After sharp bounce, market may take a ‘breather’ on lingering election uncertainty, virus outbreak

first_imgThere are a few economic reports in the week ahead, including consumer price index inflation data Thursday and the producer price index Friday. The earnings season is beginning to slow down, but there are still dozens of reports, including from McDonald’s on Monday and Walt Disney, Applied Materials and Cisco on Thursday.“I think next week is just setting up to be a breather. There’s still a lot to figure out here,” said Grohowski. “The equity market’s reaction has been I think understandable and probably better than many might have expected.”Grohowski said there may be uncertainty for awhile. “What I’m thinking about is the Senate races. Part of the market reaction has been relying on this divided government.” After the votes are all in or recounted, “a sweep is unlikely but possible.”“I think the longer this stays uncertain and messy, the more the post-election bounce comes into question,” he said.Different than 2000It would not be unusual for the stock market to sell off before rallying into year end, according to Sam Stovall, chief investment strategist at CFRA. Stovall does not expect the type of turbulence there was in 2000, when former Vice President Al Gore lost to George W. Bush in a tight race that ultimately went to the Supreme Court.“In 2000, they were not expecting hanging chads. But they do expect a contested election this time. I think in many ways the market anticipated this,” said Stovall.But the market, after its election week surge, could pull back. “Historically, the market goes down in the month of November, after a Democratic victory,” said Stovall. Since World War II, Democrats won the White House nine times, and the market fell an average of 0.5% in November in those years, compared to the average gain for all Novembers of 1.4%, he said.After those Democratic victories, stocks then rose 1.9% in December on average, more than the normal 1.5% gain for all Decembers.Strategists said they currently do not expect the kind of lockdowns that states ordered when the pandemic started to spread in March. But there could still be some impact that could be negative for stocks.Grohowski said he sees some signs of optimism for the market. Strong data, like third quarter GDP, October’s drop in unemployment to 6.9%, and the better-than-expected earnings are all positives for the market. Another is that investors are so skeptical.“What does still exist is a great deal of dry powder. There’s $4.3 trillion in money markets alone,” he said. “I can tell you, being in touch with investors of all shapes and sizes this week, there’s still a lot of skepticism. From a contrarian view, high cash and a lot of skepticism is a contrarian indicator.”Week ahead calendarMonday Earnings: McDonald’s, SoftBank, Beyond Meat, Simon Property Group, Ambac Financial, Tilray, ZoomInfo, Occidental Petroleum, Myriad Genetics, Taubman Centers, International Flavors and Fragrances, Norwegian Cruise, Canopy Growth, Aurora Cannabis, Party City 1:30 p.m. Cleveland Fed President Loretta Mester2:00 p.m. Senior loan officer survey Tuesday Earnings: Lyft, Advance Auto Parts, Adidas, D.R. Horton, Rockwell Automation, CyberArk Software, Hain Celestial, Rackspace, Ashland, Rocket Cos 6:00 a.m. NFIB small business survey10:00 a.m. JOLTS10:00 a.m. Boston Fed President Eric Rosengren WednesdayVeterans DayBond market closed, stocks market open regular trading hours Earnings: Air Products, DouYu, Lemonade, Reynolds Consumer, Vroom, Fossil Thursday Earnings: Walt Disney, Palantir Technologies, Applied Materials, Beazer Homes, Cisco Systems, Siemens, Burberry, Brookfield Asset Management, Unity Software8:30 a.m. Jobless claims8:30 a.m. CPI1:00 p.m. Chicago Fed President Charles Evans2:00 p.m. Federal budget2:00 p.m. New York Fed President John Williams Friday Earnings: Manchester United, Draftkings, Vipshop 7:00 a.m. New York Fed’s Williams8:30 a.m. St. Louis Fed President James Bullard8:30 a.m. PPI10:00 a.m. Consumer sentiment – Advertisement – The S&P 500 was up more than 7% in the past week, and the Nasdaq rose nearly 9%. Technology, communications services, health care and discretionary stocks led the rally, after it appeared Democrat Joe Biden could be the next president but with a split Congress.The election was still unresolved heading into the weekend, but even if Biden is declared winner, close votes and lawsuits are likely to result in recounts. The Senate appeared to be in Republican hands, but the margin of control is likely to be tight, and runoff elections are required for two Senate seats in Georgia in early January.“I think the uncertainty is going to catch up the market on a short-term basis,” said Leo Grohowski, BNY Mellon’s Wealth Management chief investment officer. “Perhaps next week could be a drifting lower kind of week.”- Advertisement – Spencer Platt | Getty Images News | Getty Images At the same time, there has been a surge in daily new coronavirus cases to more than 122,000. Economists are concerned that the economic recovery could suffer as some states could restrict activities and consumers may pull back heading into the important holiday season.The Fed, in its post-meeting statement Thursday, repeated that the course of the virus could help determine the path of the economy.- Advertisement – Ahead of the election, the market had been betting on a “blue wave,” where Biden would take the White House and Democrats would get control of the Senate, giving them total control of Congress. But when it appeared the Senate would stay in Republican hands, stocks surged on the idea of gridlock, which would keep Biden from implementing tax increases and lots of new regulations. After an initially exuberant election reaction, stocks may trade more cautiously in the week ahead, as investors watch election developments unfold and track the course of the coronavirus. – Advertisement –last_img read more

Strong B2C & B2B mix delivers Q3 double-digit growth for GiG

first_img Kambi and DraftKings agree on final closure terms July 24, 2020 Submit GiG lauds its ‘B2B makeover’ delivering Q2 growth August 11, 2020 Share Share StumbleUpon Related Articles Esports Entertainment bolsters tournament capacity by acquiring EGL August 27, 2020 Robin Reed, Gaming Innovation GroupOslo-listed online gambling firm Gaming Innovation Group (GiG) continues its strong 2018 momentum, reporting double-digit growth across all its core corporate metrics and performance KPIs for Q3 2018 trading.Citing group-wide initiatives undertaken to improve profitability and general performance, GiG records operating revenues of €37 million up 21% on Q3 2017’s €30 million.Updating investors, the Oslo enterprise details a diverse commercial pipeline delivering revenue growth across its B2B (€15 million + 33%) and B2C divisions (€24 million + 11%).Confident of delivering on its full-year 2018 expectations, GiG declares a period EBITDA of €5 million up 66% on corresponding 2017’s €3 million.Moving forward, Chief Executive Robin Reed outlines significant opportunities for GiG which seeks to become online gambling’s leading technology player.“In the third quarter, we have delivered the last building blocks to our ecosystem, our own games and omni-channel solution, to cover all verticals in iGaming.”During the period GiG further expanded its international footprint, securing its first external sportsbook agreement with Latvian operator 11.lv, and further becoming chosen digital partner of Hard Rock International for its pending  US sportsbook launch.“We have created a base from where now, with full force, we can drive forward as the full-service provider which every company serious about iGaming must be part of. GiG sees strong interest for its services and products with an increasingly healthy pipeline of opportunities”Closing the trading statement, GiG governance confirms that it will move to list the company on the Stockholm Nasdaq during Q1 2019.last_img read more

Rio Olympics 2016: Usain Bolt wins 200m gold, his eighth Olympic gold

first_imgUsain Bolt won the men’s 200m to claim his second Rio 2016 gold, his eighth at an Olympics, and keep alive his hopes of an unprecedented ‘treble treble’.The Jamaican ran 19.78 seconds to come home ahead of Canada’s Andre de Grasse and France’s Christophe Lemaitre.Britain’s Adam Gemili clocked the same time as Lemaitre, but was denied his first Olympic medal in a photo finish.Bolt, 29, has already won the 100m in Rio and will run in the 4x100m relay final on Friday (02:35 BST, Saturday).Adam Gemili ‘gutted’ with fourthBolt is aiming to match his achievement of claiming gold in the 100m, 200m and 4x100m relay at both Beijing 2008 and London 2012.The Jamaican, who said in February he would retire after the 2017 World Championships, has won all eight of the Olympic finals in which he has appeared. “The fact I came here and executed what I wanted to is a brilliant feeling,” he told BBC Sport.”I wasn’t happy with the time when I crossed the line but I’m excited I got the gold medal – that’s the key thing.”Only US sprinter and long jumper Carl Lewis and Finnish long-distance runner Paavo Nurmi have won more Olympic gold medals in athletics.Lewis won nine golds between 1984 and 1996, while Nurmi also won nine between 1920 and 1928. “What else can I do to prove I am the greatest? I’m trying to be one of the greatest, to be among Ali and Pele,” added Bolt.”I have made the sport exciting, I have made people want to see the sport. I have put the sport on a different level.”Bolt believed he could break his world record of 19.19 and even go under 19 seconds in Rio’s Olympic Stadium.So the slow time – by his standards at least – left the Jamaican gesticulating angrily as he crossed the line more than two tenths of a second ahead of De Grasse. But Bolt quickly broke into a beaming smile, celebrating with a trademark ‘Lightning Bolt’ as thousands of fans chanted his name.  –Follow Joy Sports on Twitter: @JoySportsGH. Our hashtag is #JoySportslast_img read more

Profligate Arsenal punished by 10-man Atletico Madrid

first_imgAnd the hosts were given plenty of encouragement early on, even when still up against Atletico’s full complement.Lacazette volleyed off the outside of the post and forced Jan Oblak into the first of a series of fine saves with a header from close range.Vrsaljko had been booked within two minutes for bringing down Jack Wilshere.Share on: WhatsApp Pages: 1 2 London, United Kingdom | AFP | Arsenal’s hopes of sending outgoing manager Arsene Wenger off with a trophy suffered a major blow as they could only draw 1-1 with 10-man Atletico Madrid in the first leg of their Europa League semi-final on Thursday.The Gunners played with an extra man for over 80 minutes at the Emirates Stadium, with Sime Vrsaljko’s early red card handing them the initiative.However, they were made to rue a host of missed chances before and after Alexandre Lacazette headed them in front on the hour mark. “You don’t have any idea how hard it is to defend and defend and defend,” said Simeone.“You have to have huge balls to defend for more than 80 minutes like that.”There was a far more highly-charged atmosphere for Wenger’s penultimate home game in charge than there had been for last weekend’s match against West Ham United.center_img Atletico coach Diego Simeone was also sent to the stands shortly after Vrsaljko’s dismissal, but the Spaniards resisted manfully and pounced when their chance came as Antoine Griezmann prodded home a vital away goal eight minutes from time.“I feel we produced the performance we wanted to produce, but the result is not in line with the performance,” said Wenger.“We can only look at ourselves for tonight’s result because 1-0 is a perfect result at home, it was up to us not to make a mistake…it is a story we have seen before.”Arsenal now need to become the first away team to score in 12 matches at Atletico’s Wanda Metropolitano stadium next week if Wenger’s last game in charge is to be the final in his homeland in Lyon on May 16.Moreover, Arsenal’s hopes of Champions League football next season also hang on becoming the first side other than Real Madrid to eliminate Atletico from Europe for five seasons.last_img read more