DAILY MARKET NEWS

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EQUITIES

Asian share markets set to trade higher on positive vaccine news. Japan's Nikkei 225 rose 0.61%, Hong Kong's Hang Seng gained 1.56%, China's Shanghai Composite up 0.15% and South Korea’s KOSPI up 1.28%. Shares in Australia also traded higher, as the S&P/ASX 200 up 1.50%, and Singapore’s gains 0.42% in early trading.

OIL

Oil prices edged higher in the morning of Asian trading hours. Brent crude futures traded to $43.36 a barrel, while U.S. crude at $40.87.

On Monday, Brent closed at $43.28 per barrel, while WTI futures ended at $40.81 per barrel.

CURRENCIES

The U.S. dollar index, which measures the greenback against a basket of its peers, last traded at 95.70, declining from its previous close of 95.832.

Japanese yen changed hands at 107.19, weakening from levels near 106.8 seen last week. The Australian dollar traded at $0.7027, climbing from levels near $0.6960 in the previous week.

The dollar under pressure as euro climbed to its highest in more than four months on hopes for an imminent agreement on a recovery fund for EU economies hit by the COVID-19 pandemic.

GOLD

Gold prices pushed to highest level since September 2011. Trading at $1,816.40 per ounce, while stands around $1,818.20 per ounce for gold futures. Previously closed at $1,817.70 and $1,817.40, respectively.

Silver trading at $19.92, platinum trading at $841.00 and palladium trading at $2,024.00.

ECONOMIC OUTLOOK

Asia Pacific markets rose in early trade on Tuesday after investor sentiment was supported on positive data from trials of three potential COVID-19 vaccines and on hopes that the EU would finalize a recovery fund.

Pfizer and BioNTech reported early positive data on a joint coronavirus vaccine candidate. Another candidate from Oxford University and AstraZeneca also showed a positive immune response in an early trial.

European leaders are still meeting to continue tense negotiations over a 750-billion-euro ($858 billion conversion) recovery fund, of which 390 billion euros could be offered as grants.

Another round of U.S. economic stimulus after congressional Republicans announced plans to seek another $1 trillion in coronavirus economic relief also expected to be announced.

Q2 earnings season chugged along. Some 48 companies in the S&P 500 have posted results, with 77.1% of those beating consensus.

To date, number of confirmed worldwide cases for COVID-19 pandemic has reached more than 14.853 million today affecting 213 countries and territories around the world and 2 international conveyances, recording more than 613 thousand fatality globally.