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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
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 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.

EQUITIES

Global stocks gained on Tuesday amid hopes of a coronavirus vaccine after American biotech firm Novavax said it started the first human study of its experimental vaccine. The Nikkei 225 surged 529.52 points or 2.55% to 12-week highs of 21271.17 on Tuesday after Prime Minister Shinzo Abe lifted the state of emergency for all of Japan, including Tokyo and its surrounding areas.

OIL

Crude oil price rose after Russia reported that its oil output dropped to its target of 8.5 million barrels per day for May and June, in compliance with its OPEC+ deal.

CURRENCIES

The US dollar index slipped below the 100 level as a sign of improved market sentiment, though the vaccine hopes. The EUR/USD rebounded from yesterday’s low of 1.0869 to above 1.0940. The New Zealand Dollar surged higher after the trade surplus in New Zealand widened sharply to NZD 1267 million in April from NZD 361 million in the same month of the previous year.

GOLD

The gold price trading above $1720 on Tuesday as growing tensions over the Hong Kong national security law and escalation of conflict between US and Iran and Venezuela after a second Iranian vessel carrying fuel had entered Venezuelan waters despite US criticism as both countries are under US sanctions.

Economic Outlook 

The US-based biotech company, Novavax, said on Monday it has started the Phase 1 clinical trial of the vaccine candidate and has enrolled the trial’s first participants, with preliminary results slated as early as July. Novavax will inject 131 volunteers in the first phase of the trial, testing the safety of the vaccine and looking for signs of its effectiveness.

Moving ahead today, the important events to watch: 

U.S. CB Consumer Confidence – 14.00 GMT 

U.S. New home sales report – 14.00 GMT 

Coronavirus Update: 

In India on Monday posted its biggest single-day jump in cases of COVID-19, overtaking Iran to become one of the 10 worst-hit nations. The news said “India reported another 6,977 cases, taking its total to 138,845. Total deaths have passed 4,000. In UK COVID-19 death toll rose to at least 47,347 on Tuesday. Meantime, UK: Prime Minister Boris Johnson announced that some shops will be able to reopen from June 15.

Technical Outlook

GOLD: The gold price trading above the $1720 support zone during the European session.

The important levels to watch for today: Support- $1718 and $1700   Resistance- $1738 and $1750.

GBP/USD: The pair recovered from the early losses against the US dollar after buyers found short term support near the 1.2170/1.2160 area. Overall the movement remained bullish throughout the Asian session, at the time writing the pair trading near 1.2270. 

cruse

The important levels to watch for today: Support- 1.2200 and 1.2160 Resistance- 1.2290 and 1.2330.

Quote of the day: Unsuccessful people make decisions based on their current situations. Successful people make decisions based on where they want to be. 

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DAILY MARKET REPORT

DAILY MARKET REPORT

Crude Oil price struggles to find an upside direction as the oversupply concerns increase after data from both the EIA and API showed a surprise build in US crude inventories last week. According to the EIA Petroleum Status Report, US crude oil stocks rose by 5.654 million barrels in the week ended July 3rd, 2020 and the API report also shows a build of 2 million barrels in crude oil inventories. The Oil investors and trader’s attention now turns towards the OPEC and its allies (OPEC+) meeting scheduled on July 15 for fresh updates on the oil output cuts policy.

DAILY MARKET REPORT

DAILY MARKET REPORT

The British pound trading strong against the Dollar and Euro after the new £30 billion fiscal stimulus plan. On Wednesday UK Chancellor Rishi Sunak's announced fresh stimulus measures to support jobs and activity in the UK disappointed investors. Other measures included a stamp duty holiday, a £3 billion green investment package and a temporary cut to VAT on tourism and hospitality.

DAILY MARKET REPORT

DAILY MARKET REPORT

Gold price climbed above $1,800 an ounce during the European session, the first time since 2011. The overall momentum remained bullish throughout this week as investors turned to safe-haven assets amid a spike in coronavirus cases in several countries across the globe.

DAILY MARKET REPORT

DAILY MARKET REPORT

The Reserve Bank of Australia (RBA) left official interest rates at the historical low of 0.25% on its monthly meeting on Tuesday. RBA governor Philip Lowe said, "Uncertainty about the health situation and the future strength of the economy is making many households and businesses cautious, and this is affecting consumption and investment plans,"