EQUITIES
S&P 500 Index : $2,868.44, gain 25.70 points or 0.90%
Dow Jones Industrial Average : $23,883.09, gain 133.33 points or 0.56%
Nasdaq Composite Index : $8,809.12, gain 98.41 points or 1.13%
European exchanges were following trait, with London's FTSE 100 gained 1.66%, Germany's DAX up 2.51% and France's CAC gained 2.40%. Italy's FTSE MIB Index closed 2.06% higher and pan-European Stoxx 600 index increased 2.15% closed Tuesday.
Asian markets still finding footing in early trade, with Hong Kong's Hang Seng rally at 1.08%, Singapore’s at 0.34%, South Korea’s KOSPI gain 1.09%. and Australia's S&P/ASX 200 lose -0.97% in early trading. Meanwhile, Japan's Nikkei 225 and China's Shanghai Composite is still closed for holiday today.
OIL
Brent crude futures ended the session higher on Tuesday at $30.97 per barrel, a rise of 13.86%, while WTI crude futures rise 20.45%, at $24.56 per barrel.
Currently, oil prices rose in the morning of Asian trading hours, with Brent is trading at $31.04 per barrel and WTI is trading at $24.67 per barrel as of writing time.
CURRENCIES
The U.S. DXY stand at 99.80, higher than yesterday index, compared with a basket of its major peers. Dollar rally against some currencies in early trade, including RUB (0.28%), NOK (0.16%), CAD (0.14%), MXN (0.13%), AUD (0.08%), NZD (0.08%), and SGD (0.05%).
Though, dollar deflate against some of major currencies, including against JPY (-0.28%), SEK (-0.20%), EUR (-0.04%), CHF (-0.03%) DKK (-0.03%), and GBP (-0.01%) at latest reading.
GOLD
Gold currently trading at $1,706.20 per ounce, while stands around $1,715.60 per ounce for gold futures as of writing time. Previously closed at $1,706.10 and $1,710.60, respectively.
Silver trading at $15.07, platinum trading at $762.00 and palladium trading at $1,732.00.
ECONOMIC OUTLOOK
Stocks in Asia Pacific were mixed in Wednesday morning trade as oil prices continued to move higher.
U.S. oil surges 20%, posts fifth straight day of gains for first time since July, as optimism around ongoing production cuts and a recovery in demand with the reopening of economies around the world.
Malaysia’s central bank, Bank Negara has cut the overnight policy rate by 50 basis points, thus bringing the benchmark interest rate to 2% to lend support to Malaysia’s flagging economy.
The coronavirus has mutated and appears to be more contagious now, new study finds. To date, number of confirmed worldwide cases for COVID-19 pandemic has now reached more than 3,727,000 today affecting 212 countries and territories around the world and 2 international conveyances, recording 258,000 fatality globally.
TECHNICAL OUTLOOK
[UKOIL]
Our Preference:
- Long positions with targets at $32.03 and extension at $36.38, which is last month high.
- Any pullback in this could be a buying chance for final target of 36$.
Commentary/ Reason:
- Oil price is recovering.
- RSI and MACD indicators are mixed to bullish.
- It is trading above both its 200 and 50 Moving Averages.
- Pair’s price is likely to not break the resistance line of $36.38.
