Convincing US economic data: Chaotic TV duel leaves markets cold

Good labor market figures are causing prices on Wall Street to rise, but the TV debate in the presidential election campaign is having little impact on the stock markets. The dollar lost a little while the euro reversed losses.

The missed agreement on a new Corona aid package has meanwhile weighed on Wall Street. However, due to convincing US economic data, a strong plus was posted. In addition, the talks about the aid package should continue, which ultimately supported the market, it said. In the course of the Dow Jones index climbed above the mark of 28,000 points, but the failure of the negotiations on an aid package with a volume of 2.2 trillion dollars brought the market back. An agreement could not be reached at the meeting between Nancy Pelosi, the chairman of the House of Representatives, and Treasury Secretary Steven Mnuchin.

Nevertheless, the House of Representatives, where the Democrats have a majority, will vote on the aid package. The subsequent approval in the Senate, where the Republicans have a majority, is however unlikely.

Of the Dow Jones Index finally gained 1.2 percent to 27,782 points after the index had already stood at 28,026 points at the daily high. Of the S&P 500 rose 0.8 percent to 3,363 points that Nasdaq Composite climbed 0.7 percent to 11,168 points. There were 1,749 (Tuesday: 1,114) price winners versus 1,309 (1,900) losers. 65 (107) titles remained unchanged.

A series of good US economic data had initially caused prices to rise significantly. The main focus was on the labor market report of the private service provider ADP for September. This created 749,000 jobs in the private sector, while economists had reckoned with 600,000. The report is considered an indicator of the official Labor market report the US government on Friday. The employment situation has so far only improved slowly after the slump in spring, as the weekly data on initial jobless claims have shown.

TV duel provides little impetus

In addition, the gross domestic product of the second quarter published in third reading. It therefore shrank by 31.4 percent and thus hardly less than the provisionally reported minus 31.7 percent.

In contrast, the eagerly awaited US TV duel between President Donald Trump and his challenger Joe Biden cannot provide greater impetus. The expected bitter exchange of blows took place in the television debate. Trump did not answer the question of whether, in the event of a defeat, he would call on his supporters to remain calm and not participate in riots even if it would take some time after the election date on November 3 the result is finally determined. With the refusal to guarantee a peaceful transfer of power after the election, Trump had already unsettled the markets last week.

The individual values ​​fell Micron by 7.4 percent. The memory chip manufacturer gave a disappointing outlook when presenting figures for the fourth fiscal quarter. In addition, Micron announced that it was unclear when a license would again allow sales to one of Huawei's largest customers. The Chinese telecom equipment supplier has been banned from buying US chip products by the Trump administration.

Walt Disney fell 1.1 percent. The entertainment group has announced the cut of 28,000 jobs in its US theme parks. The shares of the US airlines showed gains. The US government has reached an agreement with seven of the country's major airlines on state financial aid in the Corona crisis. The aid package is worth $ 25 billion. The papers of American Airlines and United Airlines gained 0.3 and 0.7 percent, respectively.

Gold price falls easily

The shares of. Made a successful stock market debut Palantir Technologies. The initial price was $ 10, after a "reference price" of $ 7.25 per share for the direct listing. This resulted in a valuation of around $ 22 billion. The titles closed at $ 9.50.

The beneficiary of the political and economic imponderables was meanwhile dollarwhich is considered a "safe haven" in times of crisis. However, the dollar index gave up its gains and lost 0.1 percent. Of the Euro in return, recovered from its brief fall below the $ 1.17 mark and was able to regain the level.

Of the Gold price fell 0.6 percent to $ 1,889. Before the Trump-Biden debate, many investors would have bought gold as a hedge; Jeffrey Halley of Oanda explained the price decline. From a purely financial markets point of view, the debate was "uneventful," added Halley.

The Oil prices showed an inconsistent trend. Fears that the corona pandemic would reduce the demand for oil slowed down here. The WTI price was supported by the weekly US inventory data, which surprisingly showed a decline for the third week in a row. They fell 1.98 million barrels, according to the Energy Information Administration (EIA), while analysts had expected an increase of 0.8 million barrels. Contrary to expectations, gasoline stocks increased slightly. The price of a barrel of US WTI grade rose 1.7 percent to $ 39.95. Brent oil fell 0.2 percent to $ 40.95.

. (tagsToTranslate) Wall Street