US S&P 500 futures and EU markets are trading higher by 0.15% and 0.28% respectively this morning after the positive close in US markets yesterday and better than expected reports from tech giants Apple, Facebook, Amazon and Google. Despite the positive tech numbers the overall economy lags and investors fear than new incentives and future unemployment benefits have yet to be approved by the Congress. The dollar continues to slide, the index trades at 92.9 this morning, down 4% versus major this month alone and trading at 2020 lows. Asian markets closed mixes overnight, the NIKKEI surprised with a %. 2.8% drop while the CSI 30 closed higher by 0.84%. Gold and Silver are both higher this morning, Gold trades at $1,973 per ounce up 1.4% while Silver is at $24.02, reversing a 3-day skid. Oil reversed the 3.4% sharp move lower yesterday after the weak GDP release, trading higher by 1% at $40.25 per barrel this morning as investors weight the near term impact of the spread of the coronavirus versus the projected OPEC+ production cuts and demand near term.
CAD GDP at 8:30 am, US Chicago PMI at 9:45 am and US Consumer Sentiment at 10:00 am are the important news on the agenda Wednesday, (all times EST).
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Nasdaq futures back within all-time highs reach after the BIG 4 tech giants reported better than expected earnings last night.
The sharp in move lower in OIL prices after the weak US GDP release yesterday seems to be in check as investors stepped and bought OIL in expectation of more US stimulus coming up.
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