Fundamental Analysis from IFC Markets

Fundamental Analysis from IFC Markets

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      Top daily news​

      There is no a dominant trend in global equities markets currently after SP 500 finished up Wednesday while Powell said the tapering of bond buying program was “still a ways off” and US monetary policy will offer “powerful support” to the economy “until the recovery is complete”. Facebook shares fell 1.27% Wednesday while Zuckerberg announced the company plans to pay out $1 billion through 2022 to users who create content for its Facebook and Instagram social networks, Apple shares bounced 2.41% outperforming market amid reports Apple plans ‘buy now, pay later’ service.

      Forex news​

      Currency Pair Change
      EUR USD -0.09%
      GBP USD +0.27%
      USD JPY -0.16%
      AUD USD -0.19%

      The Dollar weakening is intact currently ahead of the US Labor Department report at 14:30 CET expected to show 350 thousand Americans sought unemployment benefits over the last week, down from 370 thousand the previous week. The live dollar index data show the ICE US Dollar index, a measure of the dollar’s strength against a basket of six rival currencies, lost 0.4% Wednesday.

      Both EUR/USD and GBP/USD reversed their sliding on Wednesday despite Eurostat report euro zone industrial production unexpectedly fell by more than expected in May. Pound is higher against the Dollar currently while euro is lower. AUD/USD reversed its sliding on Wednesday while USD/JPY reversed its climbing with Australian dollar lower against the Greenback currently but yen higher.

      Stock Market news​

      Indices Change
      Dow Jones Index -0.27%
      Nikkei Index -2.9%
      Hang Seng Index +0.94%
      Australian Stock Index -0.16%

      The US stock index futures are down currently with the 10-year US Treasuries yields down at 1.339%. The three main US stock indexes booked returns ranging from -0.2% to +0.1% Wednesday with the Fed Beige Book reporting job gains strong, prices rising as US recovery continues.

      European stock indexes are retreating currently after ending lower Wednesday with travel and leisure shares leading losses. Asian stock indexes are mixed today with Nikkei leading losses as shares were pressured by concern over a surge in COVID-19 cases a week before the Tokyo Olympics get underway.

      Commodity Market news​

      Commodities Change
      Brent Crude Oil -1.23%
      WTI Crude -1.56%

      Brent is edging lower currently after Organization of the Petroleum Exporting Countries and its allies, an alliance known as OPEC+, arrived at a compromise over increasing supply. The agreement should now allow Opec+ members to extend a deal to curb output until the end of 2022. Prices ended lower despite the Energy Information Administration report US crude stockpile declined more than expected last week, the eighth consecutive draw. The US oil benchmark West Texas Intermediate (WTI) futures fell 2.8% and is lower currently. September Brent crude lost 2.3% to $74.76 a barrel on Wednesday.

      Gold Market News​

      Metals Change
      Gold +0.22%

      Gold prices are edging higher today. August gold gained 0.8% to $1825 an ounce on Wednesday, the highest settlement in nearly a month.

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