Market Brief, Thursday, 16th of July, 2020
US stock markets rose 1% on Wednesday, posting their fourth-straight daily gain, in response to the positive vaccine developments and robust earnings from the investment banking sector.
Asian markets fell 1% on Thursday morning on escalated US-China tensions, despite the higher than expected Chinese Gross Domestic Product for the second quarter of the year.
Crude oil climbed near 4-month highs on the bigger-than-expected drawdown in the US crude inventories, despite the decision of OPEC to roll back oil production cuts from August.
Gold prices edged higher today, holding above the key $1,800 level, as a surge in coronavirus cases, renewed U.S.-China tensions and the dollar weakness, supported safe-haven demand.
Looking at the forex market, we can see that the Euro trades near 4-months highs against the US dollar, ahead of the European Central Bank’s policy decision later today.
Important Information: This communication is marketing material. The views and opinions contained herein are those of the author(s) on this page, and may not necessarily represent views expressed or reflected in other Exclusive Capital communications, strategies or funds. This material is intended to be for information purposes only and is not intended as promotional material in any respect. The material is not intended as an offer or solicitation for the purchase or sale of any financial instrument.