Market Brief, Thursday, 24th of September, 2020
The major US stock markets sold off on Wednesday with extensive losses in Big-Tech names. The Nasdaq approached its recent lows of 10675 tradings as low as 10730 while the S&P broke below its recent low trading as low as 3223.
The Asian session followed suit with the ASX and Nikkei both trading 1.1% lower. In China, the Hang Seng is down by 2.3% while the Shanghai Composite is down 1.5%.
US Congress is said to leave the US Capital as early as this week until after the election without putting through any COVID-19 relief packages. This saw immediate risk-off moves across the markets extending stock market losses.
The dollar index traded higher as the risk-averse sentiment and steeper yield curve cause the greenback to trade well above the 94 levels and as high as 94.50 although it has since retraced some of these gains. The EURUSD dropped traded as low as 1.1650 and is currently trading around 1.1660 while GBPUSD is trading around 1.27.
WTI and Brent continued trading sideways although there was spur inactivity after yesterday’s EIA Inventory Report. WTI and Brent are currently trading around 39.58 and 41.50 respectively.
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