Morning Report

Tuesday, 2 June 2020

  • Asia Stocks under pressure as Trump vows to end violent protests
  • Dollar falls as optimism about economic recovery boosts risk sentiment
  • Oil prices hold ground ahead of OPEC+ meeting on extended output cuts

Asian stocks were set to come under pressure on Tuesday following a dip in Wall Street futures as U.S. President Donald Trump vowed to use force to end violent protests in American cities, souring a previously upbeat market mood.

E-mini futures for the S&P 500 fell 0.38% and Japan’s Nikkei 225 futures  lost 0.34%. Australian S&P/ASX 200 futures rose 0.15% in early trading.

The dollar fell on Monday as risk sentiment improved on optimism that the worst of the economic downturn caused by the global spread of the coronavirus may be in the past.

The dollar index against a basket of currencies =USD fell 0.40% to 98.829, the lowest since March 16. The single currency  gained 0.31% against the greenback to $1.1132, after earlier reaching $1.1153, the highest since March 17. The Australian dollar rose 1.97% to $0.6797.

Oil prices rose in early trade on Tuesday, with traders waiting to see whether major crude producers agree to extend their huge output cuts to shore up prices at a meeting expected later this week.

Brent crude futures rose 0.3%, or 12 cents, to $38.44 a barrel. U.S. West Texas Intermediate (WTI) crude  futures traded in a 38 cent range on either side of Monday’s close, and last traded up 0.3%, or 9 cents, at $35.53 a barrel.

Source : Reuters

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