1. Joe Biden Wins U.S. Presidency After Bitter Contest With Trump

Joseph Robinette Biden Jr. has defeated Donald Trump to become the 46th U.S. president, unseating the incumbent with a pledge to unify and mend a nation reeling from a worsening pandemic, faltering economy and deep political divisions. Biden’s victory came after the Associated Press, CNN and NBC showed him winning Pennsylvania and Nevada and gaining more than the 270 Electoral College votes needed to secure the presidency. Biden was at home with his family when he learned he’d won the election, a campaign aide said.

2. Stocks Surge to All-Time High on Vaccine Progress

The clearest sign yet of progress on a Covid-19 vaccine is fueling a rally across global stock markets. The strongest gains in the market were among small-cap stocks, which have been hit hard by the economic toll of lockdowns. Futures on the Russell 2000 Index of small-cap stocks jumped 7% and S&P 500 contracts rose 4.2%. Nasdaq 100 Index futures pared gains, but were still up 0.5%.

Futures on the S&P 500 Index surged 3.4% as of early morning NY time.

The Stoxx Europe 600 Index surged 4.5%.

The MSCI Asia Pacific Index increased 1.1%.

The MSCI Emerging Market Index gained 1.7%.

3. Pfizer’s Covid Vaccine Prevents 90% of Infections in Study

The Covid-19 vaccine being developed by Pfizer Inc. and BioNTech SE prevented more than 90% of infections in a study of tens of thousands of volunteers, the most encouraging scientific advance so far in the battle against the coronavirus. Eight months into the worst pandemic in a century, the preliminary results pave the way for the companies to seek an emergency-use authorization from regulators if further research shows the shot is also safe.

4. Gold set for best week since July as Biden closes in on victory

Gold headed for the biggest weekly gain since July and copper rose as Joe Biden tightened his grip on the race for the White House, while investors also weighed prospects for further Federal Reserve stimulus under the Biden presidency. Gold bullion broke out of a narrow trading range seen over the past month as uncertainty over the election and renewed stimulus hopes boosted demand for the haven. 

5. China’s Yuan Extends Best Week Since 2017 on Biden’s Victory

The yuan extended its recent rally as the dollar weakened following Joe Biden’s presidential victory in the U.S. The offshore yuan was 0.37% stronger in Hong Kong, following last week’s 1.6% surge that was the biggest gain since January 2017. The currency has been on a rise since the start of June as China’s economy rebounded, and China’s currency has rallied to a more than two-year high.

6. Global Stocks Surge to Record High on Biden Presidency

Global equities jumped to a record high amid optimism about the outlook for risk assets during a Joe Biden presidency. The MSCI All-Country World Index rose as much as 0.5% on Monday, surpassing its previous highs. After surging nearly 8% last week in the biggest rally since April, global stocks on Monday extended their gains after Biden was declared the winner of the U.S. election over the weekend. Biden in his victory speech promised swift action against the pandemic and an orderly transfer of power, though President Donald Trump is weighing legal challenges and has so far refused to concede.

7. EU Gives Green Light to Trigger $4 Billion Tariff Strike on U.S.

European Union trade ministers gave the go-ahead for EU tariffs on $4 billion (29,500 cr) of American goods in retaliation over illegal aid to Boeing, seeking to prod the U.S. to scrap its duties prompted by unlawful subsidies to Airbus. The green light paves the way for the European Commission, the EU’s executive arm in Brussels, to trigger the import levies on Monday. U.S. aircraft-related products as well as other goods ranging from spirits and nuts to handbags and chemicals were included on the bloc’s planned target list last month. The imminent tariff strike is meant to give the EU more leverage in pushing for a truce that has been elusive with the U.S. President Donald Trump, who will remain in office until Jan. 20. The tit-for-tat move may make it easier for President-elect Joe Biden to embrace longstanding European calls to settle the transatlantic dispute over aircraft aid at the negotiating table.

8. SoftBank Posts Vision Fund’s Record Profit

Masayoshi Son is making his case for SoftBank’s turnaround. The Japanese conglomerate reported a record $7.6 billion (INR 56,000 cr) profit in its Vision Fund business for the three months ended Sept. 30, a sign the fund’s investments in startups are paying off amid a broad rally in technology stocks. One Chinese startup quadrupled SoftBank’s money after going public in August.

9. French bank Societe Generale to cut 640 jobs in France, no forced redundancies

French bank Societe Generale said on Monday it planned a net reduction of about 640 positions in France but said there would be no forced redundancies. The bank said the plan would concern market activities and associated functions and would help reduce costs by about $535 million (INR 4000 cr) by 2022-2023. French business newspaper Les Echos reported on Sunday that the cuts would be mainly in the investment banking division.

10. Oil-Rich Abu Dhabi to Start Trading Crude Futures From March

Oil-rich Abu Dhabi will open a commodities exchange in March to rival those of Middle Eastern neighbours, letting investors trade its crude using futures contracts for the first time. The ICE Futures Abu Dhabi exchange will open on March 29 and offer contracts based on the emirate’s flagship Murban crude grade, pending regulatory approvals. The Atlanta-based operator of trading and clearing platforms is setting up the exchange with government producer Abu Dhabi National Oil Co. and other oil suppliers. Abu Dhabi is the capital of the United Arab Emirates — OPEC’s third-largest producer — and it holds most of the UAE’s oil. Murban crude, pumped from onshore fields, comprises more than half of the country’s output, now at around 2.6 million barrels daily.