DAILY MARKET NEWS

import-export-1-1170x523

EQUITIES

Asian share markets are lower in early trading, as Nikkei 225 down -0.64%, Mainland Chinese stocks, China's Shanghai Composite retreated -1.20%, Hong Kong's Hang Seng down -2.04%. Singapore’s down -0.91%, South Korea’s KOSPI loss -0.28%. and Australia S&P/ASX 200 retreated -0.77% in early trading.

Overnight on Wall Street, the Dow Jones Industrial Average 0.7% higher. The S&P 500 rose 0.6%, while the Nasdaq Composite advanced 1%.

OIL

Oil prices edged lower the morning of Asian trading hours. Brent crude futures traded to $45.05 a barrel, while U.S. crude at $41.94.

On Thursday, Brent closed at $45.09 per barrel, while WTI futures ended at $41.94 per barrel.

CURRENCIES

The U.S. dollar index slumped to a two-year low against a basket of major currencies, was at 93.03.

The Japanese yen traded at 105.56 per dollar after seeing levels around 106.4 against the greenback earlier in the trading week. The Australian dollar changed hands at $0.7224 following the RBA’s monetary policy statement release, having seen an earlier high of $0.7243.

GOLD

Gold strike a fresh record of $2,072.4951 per ounce overnight, and last stood at $2,066.30 per ounce, while stands around $2,079.20 per ounce for gold futures. Previously closed at $2.,063.20 and $2,069.40, respectively.

Silver trading at $29.03, platinum trading at $978.00 and palladium trading at $2,099.00.

ECONOMIC OUTLOOK

Asia shares were lower on Friday, tracking global equity markets’ overnight gains as well as awaited U.S. nonfarm payrolls report and several other economic data releases for July.

U.S. Labor Department reported initial claims for state unemployment benefits fell to a seasonally adjusted 1.186 million for the week ended Aug. 1, the lowest reading since mid-March. The government payrolls report is expected to be released later Friday.

Republicans and Democrats remained far apart about what to include in another wave of coronavirus stimulus.

China’s dollar-denominated exports rose 7.2% while imports fell 1.4% YoY, data from the country’s General Administration of Customs showed on Friday.

Iraq announced that it would make an additional cut in its oil production of about 400,000 barrels per day in August to compensate for its overproduction over the past period under the OPEC supply reduction pact.

The corporate results season is now in its final stretch, with about 424 S&P 500 firms having reported so far. Earnings have been about 22.5% above analyst expectations, according to IBES Refinitiv data, the highest on record since 1994.

To date, number of confirmed worldwide cases for COVID-19 pandemic has surpassed 19.253 million affecting 213 countries and territories around the world and 2 international conveyances, recording more than 718 thousand fatality globally.