The S&P 500, Nasdaq and Dow futures and EU markets are trading sharply lower this morning, as much as 2% in the red, on an array of negative news led by the increase in coronavirus cases in Western Europe and fears of another lockdown, weakness in global banks due to a US report regarding illegal funds transactions and the US Supreme Court situation. Investors are moving away from equities this morning and stepping into the JPY and the US dollar, both trading higher versus majors in the FX markets. Asian markets closed their overnight session lower as well. The dollar index trades at 93.22 this morning, up 0.42% and the JPY trades at the 104 level versus the dollar, just below 2020 highs. Gold and Silver are lower this morning on the stronger dollar, Gold trades at $1,931 per ounce, down 1.31% and Silver trades at $26.13 per ounce, down 2.55%. Oil is trading lower as well as investors fear the return of EU countries lockdowns while another storm in the Gulf of Mexico is going to cause production disruption following Hurricane Sally production cutdowns. OIL trades at $40.44 per barrel this morning, down 1.96%.
US Fed Chairman Powell speech at 10:00 am is the important news on the agenda Monday, (all times EST).
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The Nasdaq, the global leading index over the last 5-years took and the leading EU index, the EURSXX50 are sharply lower this morning as investors fear more Covid-19 global cases.
“Safe heavens” are on the rise this morning led by the JPY, as investors stay away from global equity markets.
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