EQUITIES
Asia-Pacific markets lower on Asian afternoon trade. South Korea’s KOSPI led the drop by -1.18%, followed by the Nikkei 225 that slipped -0.64%. Australia’s S&P/ASX 200 fell -0.05%, Singapore’s Straits Times index down -0.36%, mainland Chinese stock, the Shanghai composite slipped -0.10%, and Hong Kong Hang Seng shed -0.04%.
Overnight, the Dow Jones Industrial Average closed 139.16 points higher at 26,659.11, its first daily gain in five days. The S&P 500 also snapped a three-day decline as it gained 1.2% to finish its trading day at 3,310.11 while the Nasdaq Composite advanced 1.6% to close at 11,185.59.
OIL
Oil prices edged up after touching a five-month low yesterday. Currently, Brent crude futures traded to $38.03 a barrel, while U.S. crude at $36.50.
On Thursday, Brent closed at $37.65 per barrel, while WTI futures ended at $36.17 per barrel.
CURRENCIES
The dollar index rose to a four-week high overnight due to the euro’s decline and U.S. data, and was last at 93.82.
The Australian dollar changed hands at $0.7050, slightly above a three-month low of $0.7002 marked overnight. While the kiwi held steady, last fetching 0.6630 per dollar.
GOLD
Spot gold dropped, currently trading at $1,874.40 per ounce, while stands around $1,875.30 per ounce for gold futures. Previously closed at $1,867.30 and $1,868.00, respectively.
Silver trading at $23.42, platinum trading at $846.00 and palladium trading at $2,092.00.
ECONOMIC OUTLOOK
Stocks in Asia-Pacific slipped on Friday trade as surging coronavirus cases and jitters over upcoming U.S. presidential elections, as well as fears that the global economic downturn will persist enveloped markets.
U.S. Q3 GDP expanded more than expected at 33.1%. The number of first-time unemployment-benefits filers also declined for a second straight week and touched its lowest level since March. 751,000 were filed compared with 791,000 in the previous period.
Japan’s industrial output rose 4% in September from the previous month.
Moderna is prepping for the global launch of its potential coronavirus vaccine.
To date, number of confirmed worldwide cases for COVID-19 pandemic has surpassed 44.942 million affecting 213 countries and territories around the world and 2 international conveyances, recording more than 1.18 million fatality globally.
TECHNICAL OUTLOOK
[USDJPY]
Important Levels to Watch for Today:
- Resistance line of 104.883 and 105.169.
- Support line of 103.958 and 103.673.
Commentary/ Reason:
- The dollar slightly eased against the Japanese yen at 104.45.
- Overnight, the dollar rose 0.4% to 104.67 against the yen, rallying from a five-week low hit earlier in the session.
- The rally was benefited from a rebound in U.S. treasury yields and broad dollar buying.
- USD/JPY also recovered its losses as the yen weakened after the BOJ trimmed its 2020 Japan GDP forecast to -5.5% from a previous forecast of -4.7%.
- Thursday's Japanese economic data was also bearish for the yen after Japan Sep retail sales and consumer confidence index recorded a weaker-than-expectations result.
