Thursday 08.10.2020
Asian Session
Stocks in Asia-Pacific were mainly higher during today’s trading session, with stocks in Hong Kong lagging among the region’s major markets. In Japan, the Nikkei 225 gained 0.96% to close at 23,647.07 while the Topix index advanced 0.55% to end its trading day at 1,655.47 and South Korea’s Kospi rose 0.21% on the day to 2,391.96. Investors also eyeing on US stimulus progress.
| Asian Stock | Closed |
| Nikkei | -0.05% |
| Hong Kong HSI | +1.09% |
| China Shanghai SSE | – |
| KOSPI – South Korea | +0.92% |
US Stocks
Us equities jumped yesterday, as Donald Trump appeared to soften his stance for extra stimulus aid for American households and small business. The Dow Jones Industrial Average rose 530.70 points, or 1.9%, to 28303.46, and the S&P 500 gained 58.49 points, or 1.7%, to 3419.44. The Nasdaq Composite added 210 points, or 1.9%, to 11364.60. Apple rose $1.92, or 1.7%, to $115.08 and Amazon gained $95.73, or 3.1%, to $3,195.69.
| U.S Stocks | Closed |
| DOW | +1.91% |
| S&P500 | +1.74% |
| NASDAQ | +1.88% |
Major Currencies
Pound/Dollar is trading around 1.2950, appreciating after BOE Governor Bailey seemed to downplay the adverse effect of the second coronavirus wave. Brexit talks have yet to yield a breakthrough and the dollar is under pressure amid an upbeat mood. Jane Foley, Senior FX Strategist at Rabobank, forecasts the EUR/USD pair trading at 1.17 next month as the US dollar is to see a short covering of its positions amid volatility due to US Elections. FX Strategists at UOB Group expect EUR/USD to navigate within the 1.1640-1.1820 range in the next weeks. Pound/Dollar faces a potential climb to the mid-106.00s in the upcoming weeks, according FX Strategists at UOB Group. The Us jobless claims data later today will affect the price of the pair in short term.
Gold Market
Gambles told CNBC’s “Squawk Box Europe” today that whatever the output of the Us election, gold mining stocks were well positioned. Shares of gold mining companies are well placed for a win-win outcome from November’s U.S. election, according to MBMG Group Managing Director Paul Gambles. On Wednesday, December gold GCZ20, 0.26% GOLD, -0.40% dropped $18, or 0.9%, to settle at $1,890.80 an ounce. That was the lowest most-active contract settlement since Sept. 28, according to FactSet data.
Oil Market
After the closure of the broader markets and finishing higher in Tuesday’s session, crude oil started rebounding thanks to dashed stimulus hopes and rising of US stockpiles. West Texas Intermediate crude for November delivery CL.1, 0.88%, the U.S. benchmark, fell 72 cents a barrel, or 1.8%, to $39.95 a barrel, while Brent crude BRN00, 1.02%, the global benchmark, dropped 66 cents, or 1.6% to $41.99 a barrel.
European Stocks
Yesterday the pan-European Stoxx index 600 closed the day just over 0.1% lower as equities in the region struggled for direction.
On the data front 08-10-2020
| Time (GMT+3) | Event | Impact |
| 10:25 am | GBP BoE’s Governor Bailey speech | High |
| 12:30 pm | CHF SNB’s Chairman Jordan speech | High |
| 15:30 pm | CAD BoC’s Governor Macklem speech | High |
