DAILY MARKET NEWS

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EQUITIES

Asian share markets traded mixed today. Japan's Nikkei 225, Singapore’s, and the S&P/ASX 200 retreated -0.24%, -0.72%, and -1.17% in early trading. Meanwhile, Hong Kong's Hang Seng gained 0.52%, China's Shanghai Composite up 1.54% and South Korea’s KOSPI up 0.35%.

OIL

Oil prices retreated in the morning of Asian trading hours. Brent crude futures traded to $44.08 a barrel, while U.S. crude at $41.76.

On Tuesday, Brent closed at $44.32 per barrel, while WTI futures ended at $41.96 per barrel.

CURRENCIES

The U.S. dollar .DXY, viewed as safe-haven rival to bullion, hit more than a four-month low, at 95.06, continuing to decline from levels near 96 earlier this week.

The Japanese yen traded at 106.75 per dollar, strengthening after levels above 107 seen earlier. The Australian dollar soared to $0.7138, closing in on the highest since April last year.

The dollar weakened after EU leaders reached an unprecedented $2 trillion stimulus package, plus concern that Republicans and Democrats are struggling to reach consensus on the next round of U.S. economic stimulus measures.

GOLD

Gold prices soared to a 9-year high, nearing its record high of $1,923 set in 2011.

Trading at $1,858.80 per ounce, while stands around $1,861.50 per ounce for gold futures. Previously closed at $1,841.40 and $1,843.90, respectively.

Silver trading at $22.37, platinum trading at $885.00 and palladium trading at $2,086.00.

ECONOMIC OUTLOOK

Asia shares were set to open lower on Wednesday after U.S. President Donald Trump’s comments regarding the country’s surge in novel coronavirus cases outweighed a slight rally on Wall Street.

The 27-member European Union reached an agreement on a massive $857 billion pandemic recovery plan at the conclusion of a rocky, five-day summit. In addition to the recovery fund, the EU said its next budget, which will fund initiatives between 2021 and 2027, will total 1.074 trillion euros. The two combined bring upcoming investments to the level of 1.824 trillion euros.

Britain and the EU expected to fail to sign a post-Brexit trade deal, with only a few days left before Prime Minister Boris Johnson’s July deadline.

Australian retail sales climbed 2.4% in June.

The pandemic has not shown signs of slowing down in recent weeks, with the outbreak surging across the U.S. and reaching record highs in new cases and deaths.

To date, number of confirmed worldwide cases for COVID-19 pandemic has surpassed 15 million today affecting 213 countries and territories around the world and 2 international conveyances, recording more than 619 thousand fatality globally.