DAILY MARKET NEWS

7381

EQUITIES

Asian share markets mostly positive, except for Singapore’s that down -1.26%. Mainland Chinese stocks, China's Shanghai Composite up 0.19%, Hong Kong's Hang Seng gained 0.77%, and South Korea’s KOSPI up 0.31%. Nikkei 225 rose 0.05%, and Australia S&P/ASX 200 up 0.9% in early trading.

Overnight stateside, the Dow Jones gained 0.6%. The S&P 500 rose 1.3%, and Nasdaq Composite advanced 1.4%.

OIL

Oil prices edged higher in the morning of Asian trading hours. Brent crude futures traded to $43.80 a barrel, while U.S. crude at $41.31.

On Wednesday, Brent closed at $43.75 per barrel, while WTI futures ended at $41.27 per barrel.

CURRENCIES

The U.S. dollar index, which tracks the greenback against a basket of its peers, was at 93.36, sunk at a more than two-year low on Thursday as the Fed repeated a pledge to limit damage from the pandemic as surging new coronavirus cases hamper the economy.

The Japanese yen traded at 104.98 per dollar following its strengthening earlier in the trading week from levels above 105.3 against the greenback. The Australian dollar changed hands at $0.7174 after rising from levels below $0.712 this week.

GOLD

Gold currently trading at $1,965.70 per ounce, while stands around $1,958.30 per ounce for gold futures. Previously closed at $1,970.90 and $1,953.40, respectively.

Silver trading at $24.28, platinum trading at $926.00 and palladium trading at $2,063.90.

ECONOMIC OUTLOOK

Asian stocks were set to track an upbeat overnight Wall Street session after the U.S. Federal Reserve left interest rates near zero to support the country’s virus-battered economy, sending the dollar to a two-year trough.

Japan’s retail sales for June declined 1.2% YoY, according to the country's Ministry of Economy, Trade, and Industry.

Investors focus today will likely be on the upcoming GDP report. Economists expect a 34.7% decline in the Q2 GDP, an unprecedented and rapid drop.

U.S. congressional Republicans and Democrats were still struggling to reach a deal on stimulus and slid toward letting a $600-per-week unemployment benefit lapse when it expires this week.

To date, number of confirmed worldwide cases for COVID-19 pandemic has surpassed 17.185 million affecting 213 countries and territories around the world and 2 international conveyances, recording more than 670 thousand fatality globally.