Global Fundamental Analysis 14/10/2020

Global Fundamental Analysis 14/10/2020, FP Markets

OPENING CALL: The Australian share market is to open lower.

U.S. stocks closed lower as earnings season began. The 10-year Treasury note yield slid 4.9 basis points to 0.726%, its biggest daily drop since June 11. The WSJ Dollar Index recently was up 0.46% to 88.46. Crude oil prices ended higher after a sharp jump in Chinese imports. Gold futures logged their first loss in four sessions.

 

Overnight Summary

EACH MARKET IN FOCUS

Australian Market

Australia’s S&P/ASX 200 index ended the session up 1.0% to close at 6195.7, matching their best winning streak for 2020. Eleven of the 12 sectors on the benchmark index rose as it posted a seventh straight gain for the second time this year, and the first since early June.

US Market

U.S. stocks ended lower Tuesday, pressured by a string of mixed earnings reports from companies ranging from airlines to banks.

The Dow Jones Industrial Average and S&P 500 both fell 0.6%. The Nasdaq Composite edged down 0.1%.

Commodities

Gold futures dropped back below $1,900 an ounce on Tuesday, with prices marking their first loss in four sessions, as hope for a U.S. fiscal stimulus package faded and strength in the U.S. dollar dulled the appeal of the precious metal.

December gold for December delivery on Comex fell by $34.30, or 1.8%, to settle at $1,894.60 an ounce, after posting gains in each of the past three trading sessions.

Oil Futures

Oil futures ended higher on Tuesday, with U.S. prices reclaiming the $40 mark a day after settling at their lowest in a week, as data showed a jump in Chinese crude imports.

West Texas Intermediate crude for November delivery on the New York Mercantile Exchange rose 77 cents, or nearly 2%, to settle at $40.20 a barrel on the New York Mercantile Exchange. The global benchmark, December Brent crude, tacked on 73 cents, or almost 1.8%, to $42.45 a barrel on ICE Futures Europe.

Forex

Major currencies were weaker against the US dollar in European and US trade. The Euro fell from highs near US$1.1801 to lows near US$1.1730 and was near US$1.1745 at the US close. The Aussie dollar fell from highs near US72.01 cents to lows near US71.49 cents and was near US71.60 cents at the US close. And the Japanese yen eased from 105.33 yen per US dollar to JPY105.62 and was near JPY105.45 at the US close.

European Markets

European sharemarkets fell on Tuesday. The pan-European STOXX 600 index lost 0.6% with banks down 2.7% as long-dated sovereign bond yields in Italy and Greece sank to record lows. The German Dax index slid 0.9% and the UK FTSE index fell 0.5%. UK listed shares of Rio Tinto fell 0.3%, but BHP shares rose 0.2%.

Asian Markets

Japanese stocks ended higher, led by gains in electronics thanks partly to enthusiasm ahead of Apple’s expected unveiling of an iPhone capable of 5G communication later in the day.

China’s major stock benchmarks closed slightly higher, extending their winning streak to the third session since trading resumed on Friday after a long holiday. The Shanghai Composite Index added 1.28 points, or less than 0.1%, to 3359.75. The smaller Shenzhen Composite Index rose 0.7% and the ChiNext Price Index settled up 0.3%. Auto makers broadly rallied as data released Tuesday showed Chinese auto sales grew 13% last month.

  • Global Fundamental Analysis 14/10/2020, FP Markets
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