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DAILY MARKET REPORT

2019 has come to an end and we are heading into 2020. Global equity markets scaled fresh records in a year-end rally on Friday as upbeat Chinese economic data and optimism a U.S.-Sino trade deal is imminent bolstered global growth prospects. EQUITIES A broad gauge of Asian share markets rose to the highest in 18... DAILY MARKET REPORT
2019 has come to an end and we are heading into 2020. Global equity markets scaled fresh records in a year-end rally on Friday as upbeat Chinese economic data and optimism a U.S.-Sino trade deal is imminent bolstered global growth prospects.

 

EQUITIES

A broad gauge of Asian share markets rose to the highest in 18 months on Monday as Chinese equities gained, while oil hovered near three-month highs on a combination of U.S. crude inventory drawdown’s, trade optimism and unrest in the Middle East.

OIL


On Monday, global benchmark Brent crude was up 0.18% to $68.28 per barrel, while U.S. West Texas Intermediate crude added 0.05% to $61.75, reversing an earlier decline. Oil’s gains followed news of U.S. airstrikes in Iraq and Syria against Kataib Hezbollah, an Iran-backed militia group. U.S. officials said Sunday that the attacks were successful, but warned that “additional actions” may be taken to defend U.S. interests.

CURRENCIES


The dollar was on the defensive on Monday in light year-end trading after suffering a setback in the previous session, as safe-haven demand for the greenback waned on hopes of a U.S.-China trade deal and renewed optimism about global growth. As the dollar fell out of favour, its index against six major currencies eased a shade to 96.810 following Friday’s 0.6% which was its biggest single-day percentage drop since June. The big gainers in recent weeks have been the risk-sensitive and commodity-linked currencies of Australia and New Zealand.

GOLD
Gold has also turned bullish following news reports about US airstrikes in the Middle East at multiple locations across Iraq and Syria where Iran purportedly has stored weapons and munitions. The precious metal on Monday rose 0.33% to $1,515.40 per ounce on the spot market.


Economic Outlook

Good morning everyone, happy Monday. The U.S. dollar weakened across the board on Friday as optimism about the outlook for a U.S.-China trade deal lifted investors’ appetite for risk, sapping safe-haven demand for the greenback, in light end-year trading.

While markets will be a little light on, there is still some attention this week on the FOMC minutes that will be due for release on Friday. That meeting saw the Fed held rates steady and some more insight into their thinking will be welcomed.

In the US session, there is pending homes sales data but otherwise, all the attention is on the overall market sentiment, which as mentioned is strong at the moment.

Technical Outlook

GOLD:  The yellow metal trading higher on Monday ahead of year-end. Gold has also turned bullish following news reports about US airstrikes in the Middle East at multiple locations across Iraq and Syria where Iran purportedly has stored weapons and munitions. The important levels to watch for today $1507 and $1518.

Quote of the day: As the New year approaches find inspiration around you, and motivation within you, to be all that you can be.   

 

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DAILY MARKET REPORT

DAILY MARKET REPORT

Federal Open Market Committee, a committee within the Federal Reserve System (the Fed), will release June’s FOMC meeting minutes later today. In the June meeting, FOMC raised interest rates by 75 bps, the biggest increase in three decades.

DAILY MARKET REPORT

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DAILY MARKET REPORT

DAILY MARKET REPORT

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DAILY MARKET REPORT

DAILY MARKET REPORT

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