Global Fundamental Analysis 27/01/2021

Global Fundamental Analysis 27/01/2021, FP Markets

Opening Call: The Australian share market is to open lower.

Stocks slipped in the final minutes, closing lower. The 10-year Treasury note yield was flat at 1.039%. The WSJ Dollar Index was down 0.29% to 85.05. Crude oil ended mixed as traders weighed risks to crude supplies, demand. Gold prices were down for the fourth consecutive session.

Australian Market

Australia’s S&P/ASX 200 index was closed for the holiday.

US Market

U.S. stocks slipped, failing to extend their rally after major indexes hit records a day earlier and investors ready for a slew of blue-chip earnings.  

The S&P 500 retreated 0.2% after hitting a new intraday record in the morning of 3870.90. The technology-focused Nasdaq Composite edged down 0.1%.

The Dow Jones Industrial Average fell 0.1%. This week marks the height of earnings season, with shares of General Electric rallying 2.7% after the industrial conglomerate reported forecast-beating fourth-quarter revenue and free cash flow.

Commodities

Gold futures settled lower for the fourth-straight session, marking the longest string of consecutive losses in more than eight months.

February gold lost $4.30, or 0.2%, to settle at $1,850.90 an ounce, after a nearly 0.1% slide on Monday. The day’s activity represents the longest streak of lower settlements for a most-active contract since a five-session slide ended on April 30, FactSet data show.

Oil Futures

Oil futures ended on a mixed note, with U.S. benchmark prices down, but global benchmark Brent crude modestly higher, as traders weighed potential risks to supplies, as well as demand.

West Texas Intermediate crude for March delivery fell by 16 cents, or 0.3%, to settle at $52.61 a barrel on the New York Mercantile Exchange. Meanwhile, the front-month March Brent crude contract, the global benchmark, added 3 cents, or nearly 0.1%, to $55.91 a barrel on ICE Futures Europe.

Forex

Major currencies were firmer against the US dollar in European and US trade. The Euro rose from lows near US$1.2106 to highs near US$1.2174 and was near US$1.2165 at the US close. The Aussie dollar rose from lows near US76.69 cents to highs near US77.53 cents and was near US77.50 cents at the US close. And the Japanese yen rose from near 103.82 yen per US dollar to JPY103.54 and was around JPY103.60 at the US close.

European Markets

European sharemarketsadvanced on Tuesday. The pan-European STOXX 600 index lifted 0.6%. UBS shares gained 2.4% after its profit surged. Italy’s FTSE MIB index rose 1.2% after Prime Minister Giuseppe Conte resigned. The German Dax index gained 1.7% and the UK FTSE index rose 0.2%. London-listed shares in Rio Tinto (+0.5%) and BHP (+0.8%) both rose.

Asian Markets

Japanese stocks ended lower, dragged by auto and metal stocks, amid continuing concerns about elevated Covid-19 deaths this winter. The Nikkei Stock Average fell 1.0%, sticking to the recent range just below 29000.

Mainland China’s major stock benchmarks slid, likely as investors took profits after a broad rally since the new year. The Shanghai Composite Index fell 1.5% and the Shenzhen Composite Index lost 2.0%, while the ChiNext Price Index shed 2.9%. Defence firms, insurers and securities brokerages led the declines.

  • Global Fundamental Analysis 27/01/2021, FP Markets
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