Back to daily news

DAILY MARKET REPORT

The investors and traders cautiously await comments from the U.S. Federal Reserve Chairman Jerome Powell, he scheduled to deliver a speech reviewing the central bank’s monetary policy framework at the virtual Jackson Hole Economic summit today. Due to coronavirus pandemic this year’s Jackson Hole economic policy symposium to be held online on 27 and 28 August.

DAILY MARKET REPORT

The investors and traders cautiously await comments from the U.S. Federal Reserve Chairman Jerome Powell, he scheduled to deliver a speech reviewing the central bank’s monetary policy framework at the virtual Jackson Hole Economic summit today. Due to coronavirus pandemic this year’s Jackson Hole economic policy symposium to be held online on 27 and 28 August.

EQUITIES

US stock futures and European shares trading lower ahead of the Fed Chair speech on the annual Jackson Hole Symposium later in the day, the negative sentiment was also hurt by news rising tensions between the US and China. On Wednesday, Wall Street ended higher with the S&P 500 and Nasdaq benchmarks climbed to fresh records on upbeat corporate results.

OIL

Crude Oil prices trading steady on Thursday after the EIA reported a bigger-than-expected draw in US crude oil inventories. The data showed the crude oil stocks change was -4.7 million barrels in the week ending August 21st, compared to analysts’ estimate of -3.7 million barrels.

CURRENCIES

In the currency market, the dollar index extends lower ahead of speech from the US Federal Reserve Chairman Jerome Powell at the Economic Symposium.

GOLD

Gold price slightly retreated from the previous session highs. The gold investors waiting for the US GDP report for the second quarter of 2020 and a highly anticipated speech by Federal Reserve chair Jerome Powell.

Economic Outlook

On the US-China front, the tensions are building up again after China fired missiles in the South China Sea even as the US imposed sanctions on Chinese companies with links to this region.

On the data front, new orders for the US manufactured durable goods rose by 11.2% in July 2020, easily beating market expectations of 4.3%.

Moving ahead today, the important events to watch:

US GDP – 12.30 GMT

US Jobless claims – 12.30 GMT

US Federal Reserve Chair Jerome Powell speech– 13.10 GMT

Coronavirus update:

The number of people infected with the coronavirus across the world surpassed 24.1 million, of which at least 825 thousand people have died and 15.7 million have recovered, according to data released by the Johns Hopkins University. The U.S. has suffered the most from the pandemic, 5,807,480 cases and 179,235 fatalities, followed by Brazil with 3,669,995 cases and 116,580 deaths. India confirmed more than 3.2 million cases.

Technical Outlook

XAU/USD: The gold price trading above $1940 during the European session, on Wednesday the yellow metal slipped to fresh weekly low of $1902 before it climbed back to $1950.

euraud

The important levels to watch for today: Support- 1926 and 1910 Resistance- 1965 and 1980.

GBP/USD: The currency pair slightly retreated from the daily highs, at the time of writing the pair hovers near the 1.3200.

cruse

The important levels to watch for today: Support- 1.3180 and 1.3140 Resistance- 1.3230 and 1.3270.

Quote of the day: The difference between successful people and successful people is that really successful people say no to almost everything- Warren Buffet.

Read more

DAILY MARKET REPORT

DAILY MARKET REPORT

US Airline companies, American Airlines (NASDAQ: AAL) and Southwest Airlines (NYSE: LUV) reported third-quarter financial results on Thursday. Both the airline company shares closed higher on Thursday after narrower than expected earnings. American Airlines' stock climbed 3% higher while Southwest Airlines shares surged more than 5%.

DAILY MARKET REPORT

DAILY MARKET REPORT

The electric car maker Tesla (NASDAQ: TSLA) reported its fifth consecutive quarterly profit on Wednesday, with revenue of US$8.8 billion. Tesla delivered 139,300 vehicles this quarter, beating the company’s previous record of 112,000 vehicle deliveries in the fourth quarter of 2019.

DAILY MARKET REPORT

DAILY MARKET REPORT

US dollar edged lower amid rising hopes for the United States would conclude a new stimulus package. The next stimulus agreement could be worth up to $2 trillion and contain more direct payments to U.S. individuals and families. US House Speaker Nancy Pelosi said she remains hopeful of a stimulus agreement this week after speaking with Treasury Secretary Steven Mnuchin on Tuesday. Meanwhile, US President Trump said, “I want to do it even bigger than the Democrats,”

DAILY MARKET REPORT

DAILY MARKET REPORT

Global markets are trading mixed on Tuesday as investors are concerned about the increasing number of COVID infections. Ireland and Wales became the first countries on the continent to re-enter lockdown as the number of people who have died from Covid-19 in Europe passed 250,000.