DAILY MARKET NEWS

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EQUITIES

Asian shares mixed in the morning trade. Stocks in Australia rose, with the S&P/ASX 200 up 0.49%, and the Shanghai composite was up 0.29%. Meanwhile, Hong Kong’s Hang Seng index down -0.63%, Singapore’s loss -0.53%, the Nikkei 225 shed -0.36%. Also, South Korea’s KOSPI fell -0.56%. The country’s central bank kept its rates on hold on Thursday, but cut its 2020 GDP forecast, as it weighed concerns over rising house prices and the worsening coronavirus fallout.

OIL

Oil prices steadied on Thursday, as it pressured by worries about the demand outlook during the coronavirus pandemic, and at the same time buoyed as oil producers shut output in the Gulf of Mexico ahead of Hurricane Laura.

Brent crude futures traded to $45.75 a barrel, while U.S. crude at $43.36.

On Wednesday, Brent closed at $45.64 per barrel, while WTI futures ended at $43.39 per barrel.

CURRENCIES

The dollar’s index against six major currencies stood at 92.88, near the lowest level so far this week.

The Japanese yen traded at 105.99 per dollar following a strengthening yesterday from levels around 106.5 against the greenback. The Australian dollar was changing hands at $0.7238 up 1.1% so far this week.

The Chinese yuan was at its strong levels since January after U.S. and Chinese officials reaffirmed their commitment to a Phase 1 trade deal earlier this week despite tense bilateral relations.

GOLD

Gold currently trading at $1,949.90 per ounce, while stands around $1,959.70 per ounce for gold futures. Previously closed at $1,954.70 and $1,952.50, respectively.

Silver trading at $27.24, platinum trading at $929.00 and palladium trading at $2,084.00.

ECONOMIC OUTLOOK

Shares in Asia Pacific were mixed in Thursday morning trade as investors await upcoming comments from U.S. Federal Reserve Chairman Jerome Powell, unveiling a new framework intended to soften the central bank's inflation stance.

The U.S. energy industry was preparing for Hurricane Laura, as oil producers had evacuated 310 offshore oil facilities and shut 1.56 million bpd of crude output, 84% of Gulf of Mexico's offshore production.

U.S. crude inventories stood at 507.8 million barrels at the end of the week to Aug. 21, even after a larger-than-expected drop of 4.7 million barrels.

China's industrial profits grow at fastest pace since mid-2018., 19.6% on-year to 589.5 billion yuan ($85.58 billion), following an 11.5% increase before.

To date, number of confirmed worldwide cases for COVID-19 pandemic has surpassed 24.335 million affecting 213 countries and territories around the world and 2 international conveyances, recording more than 830 thousand fatality globally.