DAILY MARKET NEWS

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EQUITIES

Asian share markets open lower on Friday. Singapore’s dipped -1.12%, Hong Kong's Hang Seng loss -1.56%, China's Shanghai Composite down -1.63%, Australia’s S&P/ASX 200% -1.23%, and South Korea’s KOSPI down -0.13% in early trading.

Markets in Japan are closed for a holiday on Friday.

Overnight, the DJIA fell 1.31%, the S&P 500 lost 1.23% and the Nasdaq dropped 2.29%.

OIL

Oil prices edged higher in the morning of Asian trading hours. Brent crude futures traded to $43.45 a barrel, while U.S. crude at $41.17.

On Thursday, Brent closed at $43.31 per barrel, while WTI futures ended at $41.07 per barrel.

CURRENCIES

The dollar index .DXY slipped to an almost two-year low against a basket of peer currencies, at 94.66.

The Japanese yen traded at 106.51 per dollar, after wavering between 106 and 107 for most of this week. The Australian dollar rose 0.15% versus the greenback at $0.7108.

Investors are selling the greenback on expectations the U.S. economy will likely underperform its peers in the developed world as coronavirus pandemic continue to rampage.

GOLD

Gold rose for a fifth straight session to almost $1,900, as U.S.-China tensions increased bullion’s safe-haven appeal.

Gold trading at $1,884.70 per ounce, while stands around $1,884.60 per ounce for gold futures. Previously closed at $1,886.60 and $1,890.00, respectively.

Silver trading at $22.65, platinum trading at $906.00 and palladium trading at $2,096.00.

ECONOMIC OUTLOOK

Asia Pacific markets set to fall in early trade on Friday, as investor sentiment takes a hit over worsening U.S.-China tensions and a sell-off in U.S. markets overnight.

Besides China’s next move, investors are looking to a slew of PMI figures due across Europe and the U.S. later today for a read on economic recovery progress.

Focus is also on the next U.S. fiscal rescue package, which is deadlocked in Congress while a month-end deadline looms as some unemployment benefits are due to expire.

U.S.’s economic recovery is seeming to be further stalled as the number of Americans filing for unemployment benefits unexpectedly rose to 1.416 million last week for the first time in nearly four months.

To date, number of confirmed worldwide cases for COVID-19 pandemic has surpassed 15.652 million affecting 213 countries and territories around the world and 2 international conveyances, recording more than 636 thousand fatality globally.