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Daily Market News: Gold passes $2,000 an ounce for first time in history as investor fear grows

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What to watch

Square: Merchant services and mobile payments firm Square actually ended up reporting its earnings numbers a day earlier than planned following a leak from a media outlet, but will still be hosting its earnings call on Wednesday. The firm’s stock jumped more than 10% after the numbers were released, as it reported a 64% spike in second quarter revenue year-over-year. Analysts will likely probe management on how the merchant services business is faring as economies re-open – as Square offers contactless payment terminals that are likely to be popular among businesses adapting to Covid-19 safety measures. The stickiness of new customers to its mobile payments, and merchants using its e-commerce services, are also likely topics of discussion.

Regeneron Pharmaceuticals: Pharmaceutical firm Regeneron reports its latest set of quarterly earnings on Wednesday, a day after announcing that its combination antibody-drug combo has both prevented and treated the Covid-19 disease in animal testing. Analysts will likely probe for more information on timescales for new trials and data releases, as the market reaction to the animal trials was somewhat lackluster. Currently, 14 analysts rate the stock as a buy, one as an overweight, 11 as a hold and one as an underweight. Regeneron stock is up more than 70% year-to-date.

Glencore: London-listed commodity trading and mining company Glencore is expected to deliver a bumper set of results on Thursday, as chaotic oil markets and soaring commodity prices have provided ample opportunity for the firm to capitalise. Unlike straight miners, Glencore has multiple avenues to generate revenue, with its trading arm helping it out during volatile periods for commodity prices. The firm’s share price is still down 22.4% year-to-date, and a key piece of the Thursday earnings report will be whether Glencore intends to stick to its planned dividend payments.

Crypto corner: Old buy gold while young buy Bitcoin, says JP Morgan

Investing patterns have differed dramatically across age groups during the crisis, according to JP Morgan, with older investors backing gold while young ones turn to Bitcoin.

Millennials are also targeting stocks while their parents dump equities and turn to bonds, according to JP Morgan strategist Nikolaos Panigirtzoglou. In a note written on 4 August, the strategist remarked:

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The older cohorts continued to deploy their excess liquidity into bond funds, the buying of which remained strong during both June and July.

Both gold and Bitcoin ETFs have experienced strong inflow this year, hence the rally for the gold price in particular. But interest in Bitcoin is clearly on the up too, with the futures market on the Chicago Mercantile Exchange (CME), one of the few regulated Bitcoin futures exchanges, at a record high with $830 million-worth of contracts in place.


All data, figures & charts are valid as of 5/8/2020. All trading carries risk. Only risk capital you can afford to lose.  

This is a marketing communication and should not be taken as investment advice, personal recommendation, or an offer of, or solicitation to buy or sell, any financial instruments. This material has been prepared without having regard to any particular investment objectives or financial situation, and has not been prepared in accordance with the legal and regulatory requirements to promote independent research. Any references to past performance of a financial instrument, index or a packaged investment product are not, and should not be taken as, a reliable indicator of future results. eToro makes no representation and assumes no liability as to the accuracy or completeness of the content of this publication, which has been prepared utilizing publicly-available information.

The post Daily Market News: Gold passes $2,000 an ounce for first time in history as investor fear grows appeared first on LeapRate.

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