EQUITIES

Asia-Pacific markets mixed on Asian afternoon trade. Hang Seng index in Hong Kong and Singapore’s Straits Times index reverses earlier losses to stand higher at 0.78%, and 0.41%, respectively.

Meanwhile, the South Korea’s KOSPI slipped -1.24%, Japan’s Nikkei 225 declined -0.38%, Australia’s S&P/ASX 200 down -0.53%, and the Shanghai composite -0.28% lower.

Overnight on Wall Street, The Dow Jones Industrial Average closed 19.8 points lower, or 0.07%, at 28,494.20. Earlier in the day, however, the 30-stock average was down more than 300 points. The S&P 500 slid 0.2% to 3,483.34 and the Nasdaq Composite pulled back 0.5% to 11,713.87.

OIL

Oil prices lower weighted by a stronger dollar, more lockdown imposed by more countries, and EIA bigger stockpiles report.

 Brent crude futures traded to $42.76 a barrel, while U.S. crude at $40.60.

On Thursday, Brent closed at $43.16 per barrel, while WTI futures ended at $40.96 per barrel.

CURRENCIES

The U.S. dollar strengthened as uncertainty rose and investors flocked to safe-haven. The U.S. dollar index, which tracks the greenback against a basket of its peers, was at 93.81, after touching a two-week high of 93.91 early on.       

As dollar gaining, risk sensitive currencies were hit hardest. The Australian dollar fell 0.19% versus the greenback at $0.7078. The kiwi sat $0.6593, just above the troughs on Friday. The Norwegian krone nursing a more than 2% loss this week.

GOLD

Spot gold currently trading at $1,906.20 per ounce, while stands around $1,910.00 per ounce for gold futures. Previously closed at $1,909.60 and $1,908.90, respectively.

Silver trading at $24.32, platinum trading at $857.00 and palladium trading at $2,255.00.

ECONOMIC OUTLOOK

Stocks across Asia-Pacific reverses earlier losses on Friday, buoyed by gains in China, though threaded cautiously, as hope for a U.S. coronavirus stimulus deal continues to decline while infections across Europe surged. Sentiment was further weighted on the jobs data front in the U.S.

U.S. The Labor Department said Thursday there were 898,000 first-time filers of jobless benefits in the prior week, rose to a two-month high.

The EIA reported a bigger-than-expected in U.S. oil stockpiles.

To date, number of confirmed worldwide cases for COVID-19 pandemic has surpassed 38.851 million affecting 213 countries and territories around the world and 2 international conveyances, recording more than 1.097 million fatality globally.

TECHNICAL OUTLOOK

[USDJPY]

Important Levels to Watch for Today:

- Resistance line of 105.564 and 105.719.

- Support line of 105.063 and 104.909.

Commentary/ Reason:

- The Japanese yen strengthened versus the dollar Friday, as investors moved to safe-haven.

- The yen was last steady at 105.23 per dollar.

- The yen strengthened on the outlook for additional fiscal stimulus from the Japanese government. The Nikkei reported Wednesday that Japanese Prime Minister Suga, as soon as next month, instructed his administration to come up with stimulus measures to boost consumption in tourism and the eatery business that has been slammed by the pandemic.

- Apart from that, a rising coronavirus cases and fading hopes and progress towards a U.S. stimulus deal also unnerved investors.

- Sentiment was also further weighted on the jobs data front in the U.S.