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DAILY MARKET REPORT

Apple (NASDAQ: AAPL) shares closed 6% higher on Monday ahead of its virtual "Hi, Speed" event on Tuesday. The company is set to reveal a new iPhone and other technology updates. The launch event will be an online event that will be live-streamed from the Apple Park and the Steve Jobs Theatre in Cupertino. One can also watch the event via the iOS YouTube app and on the app for Apple TV.

DAILY MARKET REPORT

Apple (NASDAQ: AAPL) shares closed 6% higher on Monday ahead of its virtual "Hi, Speed" event on Tuesday. The company is set to reveal a new iPhone and other technology updates. The launch event will be an online event that will be live-streamed from the Apple Park and the Steve Jobs Theatre in Cupertino. One can also watch the event via the iOS YouTube app and on the app for Apple TV.

The technology giant is expected to reveal iPhone 12 series and all the new iPhone models are reported to have 5G. Some other announcements could include a new HomePod and new AirPod headphones. During the September "Time Flies" event, Apple unveiled a redesigned iPad Air and Apple Watch models.

EQUITIES

Asian shares traded slightly lower after mixed economic data. US stock futures retreated from the highs after extended its gains Monday from last week’s rally. In Hong Kong, the Hang Seng Index was closed as officials canceled trading in stocks and derivatives due to a typhoon warning.

OIL

Crude oil prices slightly reversed from the early session losses ahead of API inventory data. During the previous session, the Oil price slide amid concerns over excess supply in the market and worries about a possible drop in energy demand due to rising coronavirus cases.

CURRENCIES

In the currency market, the British pound dropped to a new daily low on Tuesday after data showed the UK unemployment rate rose more than expected in the June-August period. The employment rate in the UK increased to 4.5%, above forecasts of 4.3%.

GOLD

Gold price slipped to a fresh weekly low on Tuesday after the demand for the US dollar increased. On Monday, the yellow metal touched a fresh monthly high of $1932.

Economic Outlook

On the data front, China’s September’s trade surplus narrowed to $37 billion, compared to the consensus of $58 billion and $58.93 billion in August. The exports rose 9.9% from a year earlier to $239.8 billion in September, while imports gained 13.2% to $202.8 billion.

Moving ahead to the North American session, the US Consumer Price Index (CPI) data will also be key to watch and Q3 financial results from JPMorgan and Citigroup.

Coronavirus update:

The number of people infected with the coronavirus across the world crossed 37.5 million, of which at least 1.07 million people have died and 26 million have recovered, according to data released by the Johns Hopkins University. The U.S. has reported more than 7.7 million cases and 215,000 deaths, according to Johns Hopkins data. India reports 55,342 new cases for the past 24 hours, the lowest daily count in nearly two months, bringing the country total to 7.18 million. Meanwhile, South Korean drugmaker Celltrion says it has received approval for Phase 3 clinical trials of an experimental COVID-19 treatment.

Technical Outlook

EUR/USD: The currency pair dropped to a fresh weekly low of 1.1780 on Tuesday after weaker-than-economic data.

cruse

The important levels to watch for today: Support- 1.1760 and 1.1720 Resistance- 1.1810 and 1.1860.

GOLD: The yellow metal slightly rebounded from the early session lows. At the time of writing, the gold price trading around $1923.  

audusd

The important levels to watch for today: Support- 1918 and 1910 Resistance- 1926 and 1932.

Quote of the day: You are dealing with a lot of silly people in the marketplace; It’s like a great big casino and everyone else is boozing. If you can stick with Pepsi, you should be Ok – Warrant Buffet.

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DAILY MARKET REPORT

DAILY MARKET REPORT

On Wednesday, the U.S. Commerce Department released the latest retail sales data. The data showed the retail sales for January increased stronger than anticipated, with a sharp gain of 5.3% against expectations of 1.1%.

DAILY MARKET REPORT

DAILY MARKET REPORT

UK and European shares slip lower on Wednesday after mixed corporate earnings results and amid growing concerns over rising bond yields in the US.

DAILY MARKET REPORT

DAILY MARKET REPORT

The UK has given the first dose of coronavirus vaccine to almost a quarter of the population, the Britain Government data showed the total receiving first vaccines doses was 15 million.

DAILY MARKET REPORT

DAILY MARKET REPORT

The markets in the U.S. will be closed on Monday in observance of the President's Day holiday. Foreign financial markets are open Monday and currency markets are expected to remain open for trading.