EQUITIES
Asia-Pacific markets rose on Friday. Australia’s S&P/ASX 200 led the gains as the index added 1.20% after shares of the country’s “Big Four” banks soared. Elsewhere, Hong Kong’s Hang Seng index advanced 0.12%, while mainland Chinese stocks reversed, with the Shanghai composite down -0.24%. In Japan, the Nikkei 225 rose 0.58% while the South Korea’s KOSPI advanced 0.69%, and Singapore’s FTSE STI 0.57% higher.
The Dow Jones Industrial Average rose 52.31 points, or 0.2%, to 26,815.44, the S&P 500 gained 9.67 points, or 0.30%, to 3,246.59 and the Nasdaq Composite added 39.28 points, or 0.37%, to 10,672.27.
OIL
Oil turned higher as the dollar weakened, though demand kept prices shaky. Brent crude futures traded to $42.20 a barrel, while U.S. crude at $40.51.
On Wednesday, Brent closed at $41.94 per barrel, while WTI futures ended at $40.31 per barrel.
CURRENCIES
The dollar index ticked down but remained near two-month highs as economic concerns boost its safe-haven allure, was last at 94.36.
The Australian dollar traded at $0.7061, having hit a two-month low of $0.7016 overnight. Turkey’s lira last stood at 7.6200 per dollar after country’s central bank unexpectedly hiked interest rates by 200 basis points.
GOLD
Gold set for its worst week in more than a month, currently trading at $1,869.30 per ounce, while stands around $1,872.60 per ounce for gold futures. Previously closed at $1,868.60 and $1,976.90, respectively.
Silver trading at $23.08, platinum trading at $850.00 and palladium trading at $2,106.00.
ECONOMIC OUTLOOK
Wall Street rose cautiously on Thursday on hopes of more economic stimulus, though the gains were not enough to lift an index of stocks across the globe, while the dollar ticked down from two-month highs.
Investors are watching the developments on potential U.S. coronavirus stimulus. U.S. House of Representatives are working on a $2.2 trillion coronavirus stimulus package, expected to be voted next week.
Turkey surprised traders with a hike in its policy rate by 200 basis points to 10.25%, sending the lira and bonds higher.
G7 finance ministers are expected on Friday to signal their support for extending a debt relief programme aimed at helping the poorest countries weather the coronavirus pandemic.
To date, number of confirmed worldwide cases for COVID-19 pandemic has surpassed 32.141 million affecting 213 countries and territories around the world and 2 international conveyances, recording more than 982 thousand fatality globally.
TECHNICAL OUTLOOK
[USDJPY]
Important Levels to Watch for Today:
- Resistance line of 105.607 and 105.754.
- Support line of 105.129 and 104.982.
Commentary/ Reason:
- The Japanese yen strengthened 0.01% versus the greenback at 105.43 per dollar.
- The dollar risen to 105.53, its strongest level in over a week yesterday.
- The yen influenced after the minutes of the BOJ's July policy meeting released yesterday showed that BOJ members agreed to boost easing measures without hesitation if needed.
