Asian markets closed mixed on Wednesday morning as market optimism over the US/China trade talks started to fade further. That said, the S&P still closed on a new ATH yesterday on an otherwise pretty uneventful day. Meanwhile, European markets opened slightly higher on Wednesday after EU leaders agreed on the nominees who would take over. The new head of the European Central Bank (ECB) will be Christine Lagarde while the European Commission will be lead by Germany’s Ursula von der Leyen, both not really elected.
Cloudy Days Ahead?
The hopes for a China-US deal keep markets afloat even though a number of indicators are pointing towards a potential bitter end to the present economic phase the global economy is in. Politically, one could say that chaos has become somewhat the new normal, with the EU's play about the leadership candidates, the neverending UK Brexit saga, Iran said to be exceeding Uranium limits, and Hu-Xijin posting about how the mood of the Chinese people against the US appears is tipping towards enmity.
US Bourses to Wobble
U.S. stock index futures were mixed Wednesday morning, as escalating global growth concerns weighed on investor confidence. Today we will have a shortened trading day in the US ahead of tomorrow's 4th of July holiday. The ISM non-manufacturing in the US might be the most important event on the day.
Forex Preview: USD Recovers
The USD recovered some of its early morning losses today after US yields declined. Currently, the greenback is trading mostly subdued but has gained some momentum especially against a weaker GBP. The EUR also remained below the 1.13 level with very little movement. US/EU trade tensions are expected to continue to weigh on the common currency.
Oil Prices Edge Slightly Higher
Oil prices edged slightly higher on Wednesday morning after recording a steep fall in the previous session. Oil prices remain supported by extended output cuts by OPEC and its allies despite concerns that a slowing global economy could reduce demand.
Gold Advances, Bitcoin Survives Another Sell-Off
Safe-haven spot gold did not disappoint and rallied higher up as investors sought to brace against an oncoming bear market and might now attempt to challenge its recent 6-year high. XAU/USD was last seen trading 0.5% higher at $1425.01 as of 7:55 GMT this morning. Elsewhere, bitcoin recovered after breaking even below the 10k level intraday. BTC closed above the $10,400 level yesterday and rallied further overnight, therefore the immediate bearish outlook of the recent days seems to have been overcome.
Watch the video here:
Cloudy Days Ahead?
The hopes for a China-US deal keep markets afloat even though a number of indicators are pointing towards a potential bitter end to the present economic phase the global economy is in. Politically, one could say that chaos has become somewhat the new normal, with the EU's play about the leadership candidates, the neverending UK Brexit saga, Iran said to be exceeding Uranium limits, and Hu-Xijin posting about how the mood of the Chinese people against the US appears is tipping towards enmity.
US Bourses to Wobble
U.S. stock index futures were mixed Wednesday morning, as escalating global growth concerns weighed on investor confidence. Today we will have a shortened trading day in the US ahead of tomorrow's 4th of July holiday. The ISM non-manufacturing in the US might be the most important event on the day.
Forex Preview: USD Recovers
The USD recovered some of its early morning losses today after US yields declined. Currently, the greenback is trading mostly subdued but has gained some momentum especially against a weaker GBP. The EUR also remained below the 1.13 level with very little movement. US/EU trade tensions are expected to continue to weigh on the common currency.
Oil Prices Edge Slightly Higher
Oil prices edged slightly higher on Wednesday morning after recording a steep fall in the previous session. Oil prices remain supported by extended output cuts by OPEC and its allies despite concerns that a slowing global economy could reduce demand.
Gold Advances, Bitcoin Survives Another Sell-Off
Safe-haven spot gold did not disappoint and rallied higher up as investors sought to brace against an oncoming bear market and might now attempt to challenge its recent 6-year high. XAU/USD was last seen trading 0.5% higher at $1425.01 as of 7:55 GMT this morning. Elsewhere, bitcoin recovered after breaking even below the 10k level intraday. BTC closed above the $10,400 level yesterday and rallied further overnight, therefore the immediate bearish outlook of the recent days seems to have been overcome.
Watch the video here:
