The S&P 500, Nasdaq and Dow futures are lower this morning, down 1% on average and the EU EURSXX50 leading index trades near the flat line above 5-month lows as record US coronavirus cases and EU lockdowns as well as the US election expected turmoil take their toll on global investors. Asian markets closed sharply lower their overnight session, the NIKKEI closed lower by 1.52% and the CSI 300 closed lower by 1.63%. The US dollar is higher versus majors this morning, trading at 93.9, after a 0.65% surge yesterday. Both silver and Gold are likely to close the week deep in the red, Gold trades at $1,874 per ounce and Silver trades at $23.22 per ounce, both down 2% and 4% respectively so far this week. Oil is trading at $36.27, near the flat line this morning, after another weak close yesterday and trading near at 4-month lows, as investors fear demand will be on the lower tip of the scale on EU slowdown and potential lockdowns spreading to the US and hurting fuel consumption. OPEC+ decision to up production by 2 million barrels per day will most likely weight on Oil prices as well.
CAD GDP at 8:30 am and US Chicago PMI at 9:45 am are the important news on the agenda Friday, (all times EST).
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The S&P500 futures trade higher from overnight lows this morning yet are under pressure and most likely close red for the month of October.
OIL prices are at 4-month lows as investors fear the spread of Covid-19 will lead to lower fuel demand in the EU and US.
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