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Daily Market News: Markets retreat as second wave fears abound

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What to watch

Nike: Attracting a lot of attention ahead of its Q4 results today is Nike as analysts flock to offer upbeat assessments of the share price. While the company’s stock tumbled with many others during the initial coronavirus outbreak, it has largely recovered all its losses in the subsequent rally and now hovers around the $100 mark. But analysts are targeting a higher price, with one going as far as to suggest a target of $130. Analysts cited the Nike brand’s position as the best-known on the high street and its rapid recovery from the crisis as reasons for optimism, with seven currently rating the stock as overweight or buy, and only one as a neutral.

Tesco: While it looks like a natural beneficiary of the pandemic, Tesco, along with the rest of the supermarket sector, has faced challenges of its own as a result of the crisis. A sharp rise in costs of between £650 million and £1 billion, and its ability to meet and boost its online delivery service, are chief among them. It’s Q1 results tomorrow will give more detail as to how it is meeting these challenges. One advantage Tesco does have is the size of its stores, which makes social distancing easier, and helped boost its sales by 11.7% in the latest Nielsen data for supermarket stores, ahead of discounter Aldi.

Crypto corner: Bank for International settlements calls on central banks to go digital

The Bank for International Settlements (BIS) has called for central banks to embrace so-called Central Bank Digital Currencies or CBDCs as the future of the international monetary system. The BIS, a quasi-trade body owned by central banks, was a precursor institution to organisations such as the World Bank and IMF. While both those organisations were created in the aftermath of the Second World War, the BIS has an older heritage, born from the Great Depression of the 1930s.

The BIS in its report notes Libra, Covid-19 and a competitive field for CBDCs as proof that global sentiment for digital currencies and payment methods is growing in relevance. In particular, the report referred to Facebook’s own digital currency, Libra, as a “wake-up call” for global financial institutions.


All data, figures & charts are valid as of 25/06/2020. All trading carries risk. Only risk capital you can afford to lose.  

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