DAILY MARKET NEWS

manufacturing-sector

EQUITIES

Asian share markets are positive in early trading, as Nikkei 225 rose 1.14%, mainland Chinese stocks, China's Shanghai Composite and Hong Kong's Hang Seng up 0.09%, and 0.87%, Singapore’s up 0.77%, South Korea’s KOSPI appreciated 1.10%. and Australia S&P/ASX 200 up 1.74% in early trading.

Overnight, the Dow Jones Industrial Average rose 0.89%, the S&P 500 gained 0.72% and the Nasdaq Composite advanced 1.47% to set a record closing high.

OIL

Oil prices fell in the morning of Asian trading hours on concerns about oversupply and the fresh wave of COVID-19 infections. Brent crude futures traded to $43.84 a barrel, while U.S. crude at $40.78.

On Monday, Brent closed at $44.15 per barrel, while WTI futures ended at $41.01 per barrel.

CURRENCIES

The dollar rose against a basket of currencies as investors unwound some recent short positions after the currency posted its weakest monthly performance in a decade in July. It was at 93.51 after earlier seeing levels around 94.

The Japanese yen traded at 106.17 per dollar after weakening from levels around 105.6 against the greenback yesterday. The Australian dollar was at $0.7117, ahead of a central bank meeting later today.

Elevated Sino-U.S. tension kept the yuan on the weaker side of 7-per-dollar at 6.9814 in offshore trade.

GOLD

Gold currently trading at $1,978.90 per ounce, while stands around $1,992.50 per ounce for gold futures. Previously closed at $1,977.70 and $1,985.40, respectively.

Silver trading at $24.33, platinum trading at $917.00 and palladium trading at $1983.00.

ECONOMIC OUTLOOK

Asian shares were on track to open higher on Tuesday, after strong manufacturing data and gains in tech stocks boosted global equities and the U.S. dollar overnight.

Congressional Democrats and Trump administration officials resumed talks aimed at hammering out a coronavirus relief bill after missing a vital deadline to extend relief benefits to tens of millions of jobless Americans.

Australia’s retail sales data for June rose 2.7% MoM on a seasonally adjusted basis, according to data by the Australian Bureau of Statistics.

To date, number of confirmed worldwide cases for COVID-19 pandemic has surpassed 18.445 million affecting 213 countries and territories around the world and 2 international conveyances, recording more than 697 thousand fatality globally.