Global Fundamental Analysis 02/07/2020

OPENING CALL: The Australian share market is expected to open higher. SPI futures contract expected to open up 42 points up. 


Saudi Arabia has threatened to ignite an oil-price war unless fellow OPEC members make up for their failure to abide by the cartel’s recent production cuts, delegates said.


General Motors Co. reported a 34% drop in second-quarter sales compared with a year earlier, with demand picking up in May and June. Toyota Motor Corp.’s sales fell by about one-third, while Fiat Chrysler Automobiles NV reported a 39% decline.


Overnight Summary




Australian Market

Australian shares closed 0.6% higher at 5934.4 amid strength from tech and financial stocks.


US Market

U.S. stocks rose in the first session of July after data showed the labor market continued to improve last month. The S&P 500 climbed 0.5%, after rising 20% over the past three months for its best quarterly performance since 1998. The rally was fueled by the Federal Reserve’s aggressive support for financial markets and signs of an early recovery in economic activity.  The technology-heavy Nasdaq Composite added 0.9%, while the Dow Jones Industrial Average lost 0.3%.



Gold futures settled with a loss after topping $1,800 and marking the highest finish since in nearly nine years a day earlier, as uncertainty about the economic recovery from the coronavirus pandemic underpinned demand for the safe haven.


Oil Futures

Oil prices rose, continuing a recent rebound after data showed U.S. crude stockpiles fell more than anticipated last week. U.S. crude futures for August delivery added 1.4% to $39.82 a barrel. Prices are near their highest level since early March, buoyed by recovering fuel demand and supply cuts by the Organization of the Petroleum Exporting Countries and allies including Russia. Sliding U.S. crude output is also supporting the rally.




European Markets


Asian Markets

Earlier in the day, mainland China stocks ended broadly higher as China’s stronger June manufacturing data suggests a continued post-pandemic economic recovery. The benchmark Shanghai Composite Index rose 1.4% to close at 3025.98, breaking the psychologically important 3000 mark for the first time since early March.  Japanese stocks ended broadly lower as the yen rebounded from a three-week low against the dollar. Auto, real-estate and food stocks fell especially sharply.

Start Trading
in Minutes

bullet Access 10,000+ financial instruments
bullet Auto open & close positions
bullet News & economic calendar
bullet Technical indicators & charts
bullet Many more tools included

By supplying your email you agree to FP Markets privacy policy and receive future marketing materials from FP Markets. You can unsubscribe at any time.

Source - cache | Page ID - 21651

Get instant Updates in Telegram