EU markets are trading lower as well as US futures, down 1.5% and 0.75% respectively as markets open the third quarter of 2020 after a stellar third quarter, the best since 1998 for US equity markets. The tech heavy Nasdaq is at all-time highs, and the EURSXX50 is up more than 1000 points, nearly 50% from mid-March 2020 lows as well. It remains to be seen if investors will open the third quarter in profit taking mood or will continue to push for more gains despite the coronavirus global increase in cases and worries of more troubles ahead. FX markets is trading mostly sideways this morning, the dollar index is up 0.15% at 97.53, down more than 6% from March 2020 highs, 103.82. Gold is also trading near 8-year highs and 2020 highs, at $1,791 per ounce, down 0.5% and Silver is at $18.44, down 1.1%. Oil will in focus for investors today with the release of the Inventories numbers at 10:30 am US, that’s after the surprise drop projected by the API, the American Petroleum Institute, projecting a drop of 8 million barrels versus an expected drop of 700,000. The official numbers set to be released today will be a near term catalyst for prices which are swinging between $35-$41 range for more than a month.

US ADP Non-Farm employment change at 8:15 am, ISM Manufacturing PMI at 10:00 am, Oil Inventories at 10:30 am, and the FOMC Meeting minutes at 2:00 pm are the important news on the agenda Wednesday, (all times EST).

Global Markets 24 hours wrap-up
1 YEAR-1.01%-16.56%
Swing report
GBPUSD25020.81,45424/62320stopped out 
NASDAQ1018971,11323/610030 stopped out

Oil will in focus today will the release of the inventories numbers at 10:30 am, that’s after a stellar 5-fold reversal from 2020 lows and fears of renewed price pressures if the coronavirus spread will temper with global economy.

Nasdaq investors closed the second quarter with the best gains since 1998, the index climbed from 6,600 to the 10,200 level, more than 50%, topping all global leading indexes returns by far.

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