DAILY MARKET REPORT 11 MAY
EQUITIES
S&P 500 Index : $2,930.32, gain 0.52 points or 0.02%
Dow Jones Industrial Average : $24,221.99, down -109.33 points or -0.45%
Nasdaq Composite Index : $9,192.34, gain 71.02 points or 0.78%
European exchanges mostly recording losses, except for London's FTSE 100 that gained 0.06%. Germany's DAX shed -0.73% and France's CAC shed -1.31%. Italy's FTSE MIB Index closed -0.33% lower and pan-European Stoxx 600 index lost 0.40% closed Monday.
Asian markets in red in early trade on Tuesday, with Japan's Nikkei 225 shed -0.18%, Hong Kong's Hang Seng gain 1.53%, China's Shanghai Composite down -0.02% and Singapore’s lose -0.93%. Australia's S&P/ASX 200 down -1.17% while South Korea’s KOSPI shed -1.08% in early trading.
OIL
Brent crude futures ended the session lower on Monday at $29.87 per barrel, a drop of -4.33%, while WTI crude futures dropped -2.43%, at $24.14 per barrel.
Currently, oil prices further plummeted in the morning of Asian trading hours, with Brent is trading at $30.29 per barrel and WTI is trading at $24.48 per barrel as of writing time.
CURRENCIES
The U.S. DXY stand at 100.34, higher than yesterday index, compared with a basket of its major peers.
Except depreciated against JPY (-0.11%), and RUB (-0.02%), dollar’s rally against some of other major currencies, including against AUD (0.75%), NOK (0.63%), NZD (0.37%), MXN (0.35%), CAD (0.31%), SEK (0.29%), GBP (0.22%), SGD (0.18%), EUR (0.13%), CHF (0.12%), and DKK (0.12%) at latest reading.
GOLD
Gold currently trading at $1,695.10 per ounce, while stands around $1,698.90 per ounce for gold futures as of writing time. Previously closed at $1,697.20 and $1,698.00, respectively.
Silver trading at $15.41, platinum trading at $762.00 and palladium trading at $1,818.00.
ECONOMIC OUTLOOK
Stocks in Asia Pacific were little changed in Tuesday morning trade, as investors await the release of Chinese inflation data expected to be out later in the day.
Asian equities and oil prices were set to slip on Tuesday amid growing investor worries about a second wave of coronavirus infections.
Trump 'not interested' in reopening U.S.-China trade deal after report of Beijing discontent.
Saudi Arabia announced a measurement to cope with the impact of the coronavirus pandemic and an oil-price rout, tripling its value-added tax and cutting a cost-of-living allowance for government workers. The steps taken to shore up revenue and rationalise spending are valued at about 100 billion riyals (US$26.6bil) in total.
To date, number of confirmed worldwide cases for COVID-19 pandemic has now reached more than 4,256,000 today affecting 212 countries and territories around the world and 2 international conveyances, recording 287,000 fatality globally.
TECHNICAL OUTLOOK
[USDJPY]
Our Preference:
- Short positions with targets at 107.337, and extension at 107.080 and 106.871.
Commentary/ Reason:
- Dollar weakening against safe haven Yen.
- The RSI is below its neutrality area at 50. The MACD is below its signal line and negative. The configuration is negative.
- Moreover, the pair is trading under both its 20 and 50 Mas.
