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DAILY MARKET REPORT

On Monday, FedEx (FDX) and Microsoft (MSFT) announced a multi-year collaboration that will combine FedEx’s logistics capabilities with Microsoft’s cloud technology. The shares of FedEx jumped 10.85% on Monday after the announcement. 
DAILY MARKET REPORT
On Monday, FedEx (FDX) and Microsoft (MSFT) announced a multi-year collaboration that will combine FedEx’s logistics capabilities with Microsoft’s cloud technology. The shares of FedEx jumped 10.85% on Monday after the announcement. “FedEx has been reimagining the supply chain since our first day of operation, and we are taking it to a new level with today’s announcement,” said FedEx CEO Frederick Smith in a statement. "Together with FedEx, we will apply the power of Azure, Dynamics 365 and their AI capabilities to this urgent need, building new commerce experiences that transform logistics for our mutual customers around the world." Microsoft Chief Executive Satya Nadella said in a statement.

EQUITIES

Asian markets traded mixed on Wednesday following the People's Bank of China's (PBoC) decision to keep its interest rates unchanged at 3.85%. On Tuesday Wall Street ended lower after a report from medical news website Stat cast doubt over positive early results from a Moderna Covid-19 vaccine trial. The Dow Jones retreated 391 points or 1.6% to 24,207. The S&P 500 shed 31 points or 1.1% to 2923. The NASDAQ lost 50 points or 0.5% to 9185.

OIL

Oil prices received some support from the API report. According to the report, the US weekly crude oil stock declined to -4.8 million barrels on May 15 from previous 7.6 million. The weekly oil reports continue to show a decrease in inventories of crude oil stock which will ease fears of storage problems.

CURRENCIES

GBP/USD dropped to the session low of 1.2220 after UK CPI slowed to 0.8% in April 2020, from 1.5% in the previous month and slightly below market expectations of 0.9%. That was the lowest rate since August 2016.

GOLD

The yellow metal surged on Tuesday after US Treasury Secretary Steven Mnuchin warned that if coronavirus lockdown continued for months, then the US economy could face permanent damage.

Economic Outlook 

On Tuesday Jerome Powell, Chairman of the Federal Reserve gave a lengthy online testimony before a Senate committee. He said that as the Fed balance sheet goes from $3.8 trillion in September to nearly $7 trillion now and higher in the future, he doesn’t see inflation or financial stability issues coming from the size of Fed holdings.

Moving ahead today, the important events to watch: 

Canada core CPI – 12.30 GMT 

US Crude Oil Inventories – 14.30 GMT

FOMC minutes – 18.00 GMT

Coronavirus Update: 

Japanese Economy Minister Yasutoshi Nishimura said on Wednesday, the government will look at the coronavirus data up until this day before lifting the State of Emergency in the remaining prefectures. So far, more than 16,300 people have tested positive for the coronavirus in Japan and over 770 have died. Russia reported a further 8,764 coronavirus cases Wednesday, pushing its total case tally to 308,705. The death toll rose by 135 to a total 2,972 fatalities.

Technical Outlook

GOLD: The gold price momentum remained bullish from yesterday.

The important levels to watch for today: Support- $1735 and $1720   Resistance- $1760 and $1775.

EUR/USD: The pair currently trading above 1.0950 after the mixed Eurozone inflation report. 

The important levels to watch for today: Support- 1.0910 and 1.0870   Resistance- 1.0980 and 1.1010.

Quote of the day: You learn nothing from trading if you think you are right all the time. 

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DAILY MARKET REPORT

DAILY MARKET REPORT

Moving ahead to the new week investors and traders will likely monitor PMI surveys, geopolitical headlines, ECB, RBA, BOC rates, US non-farm payrolls. A series of manufacturing surveys released today,

DAILY MARKET REPORT

DAILY MARKET REPORT

HP (NYSE: HPQ) announced its second-quarter financial results on Wednesday. The company reported revenue for the last quarter 11.2% lower than the $14.04 billion reported during the same time last year.

  • Earnings per share (EPS) $0.51 vs. $0.44 expected 
  • Revenue $12.47 billion vs. $12.93 billion expected
DAILY MARKET REPORT

DAILY MARKET REPORT

The Alibaba stock slid as much as 4% in Hong Kong on Monday after the e-commerce giant has forecasted slow growth for this year. The company projected sales of about 650 billion yuan ($91 billion) and the fourth-quarter profit fell 88% from the same period a year ago. The (NYSE: BABA) stock price was down 6% to $199.70 during the last trading session on Friday. "The pandemic has fundamentally altered consumer behaviour and enterprise operations, making digital adoption and transformation a necessity," CEO Zhang said. 
DAILY MARKET REPORT

DAILY MARKET REPORT

Brazil has the world's second-highest number of confirmed coronavirus infections, behind only the United States. As of Sunday, the country had reported more than 347,000 cases of COVID-19 and at least 22,000 deaths.