Market Brief, Monday, 5th of October, 2020
President Trump’s condition showed continued improvement with reports stating that he may be discharged from the hospital as early as today. The major US Stock Markets started the week on the front foot following the news about President Trump’s improving condition.
The Nasdaq is off its worst levels currently trading around 11,350 while the S&P 500 reversed most of its Friday losses and is trading around 3373.
The Asian session traded positively following the positive reports from the US. The ASX is up 2.5% and the Nikkei 1.2%. In China, the Hang Seng index returned with a 1.3% gain while the Shanghai Composite is still shut until the end of the week for the Chinese holidays.
The dollar index remained subdued and is trading below the 94 handle as some risk-on sentiment pressured the greenback. The EURUSD is currently trading around 1.1734 while the GBPUSD is currently trading around 1.2935 following optimistic Brexit news.
WTI and Brent traded higher following a negative session on Friday where WTI traded as low as 36.62 and Brent 38.82. They are currently trading around 38 and 40 dollars per barrel respectively.
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