New coronavirus cases stir up markets
Vrasidas Neofytou
Head of Investment Research
Market Brief, Friday, 10th of July, 2020
The US markets were mixed on Thursday as the Dow Jones dropped by 1% after Florida reported a record number in coronavirus-related hospitalizations. However, the Nasdaq index closed at an all-time high as Amazon jumped 3% to a record high.
Asian markets fell 1% on Friday morning following the overnight losses from Wall Street as investors remained cautious due to the growing number of coronavirus cases around the world.
Crude oil prices lost 3% yesterday in response to the concerns that the renewed coronavirus lockdowns could limit the recovery in global crude oil demand.
Gold prices fell 1% on Thursday on stronger US dollar and profit-taking actions, after having surged to its highest level since 2011. However gold price remains above $1,800 per ounce in the face of record U.S. coronavirus cases.
The US dollar was stronger across the board yesterday, recovering from its recent lows in response to the stock market losses and the fear for the second wave of infections.
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