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

Markus Schubert’s girlfriend drops major hint over potential Arsenal transfer

first_imgMarkus Schubert has been linked with a summer transfer to Arsenal (Picture: Getty)Markus Shcubert’s girlfriend has dropped a strong social media hint that Germany Under-21 international is set to sign for Arsenal.With David Ospina on the verge of making a permanent move to Napoli, having spent last season on-loan in Italy, Unai Emery is looking to sign a back-up to his established No.1 goalkeeper Bernd Leno.Petr Cech retired at the end of last season and on Friday was confirmed as Chelsea’s new Technical and Performance Advisor, while Unai Emery is said to be unsure of Emiliano Martinez and Dejan Iliev’s credentials.Schubert was reportedly identified as a suitable target by Sven Mislintat, Arsenal’s former head of recruitment who left the club in February after just over a year in the job, but the Gunners have already sounded out Championship clubs over a potential loan move for the 21-year-old who made 32 appearances for Dynamo Dresden last season.AdvertisementAdvertisementADVERTISEMENTMore: FootballRio Ferdinand urges Ole Gunnar Solskjaer to drop Manchester United starChelsea defender Fikayo Tomori reveals why he made U-turn over transfer deadline day moveMikel Arteta rates Thomas Partey’s chances of making his Arsenal debut vs Man City Advertisement Markus Schubert’s girlfriend drops major hint over potential Arsenal transfer Comment Metro Sport ReporterSaturday 22 Jun 2019 12:20 pmShare this article via facebookShare this article via twitterShare this article via messengerShare this with Share this article via emailShare this article via flipboardCopy link355Shares Advertisement Markus Schubert’s girlfriend posed in an Arsenal kit amid speculation over the goalkeeper’s future (Picture: Instagram)Recent reports claim Schalke are preparing a rival offer, but Schubert’s girlfriend gave a significant clue as to his eventual destination by donning an Arsenal kit with the caption ‘fitting’.Arsenal have thus far been frustrated in their attempts to strengthen a squad which faltered badly towards the end of last season, culminating in a failure to finish in the top four and a crushing Europa League final defeat against Chelsea.Moves for wingers Ryan Fraser and Yannick Carrasco have stalled, while a joint bid for Sampdoria duo Dennis Praet and Joachim Andersen has been knocked back by Sampdoria.Unai Emery is also keen to sign a new left-back but an opening offer for Celtic’s Kieran Tierney has been rejected with the Scottish champions valuing the player at around £25million.More: Arsenal FCArsenal flop Denis Suarez delivers verdict on Thomas Partey and Lucas Torreira movesThomas Partey debut? Ian Wright picks his Arsenal starting XI vs Manchester CityArsene Wenger explains why Mikel Arteta is ‘lucky’ to be managing Arsenallast_img read more

Golden Veroleum’s Conciliatory Initiatives

first_imgThe people of Sinoe County, after many months of conflict with the oil palm company, Golden Veroleum, have finally let it be known that they are satisfied with the company’s operations and are now willing to work with GVL toward the achievement of its goals.They gave this reassurance to President Ellen Johnson Sirleaf during her recent visit to the county.They are now convinced, they said, that the GVL investment is beneficial and have therefore pledged to encourage the company’s oil palm development.Rev. D. Lasanna Seqeh told the President during her visit to GVL oil palm plantation that the realization of the true intent of the investment came from the President’s detailed explanation, through the Ministry of Internal Affairs, of the benefits accruing to their communities, including their rights to their land and the company’s rights to the concession area as contained in the Concession Agreement.The detailed explanation from Internal Affairs’ Deputy Minister Varney Sirleaf convinced to form a common front with government and GVL to realize its investment and development objectives.  Rev. Seqeh emphasized that according to the Agreement, the company has the potential to change their lives as demonstrated by the thousands of their sons and daughters now being fully employed, enabling  them to sustain their families.Paramount Chief Johnnie Brown assured the Liberian leader of the citizens’ fullest cooperation with the company.  He referred to construction of schools and a health center which have been opened by the company as some of the benefits of the company’s presence.  The citizens were therefore prepared to protect the company’s properties to demonstrate their appreciation for its work among them.The Sinoe people have been in conflict with GVL since it started few years ago.  Their first complaint was that they had no participation in the agreement with GVL.  They also complained of the company invading their farmland and their sacred ancestral areas; and the lack of any social development to benefit the people.These grievances seem now to be forgotten, as the people say they are now experiencing the company’s real intentions–jobs for many of their people, the construction of a school, health center and other amenities.We applaud the peace between Sinoeneans and GVL.  We pray that government has learned a key lesson: before granting any land concessions to any foreign or local entity, make sure to INVOLVE the people because while the government may claim ownership to all the country’s lands, the land really belongs to the people, and nothing can be accomplished without their consent.There is one other lesson government must learn: pay close attention to the promises these companies make; involve the people in the negotiations; so that they KNOW what benefits should accrue to them. Why?  Because they are on the ground with the companies, and are directly affected by whatever is done.  If the people are not happy with what they see, they will scream–and that is what the Sinoe people have been doing all along, through their faithful, understanding and forthright attorney, Environmental Advocate Alfred Brownell.One more thing: the government and the people should carefully monitor the value added developments the company promises–the refining of the oil, which should provide the people even greater employment opportunities and create more infrastructures that will bring further development to Sinoe.Is it possible, for example, for GVL to produce cooking oil and limit the amount we import with our hard-earned foreign exchange.What kind of cosmetics can we produce from palm oil?  What use can the company make of palm nut “pummy”–the residue after the juice is drained from the palm nuts when, for example, we cook palm butter?  We are told that while we in Liberia waste the pummy, in other places it is put to valuable use.We foresee a number of small industries from palm oil.  Liberians must do their own research, at the Central Agricultural Research Institute (CARI), and also at various universities as well as private research in people’s homes.Now is the time for Liberians to be more creative–and more hardworking, taking initiatives ourselves, rather than wait for others to come and do it for us.Share this:Click to share on Twitter (Opens in new window)Click to share on Facebook (Opens in new window)last_img read more