EQUITIES
Asian share markets plunged early morning, as Japan's Nikkei 225 retreated -0.62%. Hong Kong's Hang Seng down -0.58%, China's Shanghai Composite slipped -0.04% and Singapore’s retreated -1.47%. Meanwhile, shares in Australia also traded lower, as the S&P/ASX 200 decreased -0.77%, while South Korea’s KOSPI plummeted -0.36% in early trading.
OIL
Currently, oil prices slipped in the morning of Asian trading hours. Brent is trading at $37.93, while WTI is trading at $35.14 as of writing time.
Brent crude futures ended the last week trade at $38.73 per barrel, while WTI crude futures at $36.26 per barrel.
CURRENCIES
The U.S. dollar index, which tracks the greenback against a basket of its peers, was last at 97.18 after rising from levels below 96.5 last week.
Against USD, JPY traded at 107.20 per dollar following a strengthening from levels above 108 last week. Sterling shed -0.27% to trade at $1.2506. The pound also eased slightly to 89.91 pence per euro, while the euro held steady at $1.1247.
AUD and NZD fell against their U.S. counterpart on Monday after fears of a second wave of the coronavirus in Beijing prompted investors to sell currencies sensitive to risk. Both currencies are traded as liquid proxies for risk sentiment because of their close ties to China's economy and global commodities.
GOLD
Gold currently trading at $1,730.90 per ounce, while stands around $1,741.30 per ounce for gold futures as of writing time. Previously closed at $1,730.50 and $1,737.30, respectively.
Silver trading at $17.47, platinum trading at $796.00 and palladium trading at $1,844.00.
ECONOMIC OUTLOOK
Stocks in Asia declined in Monday morning trade as fears resurface over the coronavirus pandemic. A district in the Chinese capital was in a “wartime emergency” after a cluster of infections was found around a wholesale market. Stateside, Texas and North Carolina also reported a record number of virus-related hospitalizations on Saturday.
China's industrial output rose for a second straight month in May, though the gain was smaller than expected, China industrial production rose 4.4% year-on-year. Meanwhile, retail sales declined 2.8% year-on-year in May.
Chile Finance Minister Ignacio Briones announced a two-year, $12 billion citizen support and economic stimulus package.
Spain plans a 3.7 billion euro aid package for its automobile sector, to promote investment and the purchase of vehicles, specially electric models.
AstraZeneca agrees to supply Europe with 400 million doses of COVID-19 vaccine.
To date, number of confirmed worldwide cases for COVID-19 pandemic has now reached more than 7.984 million today affecting 213 countries and territories around the world and 2 international conveyances, recording more than 435 thousand fatality globally.
TECHNICAL OUTLOOK
[USDJPY]
Important Levels to Watch for Today:
- Resistance line of 107.982 and 108.610.
- Support line of 106.555 and 105.995.
Commentary/ Reason:
- Stochastic oscillator value is below 30, entering an oversold range.
- RSI oscillator is closing into undervalued range.
- The MACD is trading below its signal line and negative.
