The S&P500 and Nasdaq futures are flat this morning and the EU leading index the EURSXX50 is higher by 0.32% as indexes continue to climb and trade at all-time highs levels on a more positive coronavirus global environment and investors expectations for additional US financial support to the economy. Most FX markets are trading a narrow range late summer session and the dollar index trades at 93.12 this morning, up 0.1% versus majors. Gold is trading near the flat line as well, at $1,916 per ounce, up 0.05% and Silver trades at $26.24 per ounce, up 0.75%. Despite the biggest storm treat in a decade Oil prices are lower by 0.42% this morning, trading at $43.21 per barrel as investors fear an increase in OIL inventories, the official numbers are to be released today at 10:20 am, and sluggish global demand. Hurricane Laura is descending on the Gulf of Mexico and may cause serious supply disruptions over the next week, as producers evacuate facilities and shut down production on more than 1.5 million barrels of daily gasoline output.
US Durable Goods Orders at 8:30 am and US Oil Inventories at 10:30 am are the important news on the agenda Wednesday, (all times EST).
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Both US leading indexes, the S&P 500 and the Nasdaq 100 are at all-time highs this morning, battling coronavirus headwinds and despite profit taking headwinds.
Hurricane Laura as well as Oil Inventories numbers will be the focus for Oil Investors today.
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