EQUITIES
S&P 500 Index : $2,922.94, down -30.97 points or -1.05%
Dow Jones Industrial Average : $24,206.86, down -390.51 points or -1.59%
Nasdaq Composite Index : $9,185.10, down -49.72 points or -0.54%
Except for Germany's DAX that up 0.15%, other European exchanges slumped, with London's FTSE 100 down -0.77% and France's CAC shed -0.89%. Italy's FTSE MIB Index closed -2.11% lower and pan-European Stoxx 600 index fell -0.61% closed Tuesday.
Stocks in Asia opened with mixed reaction on Wednesday as caution remains, with Japan's Nikkei 225 up 0.57%, Hong Kong's Hang Seng gained 0.31%, China's Shanghai Composite down -0.07% and Singapore’s loss -0.16%. Meanwhile, shares in Australia also traded lower, as the S&P/ASX 200 shrank -0.28%, and South Korea’s KOSPI increased 0.05% in early trading.
OIL
Brent crude futures ended the session lower on Tuesday at $34.65 per barrel, a drop of -0.46%, while WTI crude futures rose 2.14%, at $32.50 per barrel.
Currently, oil prices traded lower in the morning of Asian trading hours, with Brent is trading at $34.58 per barrel, while WTI is trading at $32.36 per barrel as of writing time.
CURRENCIES
The U.S. DXY stand at 99.44, falling from above 100’s level benchmark before, an index compared with a basket of its major peers.
Dollar currency losses against most of major currencies, including against NZD (-0.52%), MXN (-0.32%), AUD (-0.26%), RUB (-0.26%), NOK (-0.18%), EUR (-0.16%), GBP (-0.15%), SEK (-0.15%), CHF (-0.14%), CAD (-0.14%), DKK (-0.16%), and SGD (-0.03%).
Meanwhile, dollar also rallying against the likes of JPY (0.14%), and CNY (0.03%) at latest reading.
GOLD
Gold currently trading at $1,752.10 per ounce, while stands around $1,753.10 per ounce for gold futures as of writing time. Previously closed at $1,744.70 and $1,745.60, respectively.
Silver trading at $17.62, platinum trading at $850.00 and palladium trading at $1,982.00.
ECONOMIC OUTLOOK
Stocks in Asia Pacific were mixed in Wednesday morning trade as China’s benchmark lending rate was left unchanged and as vaccine rally falters, weighed on Moderna’s price sinks on report questioning their trial results.
Oil prices ease on dim economic outlook despite signs of firmer demand.
The Congressional Budget Office projects GDP dropping 38% in Q2. CBO also sees the federal budget deficit swelling to $2.2 trillion in fiscal 2020.
U.S. government is bringing back a bond from the 1980s to help pay off a record deficit. The 20-year should be met with a good reception by Wall Street when the Treasury holds $20 billion auction at 1 p.m. ET Wednesday.
South Korea said the government and the central bank will set up a 10 trillion won ($8.2 billion) special purpose vehicle to directly purchase commercial paper, to calm a local debt market hammered by the coronavirus.
To date, number of confirmed worldwide cases for COVID-19 pandemic has now reached more than 4,986,000 today affecting 213 countries and territories around the world and 2 international conveyances, recording more than 325,000 fatality globally.
TECHNICAL OUTLOOK
[USDJPY]
Our Preference:
- Short positions below 107.764, with targets at 107.568, breaking recent support line.
Commentary/ Reason:
- Chart entered double top pattern. Expect a trend reversal.
- The RSI is below its neutrality area at 50. The MACD is below its signal line and negative. The configuration is negative.
- Bollinger bands width widen volatile more toward highness.
