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DAILY MARKET REPORT

On Tuesday, American biotech firm Moderna said its experimental vaccine for COVID-19 produced "reasonably high" levels of antibodies. A Phase 3 trial will probably start on July-27 and will be conducted in 30,000 volunteers.

DAILY MARKET REPORT

On Tuesday, American biotech firm Moderna said its experimental vaccine for COVID-19 produced "reasonably high" levels of antibodies. A Phase 3 trial will probably start on July-27 and will be conducted in 30,000 volunteers. On March 16, Moderna became the first company in the United State to begin human testing of a vaccine for the novel coronavirus. "These positive Phase 1 data are encouraging and represent an important step forward in the clinical development of mRNA-1273, our vaccine candidate against COVID-19, and we thank the NIH for their ongoing collaboration." Said Stéphane Bancel, CEO of Moderna.

EQUITIES

Global stocks trading higher on Wednesday on the news that Moderna’s COVID-19 vaccine has produced antibodies in an initial safety trial. Moving ahead to the North American session the investors will closely monitor the financial results from Goldman Sachs, PNC, US Bancorp, and IBM due to report today. On Tuesday, the Dow Jones Industrial Average rose more than 375 1.5% and the S&P 500 rose 0.5%.

OIL

Crude oil price trading steady ahead of OPEC meeting. The oil price also received boosted by the latest API data showed stocks of crude oil in the US tumbled by 8.3 million barrels in the week ended July 10th.

CURRENCIES

The British Pound recovered from early session losses after UK inflation rate unexpectedly climbed to 0.6% in June from a 4-year low of 0.5% in May. Meantime, the Australian dollar rose to fresh month high and at the time of writing the currency pair hovers around 0.7000 psychological level.

GOLD

The gold price rose on Wednesday supported by mounting coronavirus cases in the world and US-China tensions deepened.

Economic Outlook

On the data front, The Bank of Japan kept interest rates unchanged at -0.1% while maintaining the target for the 10-year Japanese government bond yield at around 0%. On Tuesday, the U.S. Labor Department reported the consumer price index rose 0.6% last month, the biggest gain since August 2012, after easing 0.1% in May.

On Tuesday, President Donald Trump signed a bill approved by the Congress to penalize banks and financial institutions dealing with Chinese officials who implement the new security law in Hong Kong. The Trump administration also plans to scrap a 2013 auditing agreement that could lead to a stronger crackdown on U.S.-listed Chinese companies.

On the earnings calendar, major US banks like JP Morgan Chase, Citigroup, Wells Fargo, and the major airline carrier reported their latest financial results on Tuesday. JPMorgan Chase & Co. (NYSE: JPM) announced better-than-expected Q2 earnings, while Wells Fargo Reported Q2 Net Loss of $2.4 billion.

Coronavirus update:

The number of people infected with the coronavirus across the world hit 13.32 million, of which at least 578 thousand people have died, according to Johns Hopkins. The United States has become the worst-affected country, with more than 3.4 million diagnosed cases and at least 136,440 deaths. Russia confirmed 6,422 new coronavirus infections Wednesday, bringing the country’s official number of cases to 746,369.

Technical Outlook

XAU/USD: The yellow metal trading steady above $1810 on Wednesday, eyeing a test of $1818 level.

euraud

The important levels to watch for today: Support- 1806 and 1800   Resistance- 1818 and 1826.

EUR/USD: The currency pair climbed to fresh 4- month high and at the time of writing the pair trading around 1.1430.

cruse

The important levels to watch for today: Support- 1.1420 and 1.1380 Resistance- 1.1440 and 1.1495.

Quote of the day: If you have trouble imagining a 20% loss in the stock market, you should not be in stocks – John C. Bogle.  

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DAILY MARKET REPORT

DAILY MARKET REPORT

Global stocks and Wall Street ended higher in November. The S&P 500 climbed 10.8% for the month, its biggest monthly gain since April. While the Dow has added almost 13% so far, which would be the best month since January 1987. The energy stocks in the S&P 500 ended November with an above 25% gain supported by the strong rebound in the crude oil prices.

DAILY MARKET REPORT

DAILY MARKET REPORT

Crude oil prices trading slightly lower on Monday ahead of OPEC two days of meetings that begin later today. The investors and traders eagerly waiting for the fresh updates whether the OPEC and other oil-exporting countries will extend large output cuts to balance global markets.

DAILY MARKET REPORT

DAILY MARKET REPORT

Hello Everyone, Happy Thanksgiving Day! We expect Trading will be thinned out next two days and liquidity is expected to remain low as US financial markets are closed on Thursday and a half-day on Friday.

DAILY MARKET REPORT

DAILY MARKET REPORT

Gold price slightly rebounded from the previous session lows. The yellow metal plunged more than 3% and closed to near $1800 on Tuesday. Moving ahead to the North American session, the gold investors and traders will keep an eye on the US GDP and durable goods data due later in the session.