DAILY MARKET NEWS

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EQUITIES

Asian shares higher in the morning trade. Japan’s Nikkei reversed early losses to be last up 0.28%. Hong Kong’s Hang Seng index led gains regionally as it jumped 1.47% in early trade. Mainland Chinese stocks, China's Shanghai Composite advanced 0.18%, Singapore’s gained 0.27%, South Korea’s KOSPI up 1.04%, while Australia S&P/ASX 200 recorded little change.

OIL

Oil prices little changed in the morning of Asian trading hours. Brent crude futures traded to $45.35 a barrel, while U.S. crude at $42.32.

On Friday last week, Brent closed at $44.35 per barrel, while WTI futures ended at $42.34 per barrel.

CURRENCIES

Last week the dollar index against a basket of six major currencies fell to the lowest in more than two years. It was last at 93.144 on Monday.

The Japanese yen traded at 105.83 per dollar after strengthening from levels above 106 against the greenback in the previous trading week. The Australian dollar edged up to $0.7175 after the state of Victoria reported its lowest daily rise in new coronavirus infections in seven weeks, fuelling optimism that a deadly second wave there is receding.

GOLD

Gold currently trading at $1,934.40 per ounce, while stands around $1,942.90 per ounce for gold futures. Previously closed at $1,942.40 and $1,947.00, respectively.

Silver trading at $26.42, platinum trading at $914.00 and palladium trading at $2,048.00.

ECONOMIC OUTLOOK

Asian shares advanced for a second straight session on Monday, underpinned by coronavirus hopes after the U.S. FDA authorised the use of blood plasma from recovered patients as a treatment option.

Sentiment was also supported by report that the Trump administration is considering bypassing normal U.S. regulatory standards to fast-track AstraZeneca vaccine from the UK for use in America ahead of the presidential election.

Britain’s public debt went above 2 trillion pounds ($2.65 trillion) for the first time in July as the government ramped up public spending to cope with the coronavirus pandemic and tax revenues fell.

Investors will be watching out for a further run of data this week for clues on the global economy, including a second estimate of U.S. GDP for the Q2 as well as weekly jobless claims and some other Asian indicators.

To date, number of confirmed worldwide cases for COVID-19 pandemic has surpassed 23.584 million affecting 213 countries and territories around the world and 2 international conveyances, recording more than 812 thousand fatality globally.