Morning Report

Wednesday, 20 May 2020

  • Asia stocks under pressure as vaccine rally falters
  • Euro gains on EU recovery-fund plan
  • Oil prices ease on dim economic outlook despite signs of firmer demand

Asia stocks are likely to come under pressure on Wednesday, tracking declines on Wall Street while gold prices were buoyed by safe-haven demand as economic indicators pointed to more signs of recession.

Hong Kong futures  fell 0.23% and Australian shares were set to open lower, tracking U.S. market losses and as diplomatic tensions between Canberra and Beijing rose. Nikkei futures were little-changed versus Nikkei 225 index previous close. The Dow Jones Industrial Average fell 1.59%, the S&P 500 lost 1.05% and the Nasdaq Composite dropped 0.54%.

The Indian rupee is expected to trade little changed against the dollar as U.S. stocks fell overnight following a report that deflated the early optimism on the coronavirus vaccine. The rupee will likely be quoted at around 75.64-75.68 in early trades compared with 75.64 at 2.00 p.m. yesterday,

Gold rose on Tuesday amid uncertainty over how economies would emerge from a deep slowdown, although optimism about a potential vaccine for the novel coronavirus capped bullion’s advance. Spot gold rose 0.4% to $1,738.34 per ounce .U.S. gold futures gained 0.5% to $1,742.10

Oil prices dipped on Wednesday as concerns over the lasting economic fallout from the coronavirus pandemic outweighed signs of improving demand and production cuts by major oil producers.

Brent crude futures for July delivery were trading down 11 cents, or 0.3%, at $34.54 per barrel.  U.S. West Texas Intermediate (WTI) crude futures for July  were down 13 cents, or 0.4%, at $31.83 a barrel.

Source : Reuters

Published by prashanti forex

Prashanti Forex is managed by a certified treasury professional with an experience of more than 15 years in Finance and Advisory Business. His expertise come from various organisations, where he has gained knowledge and deep understanding of financial environment. His Principle Objective is providing customised advise with excellent service, committing a relationship based on integrity, understanding, honesty and trust. We are glad to offer you a boutique of services which will enable your organisation to enhance the profitability and efficiently manage the business risks. Our Services are : Treasury & Risk Management Solutions Trade Finance Wealth Management

Leave a comment

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s

%d bloggers like this: