EQUITIES
S&P 500 Index : $3,036.13, gain 44.36 points or 1.48%
Dow Jones Industrial Average : $25,548.27, gain 553.16 points or 2.21%
Nasdaq Composite Index : $9,412.36, gain 72.14 points or 0.77%
European exchanges closed trading on positive notes, with London's FTSE 100 gain 1.26%, Germany's DAX up 1.33%, and France's CAC gained 1.79%. Italy's FTSE MIB Index closed 0.28% higher and pan-European Stoxx 600 index increased 0.24% closed Wednesday.
Stocks in Asia Pacific opened early trading in green, as Japan's Nikkei 225 up 2.06 %, Hong Kong's Hang Seng up 0.18%, China's Shanghai Composite up 0.63% and Singapore’s rose 0.45%. Meanwhile, shares in Australia traded higher, as the S&P/ASX 200 increased 2.31%, while South Korea’s KOSPI gain 0.81% in early trading.
OIL
Inversely, Brent crude futures ended the session lower on Wednesday at $34.74 per barrel, a drop of -3.95 %, while WTI crude futures dropped -4.48%, at $32.81 per barrel.
Currently, oil prices further retreated in the morning of Asian trading hours, with Brent is trading at $34.42, while WTI is trading at $32.13 as of writing time.
CURRENCIES
The U.S. dollar index, which tracks the greenback against a basket of its peers, last traded at 98.83 after declining from levels above 100 last week and lower than yesterday’s index.
Dollar mostly depreciated against most of major currencies, including against NOK (-0.21%), EUR (-0.20%), SEK (-0.18%), GBP (-0.17%), DKK (-0.15%), AUD (-0.13%), SGD (-0.13%), RUB (0.10%), CHF (-0.09%), MXN (-0.09%). NZD (-0.08%), CAD (-0.08%), and CNY (-0.04%) at latest reading.
GOLD
Gold currently trading at $1,715.50 per ounce, while stands around $1,712.00 per ounce for gold futures as of writing time. Previously closed at $1,709.70 and $1,710.70, respectively.
Silver trading at $17.31, platinum trading at $816.00 and palladium trading at $1,888.00.
ECONOMIC OUTLOOK
Asian shares rose on Thursday as growing optimism about economic recovery from the coronavirus pandemic trumped immediate concerns about a standoff between the United States and China over Hong Kong.
The dollar loss ground Thursday as rising Sino-U.S. tension put crushing pressure on the dollar and proved a counterweight to optimism about the coronavirus recovery.
The Bank of Korea’s policy board voted to cut the benchmark interest rate a quarter of a percentage point to 0.5%, the lowest since the bank adopted the current policy system in 1999. The bank downgraded its 2020 economic projection to a 0.2% decline, from its February forecast for 2.1% growth.
To date, number of confirmed worldwide cases for COVID-19 pandemic has now reached more than 5,790,000 today affecting 213 countries and territories around the world and 2 international conveyances, recording more than 357,000 fatality globally.
TECHNICAL OUTLOOK
[USDJPY]
Our Preference:
- Short positions below 107.946, with target at 107.726 and 107.658 at extension.
Commentary/ Reason:
- Stochastic oscillator gaining into an overbought range, indicating possible downward movement.
- The MACD is below its signal line and negative. The configuration is negative.
- Chart entered double top pattern. It is likely that it will breakout into a bearish downtrend.
