclosure: None.

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