EQUITIES
S&P 500 Index : $2,830.71, down -81.72 points or -2.81%
Dow Jones Industrial Average : $23,723.69, down -622.03 points or -2.55%
Nasdaq Composite Index : $8,604.95, down -284.60 points or -3.20%
European exchanges also follow trait, with London's FTSE 100 down -2.34%, and pan-European Stoxx 600 index shed -0.78% closed Thursday. Meanwhile, other exchanges including Germany's DAX, France's CAC and Italy's market closed on Friday celebrating Labour Day.
Financial markets in China, Hong Kong, India, Indonesia, Malaysia, the Philippines, Singapore, South Korea, Taiwan and Thailand are closed on Friday for public holidays. Meanwhile, at latest, some Asian markets opened for early trade, with Hong Kong's Hang Seng gained 0.28%, Singapore’s shed 2.45%, KOSPI down 2.18% and Australia's S&P/ASX 200 shed -0.29%.
OIL
Brent crude futures ended the session slightly lower on Friday at $26.44 per barrel, a drop of -0.15%, while WTI crude futures rise 4.99%, at $19.78 per barrel.
Currently, oil prices dip in the morning of Asian trading hours, with Brent is trading at $25.73 per barrel and WTI is trading at $18.33 per barrel as of writing time.
CURRENCIES
The U.S. DXY stand at 99.28, following a decline from levels above 100 seen earlier on the week, compared with a basket of its major peers. Nonetheless, dollar rally against major currencies today in early trade, including against NOK (2.17%), SEK (0.66%), MXN (0.64%), NZD (0.61%), AUD (0.44%), GBP (0.35%), CAD (0.32%), RUB (0.30%), DKK (0.28%), EUR (0.24%), CHF (0.20%), and SGD (0.16%) at latest reading.
GOLD
Gold currently trading at $1,700.40 per ounce, while stands around $1706.70 per ounce for gold futures as of writing time. Previously closed at 1,702.90 and 1,700.90, respectively.
Silver trading at $14.88, platinum trading at $753.00 and palladium trading at $1,836.00.
ECONOMIC OUTLOOK
Dollar inched higher, stock markets struggled for traction and oil fell on Monday as a U.S.-China spat over the origin of the coronavirus put the brakes on optimism about an economic re-start as countries around the world ease restrictions.
Stocks lost ground on Friday as grim economic data and mixed earnings prompted investors to take profits at the close of markets.
IMF predicts that it could take two years for the economy to recover from the coronavirus pandemic.
Russian Prime Minister Mikhail Mishustin tested positive for COVID-19, multiple outlets reported, coming amid the country’s struggles to control the outbreak and what reports call an “uninterested” response from President Vladimir Putin.
Even though Sweden did not impose a full lockdown on public life or businesses, its economy is expected to suffer just as badly as its European neighbours.
To date, number of confirmed worldwide cases for COVID-19 pandemic has now reached more than 3,565,000 today affecting 212 countries and territories around the world and 2 international conveyances, recording more than 284,000 fatality globally.
TECHNICAL OUTLOOK
[EURUSD]
Our Preference:
- Short positions below 1,696.07 with targets at 1,690.01, with extension at 1,682.50.
Commentary/ Reason:
- The pair has completed its head and shoulder pattern, with the third peak has fallen back, also coupled with pennant pattern, it is likely that it will breakout into a bearish downtrend.
- MACD indicators are losing momentum, and the RSI is indicating a downtrend.
