The S&P 500, Nasdaq and Dow futures and EU markets are trading higher this morning, despite the increase in global coronavirus cases and fear of additional lockdowns in Western Europe. Asian markets closed the overnight session mixed, the NIKKEI lost 0.06% and the CSI 300 closed higher by 0.36%. FX markets are trading a pro dollar session this morning, the greenback is up versus majors and trades at 94.1, up 0.35%. Gold and Silver are trading sharply lower on the stronger dollar, Gold is at $1,884 per ounce, down 0.85% and trading at 6-weeks lows and Silver is down nearly 4% and trading at $23.26 per ounce, at 8-weeks lows. Oil will be in focus for investors today with the release of the Inventories numbers today at 10:30 am, that’s after a flat session yesterday and as investors eye the demand for crude as more coronavirus cases surface globally and more supply is likely to come to the market near term from Libya, expecting a quarter million barrels per day increase to hit the markets . Oil trades near the flat line this morning, at $39.77 per barrel.
US Flash Manufacturing PMI at 9:45 am, US Fed Chairman Powell speech at 10:00 am and Oil Inventories at 10:30 am are the important news on the agenda Wednesday, (all times EST).
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The Nasdaq futures and the EURSXX50 index are pointing higher this morning after a 2-day rally as investors look past the increase in Covid-19 global cases.
Oil will be in focus for investors at 10:30 am this morning with the release of the Inventories numbers, that’s after a 48-hours sideways trade.
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