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DAILY MARKET REPORT

The number of coronavirus cases worldwide surpassed 25 million on Sunday, with 843,000 deaths. The US remains the most affected nation, closing in on 6 million infections, according to Johns Hopkins University research. The U.S., Mexico and Brazil represent more than 40% of the global death toll, according to Johns Hopkins.

DAILY MARKET REPORT

The number of coronavirus cases worldwide surpassed 25 million on Sunday, with 843,000 deaths. The US remains the most affected nation, closing in on 6 million infections, according to Johns Hopkins University research. The U.S., Mexico and Brazil represent more than 40% of the global death toll, according to Johns Hopkins. Indian authorities confirmed 78,512 new Covid-19 cases on Sunday -- the fifth consecutive day the country has recorded more than 75,000 daily new cases, according to the Health Ministry. The Philippines reported on Monday 3,446 coronavirus infections and 38 deaths, taking its total caseload to 220,819 and fatalities to 3,558, its health ministry said.

"The front-line responders working tirelessly to save lives during the pandemic deserve time to rest," WHO said in a statement Sunday.

EQUITIES

Asian stock markets rose Monday after China’s manufacturing growth held steady. On Friday, the S&P 500 gained 0.7% to 3,508.01. The index gained 3.3% for the week, capping its longest weekly winning streak since December. The stocks received solid support after a moderate pickup in consumer spending and a policy shift from the Federal Reserve that signalled low-interest rates would stay for an extended period.

OIL

Crude Oil prices started the week on positive note supported by a weaker dollar and bullish weekly API and EIA inventory reports.

CURRENCIES

In the currency market, the dollar index the dollar edged up to 105.80 yen from Friday’s low of 105.20. On the other hand, the Australian dollar and New Zealand dollar reached to the new month highs on Monday boosted by dovish Fed expectations and coronavirus vaccine hopes.

GOLD

Gold price trading steady on Monday as the dollar is on track to lose 1% on the month, the worst August month in 5 years and the fifth straight monthly drop.

Economic Outlook

On the data front, the official NBS Manufacturing PMI in China was at 51.0 in August 2020, posting the sixth straight month of increase in factory activity. The service sector also marked its sixth consecutive month of growth as the official NBS Non-Manufacturing PMI rose to 55.2 in August 2020 from 54.2 in a month earlier, rising at the quickest pace since January 2018.

This week the main highlights of the economic calendar will be the release of RBA interest rate decision and statement, US and Eurozone employment report, and Oil inventories.

Technical Outlook

XAU/USD: The gold price trading higher on Monday, at the time of writing the yellow metal trading above $1960.

oil 2

The important levels to watch for today: Support- 1950 and 1935 Resistance- 1975 and 1995.

AUD/USD: The currency pair slightly retreated from the early session highs, during the Asian session the pair reached to 20- months high of 0.7380.

euraud

The important levels to watch for today: Support- 0.7310 and 0.7280 Resistance- 0.7380 and 0.7410.

Quote of the day: The greatest enemies of equity investor are expenses and emotions – Warren Buffet.

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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.