DAILY MARKET NEWS

EQUITIES

Asia-Pacific markets mostly higher, except for Japan’s Nikkei 225 index that declined -0.15%. Meanwhile, Australia’s S&P/ASX 200 leading the gains at 1.36% higher, Hong Kong’s Hang Seng index rose 0.46%, South Korea’s KOSPI advanced 0.45%, and Singapore’s Straits Times index fractionally moved to 0.02%.

Markets in China are still closed until Friday for a holiday.

Overnight, The Dow Jones Industrial Average fell 375.88 points, or 1.34%, to 27,772.76, the S&P 500 lost 47.66 points, or 1.40%, to 3,360.97 and the Nasdaq Composite dropped 177.88 points, or 1.57%, to 11,154.60.

OIL

Oil prices slide as Trump pulled the rug out from under the stimulus hope, plus a larger-than-expected build-up in U.S. crude stocks. Brent crude futures traded to $42 a barrel, while U.S. crude at $39.92.

Oil prices rose more than 3% on Tuesday, as Brent closed at $42.65 per barrel, while WTI futures ended at $40.62 per barrel.

CURRENCIES

The U.S. dollar index, which tracks the greenback against a basket of its peers, was at 93.85 after a rise from levels below 93.6.

The Australian dollar steadied at $0.7115 in early Asian trade after tumbling by more than 1% on Tuesday. The New Zealand dollar bought $0.6587, close to a one-week low.

GOLD

Spot gold also fell on the Trump’s news, currently trading at $1,881.60 per ounce, while stands around $1,886.10 per ounce for gold futures. Previously closed at $1,876.30 and $1,908.80, respectively.

Silver trading at $23.43, platinum trading at $854.00 and palladium trading at $2,262.00.

ECONOMIC OUTLOOK

Asian stocks were set to open lower on Wednesday, weighed by a weaker Wall Street finish, just as the broader market was hitting the highs of the day following President Trump’s announcement breaking off negotiations on a fourth stimulus package till after the November election with a tweet.

With stimulus frozen, attention will turn back to businesses that may pull the trigger on layoff plans, like the airlines and retails.

Oil price were pressured by data from the American Petroleum Institute showing U.S. crude oil stocks rose by 951,000 barrels last week - more than expected of 294,000 barrels.

U.S. trade deficit surged 5.9% in August to $67.1 billion, the largest in 14 years as imports climbed again.

To date, number of confirmed worldwide cases for COVID-19 pandemic has surpassed 35.731 million affecting 213 countries and territories around the world and 2 international conveyances, recording more than 1.048 million fatality globally.