Global Fundamental Analysis 26/08/2020

Global Fundamental Analysis 26/08/2020, FP Markets

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

U.S. stocks closed mostly higher, with the S&P 500 and Nasdaq setting records. The yield on the benchmark 10-year U.S. Treasury ticked up to 0.693%, from 0.645% Monday. The WSJ Dollar Index was recently down 0.28% to 88.39. Crude-oil prices logged their highest finish since early March. Gold futures ended lower for a second day as China-U.S. trade tensions eased.
Overnight Summary



Australian Market

Australia’s S&P/ASX 200 index closed 0.5% higher at 6164.4 amid strength from tech and financial stocks.


US Market

U.S. stocks closed mostly higher, pushing the S&P 500 and Nasdaq indexes to another round of record highs, as investors took some comfort from progress on U.S.-China trade talks and shrugged off tepid consumer confidence data.

The Dow Jones Industrial Average was down about 60 points, or 0.2%, to close at about 28,248, one day after the committee that runs the blue-chip index announced an overhaul of its composition. The S&P 500 added about 12 points, or 0.4%, closing at a fresh high of about 3,444, its 17th of the year. The Nasdaq Composite hit its 38th high of 2020, up 86 points, 0.8%, to 11,466.



Gold futures finished ended lower for a second straight session as a sign of easing tensions between the U.S. and China helped dull haven demand for the precious metal.

December gold fell $16.10, or 0.8%, to settle at $1,923.10 an ounce, after the metal fell 0.4% in the previous session. The latest settlement was the lowest for a most-active contract since July 24, according to Fact-Set data.


Oil Futures

Oil futures finished higher, with U.S. benchmark prices settling at their highest since early March.

Traders eyed disruptions to energy output in the Gulf of Mexico as Hurricane Laura looked to reach the U.S. Gulf Coast later this week.

West Texas Intermediate crude rose 73 cents, or 1.7%, to settle at $43.35 a barrel on the New York Mercantile Exchange. That was the highest front-month contract finish since March 5, according to Fact-Set data.



Major currencies were mostly firmer against the US dollar in European and US trade. The Euro rose from lows near US$1.1798 to highs near US$1.1842 and was near US$1.1835 at the US close. The Aussie dollar rose from lows near US71.51 cents to highs near US71.97 cents and was near session highs at the US close. And the Japanese yen eased from near 105.98 yen per US dollar to JPY106.56 and was near JPY106.35 at the US close.


European Markets

European share-markets fell on Tuesday with the pan-European STOXX 600 index down by 0.3%. Shares of real estate company Around-town fell 5.4%. The German Ifo business confidence index rose from 90.4 to 92.6 in August. But the German economy (GDP) shrank by a record 9.7% in the June quarter. The German Dax index was broadly flat. But the UK FTSE index fell by 1.1%. In London trade, shares in Rio Tinto lost 2.3% and shares in BHP were down by 1.8%.


Asian Markets

China’s major stock benchmarks were mixed. The Shanghai Composite Index ended 0.4% lower at 3373.58 while the other two smaller benchmarks inched up, with the Shenzhen Composite Index 0.1% higher and the startup-heavy ChiNext Price Index gaining 0.6%.

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 - 22076

Get instant Updates in Telegram