11/26/2020 Financial News: Dow Pulls Back on Wednesday; Bitcoin and Gold Prices Maintain the Strong Stance

Image Source: newsmax.com
  1. The Dow Jones Industrial Average fell on Wednesday, taking a breather after reaching a significant milestone, while traders pored over disappointing unemployment data. The 30-stock Dow slid about 173.77 points, or 0.6%, to 29,872.47. The S&P 500 dipped 0.2%, or 5.76 points, to 3,629.65 after reaching an all-time closing high in the previous session. The Nasdaq Composite outperformed, rising 0.5%, or 57.62 points, to 12,094.40.
  2. Bitcoin moved to within a whisker of its all-time high on Tuesday, after hitting $19,000 for the first time in nearly three years. The world’s most popular cryptocurrency was last up 3.5% to $19,017.73 per coin, just shy of its all-time record of $19,666 hit in December 2017. Bitcoin has gained around 25% in the last two weeks alone, and is up around 160% this year.
  3. Lufax/short sellers: from hot to not,China’s second-biggest online lender faces struggles at home and abroad. Lufax, China’s second-biggest online lender and an offshoot of insurer Ping An, listed in the US on October 30. In the span of three weeks Lufax has gone from hot tip to short sellers’ target. Shares are down more than a quarter in the past week alone. Short positions have jumped more than sixfold since Ant’s listing was suspended.
  4. Gold maintains a strong upward stance. Gold – a traditionally safe haven asset – hit an all-time high of $2,074.88 per ounce back in August of this year. Spot gold was recently at $1,812.66 an ounce, having hit its lowest since July 17 at $1,800.01 on Tuesday. U.S. gold futures were at $1,811.00.
  5. Mainland:  Soybean prices have risen sharply and rapidly this year, turning soybeans into golden beans.  In the case of uptrend in soybean market, traders and soybean farmers are hoarding stock for a higher price in the future, which results in a poor liquidity in the market. Soybean processing companies have gone bankrupt due to the lack of material supply to keep business running.
  6. On November 25, the Chinese Communist Party published an article titled “The extractive services leader’s annual report predicted an increase of 6579%, the current price of ¥7per share with targeting ¥55 per share, and foreign capital holds heavy positions of $45 billion”. The big market data indicate that the 3rd quarter profit by the concept of photovoltaic stocks was greater than 470%. The exaggerated figures are unbelievably great that the drug smuggling industry might as well be ashamed of itself.

By【G-Translators-Financial Team】

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