Top daily news
Global equities advance continues today after China’s Foreign Minister Wang Yi’s warning Sunday that some US officials are pushing relations “to the brink of so-called ‘new Cold War’ “, endangering global peace. Investors’ risk appetite was buoyed by President Trump’s announcement he is “not going to close the country” to prevent the spread of a potential second wave of COVID-19.
Dollar strengthening continues today . 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, gained 0.3% Friday. GBP/USD and EUR/USD continued falling Friday and are lower currently as German statistics office Destatis confirmed the German economy contracted 2.2% in the first quarter compared with the previous quarter. Data showed Friday UK retail sales fell by a record 18%. USD/JPY joined AUD/USD’s continued sliding on Friday, but has reversed higher currently after news the government was considering a fresh stimulus package worth over $929 billion. Australian dollar’s slide against the dollar is intact.
Stock Market news
|Dow Jones Index||+0.32%|
|Hang Seng Index||-1.16%|
|Australian Stock Index||+0.83%|
US equity markets are closed today for Memorial Day. Stock indexes in US ended essentially unchanged on Friday while recording solid weekly gains: the three main US stock indexes recorded daily returns ranging from -0.03% to +0.4%. European stock indexes are extending gains currently with British markets shut for public holiday. Asian indexes are mostly rising today led by Australia’s All Ordinaries ASX 200 Index, which jumped 2.2%. Chinese stocks are mixed with Hong Kong’s Hang Seng index down after the US Commerce Department on Friday added 33 Chinese companies and other institutions to a blacklist for human rights violations.
Commodity Market news
|Brent Crude Oil||-1.41%|
Brent is extending losses today. Oil prices ended lower last session as China’s top economic official said at National People’s Congress on Friday that the country won’t set a growth target for 2020, vowing to spend more to repair economic damage from the coronavirus outbreak. Prices fell despite Baker Hughes report on Friday that the number of active US rigs drilling for oil dropped by 21 to 237 last week, the tenth consecutive drop in a row. The US oil benchmark West Texas Intermediate (WTI) futures ended lower Friday: July WTI fell 2% but is rising currently. July Brent crude closed 2.6% lower at $35.13 a barrel on Friday, booking a 8.1% gain for the week.
Gold Market News
Gold prices are retracing lower today. June gold added 0.7% to $1735.50 an ounce on Friday.
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