US futures and EU markets are trading lower this morning, the S&P500 is lower by 0.55% while the leading EURSXX50 is down 1.65% as investors fear the renewed spread of the coronavirus in the US and globally. The warning of US leading infectious disease specialist, Dr. Fauci, is behind this move lower in global markets, fearing another possible lockdown that will temper with recovery efforts to turn around the economy globally. FX markets are trading a low volume flat session after two weak days for the dollar index, the DYX is up marginally and trading at 96.82 this morning. Gold is trading at 10/2013 prices, up another 0.5% yesterday on the weaker dollar and trading at $1,791 this morning while Silver is flat, trading at $17.89. Oil Inventories will be the focus for the energy markets today at 10:30 am US, prices are 2% lower this morning and trading at $39.5 per barrel. The expectations are for bigger than expected inventories according to the American Petroleum Institute, and investors fear that the rising coronavirus cases will temper the demand recovery in the US and South America.
US Oil Inventories at 10:30 am is the important news on the agenda Wednesday, (all times EST).
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Gold is at 8-year highs this morning after weakness in the dollar over the past two days pushed Gold to fresh 2020 highs.
Nasdaq futures are lower this morning on renewed coronavirus fears and profit taking after a new all-time record highs session yesterday.
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