EQUITIES
S&P 500 Index : $2,736.56, down -86.60 points or -3.07%
Dow Jones Industrial Average : $23,018.88, down -631.56 points or -2.67%
Nasdaq Composite Index : $8,263.23, down -297.50 points or -3.48%
European exchanges also recording losses, with London's FTSE 100 down -2.96%, Germany's DAX down -3.99% with France's CAC 40 loses -3.77%. Italy's closed -3.59% lower and pan-European Stoxx 600 index shed 3.39% closed Tuesday.
Asian markets are in red in early trade. Japan's Nikkei 225 down -1.64%, Hong Kong's Hang Seng shed -2.20%, China's Shanghai Composite down -0.90%, Singapore’s loss -1.77%, South Korea’s KOSPI -1.41%, and Australia's S&P/ASX 200 loss -1.32% in early trading.
OIL
Brent crude futures ended the session lower on Tuesday at $19.33 per barrel, a fall of 24.40%, while WTI crude futures gain 126.60%, at $10.01 per barrel.
Currently, Brent is trading at $19.70 per barrel and WTI is trading at $9.06 per barrel as of writing time (UTC+8).
CURRENCIES
The U.S. DXY stand at 100.24, compared with a basket of its major peers. Dollar rally against most of major currencies in early trade, including against EUR (0.04%), JPY (0.07%), GBP (0.04%), CHF (0.07%), NZD (0.03%), DKK (0.05%), NOK (0.04%), and SEK (0.03%).
Dollar also depreciate against currencies including RUB (-0.19%), AUD (-0.16%), MXN (-0.13%), CAD (-0.10%), and SGD (-0.01%).
GOLD
Gold currently trading at $1,687.10 per ounce, while stands around $1,706.50 per ounce for gold futures as of writing time. Previously closed at 1,687.20 and 1,687.80, respectively.
Silver trading at $14.85, platinum trading at $757.00 and palladium trading at $1,872.00.
ECONOMIC OUTLOOK
Investors braced for another gruelling day on Wednesday with key Asian markets retreating after the overnight fall on Wall Street continued.
JP Morgan warned of a deep recession for the US economy followed by a rebound in Q1 2021. U.S. GDP is now forecast to have contracted 4.8% in the first quarter and will shrink another 30% this quarter.
The U.S. Senate on Tuesday unanimously approved $484 billion in fresh relief for the U.S. economy and hospitals.
To date, number of confirmed worldwide cases for COVID-19 pandemic has now reached more than 2,557,000 today affecting 210 countries and territories around the world and 2 international conveyances, recording more than 178,000 fatality globally.
TECHNICAL OUTLOOK
[XAUUSD]
Short positions below 1,693.08 with targets at 1,680.31, with extension at 1,659.66.
Downtrend prevails as long as 1,693.08 is resistance. If the resistance at 1,693.08 is not surpassed, the risk of the break below 1,680.31 remains high.
