S&P 500 and Nasdaq are higher this morning by 0.6% and 0.75% respectively, reversing yesterday selloff into the close and awaiting the speech of Fed Chairman Powell at 9:00 am US. EU markets are trading lower this morning following the US markets red close last night fearing more US China trade tensions and the coronavirus resurgence in some countries as most EU members try to step out from the lockdowns and cope with the new “after corona” economy. US GDP reading yesterday was the worst ever declining month on month reading, down 5.8%, however that’s old news to the investors as they cope with the opening of Western Economies and have to pick winners over losers near term. FX markets are trading a mixed session, the dollar index trades flat at 99.92. Gold and Silver traded marginally higher yesterday after the US selloff, Gold is at $1,707 per ounce this morning while Silver trades at $15.72, both up 0.07%. Oil will be again in focus for investors after a quiet week so far, trading at $25.54 per barrel, down 1% and awaiting the inventories numbers at 10:30 am US.
US PPI at 1:30 pm, Fed Chairman Powell speech at 2:00 pm and OIL Inventories at 3:30 pm are the important news on the agenda Wednesday, (all times GMT).
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US Futures are higher this morning, reversing yesterday late selloff ahead of Powell’s speech at 9:00 am US.
Oil investors await the Inventories numbers today at 10:30 am, as we approch the expiration of June contract next week.
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