U.S. Markets Crash Following Others

U.S. stocks crashed on opening after a holiday for Thanksgiving. The selloff was spread from global markets with fears that a new coronavirus variant identified in South Africa could pause economic recovery. 

Haven assets rallied. Gold moved up, Japanese Yen moved up as the dollar weakened.

  • Stoxx Europe is down by 2.94%
  • Dow Jones is down by 2.45%
  • NASDAQ is down by 1.45

Singapore Restricts Travel From Seven African Countries

The Singapore government on Friday imposed travel restrictions on seven African countries as the reports of new Covid-19 variant forces to take immediate action. The Ministry of Health said that people who have been in South Africa, Botswana, Eswatini, Lesotho, Mozambique, Namibia, and Zimbabwe in the last 14 days will not be allowed to enter or transit through Singapore from Nov. 27. Permanent residents and Singapore citizens who are returning to the country will be allowed to enter but will have to complete a 10-day quarantine.

Japan PM Asks Companies To Raise Wages By 3% Or More

Japanese Prime Minister Fumio Kishida said on Friday that companies whose earnings have reached pre-pandemic levels should raise wages by 3% or more,  to achieve a chain of growth and wealth distribution. The world’s third-largest economy is having an uneven recovery among major sectors and the new step is expected to help small businesses pass on costs of raw materials, energy, and labor costs to customers.

BlackRock To Reimburse Hong Kong, Singapore Employees For Quarantine

BlackRock on Friday offered some of its employees to reimburse 50% of hotel quarantine costs up to $2000. The reimbursement is applicable to permanent employees in Hong Kong and Singapore, who are vice presidents and below and have more than 12 months of continuous service. JPMorgan Chase and Morgan Stanley are offering employees about $5,000 to pay quarantine costs.

China Asks Didi To Delist From U.S Market

Media reports say that Chinese regulators have asked Didi Global’s board to come up with a plan to delist from the New York Stock Exchange of the U.S because of concerns about leakage of sensitive data. If the reports are true, this will be a forced delisting and action will have a severe impact on the firm. Proposals under consideration are straight-up privatization or a secondary listing in Hong Kong.

Vaccine Stocks Gain From Covid-19 Variant Fear

Covid-19 related vaccines and other health stocks benefitted on Friday over the concerns of a new coronavirus variant in South Africa. Stocks suck as Vir Biotechnology (+17%,NASDAQ), Pfizer (+7%, NYSE), BioNTech SE (+20%, NASDAQ), Moderna(+27%, NASDAQ), Inovio Pharmaceuticals (+6.7%, NASDAQ), Novavax (+10.6%, NASDAQ), and others moved up. Currently, U.S markets are more than 2% down.

(The values are according to the data available at IST time 9:45 pm. U.S markets are not closed and there will be changes.)

Unlock-Theme Stocks Take A Huge Hit In U.S

Similar to the Indian market, stocks in the U.S that are related to economic reopening are crushed down on the concerns of the new Covid variant. American movie theater chain- AMC Entertainment(-6%), Airline stocks- Delta Airlines(-12%), United Airlines(-13%), American Airlines(-12.5%),  Cruise operator- Carnival Corporation(-13%), Royal Caribbean(-12%), Hotel stocks- Hyatt(-9%), Marriot(-10%), Hilton(-10.5%) moved down. On the other side, videogame publisher Take-Two(+4%), Zoom Video Communications(+7.5%),  fitness company Peloton(+5%) gained well.