The S&P 500, Nasdaq and Dow futures are 1% higher and EU markets are trading near the flat line this morning, as investors asses the impact of the increase in covid-19 global cases on equity markets near term. The strength in US markets this morning is attributed to strength in the technology sector, as Apple and Tesla gape up in the pre-market session. The dollar is losing ground after a strong week, the index trades at 93.05 this morning, down 0.32% versus majors, and losing nearly 1% versus the Sterling. Asian markets traded marginally higher overnight, the NIKKEI and the CSI300 traded higher 0.65% and 0.5% respectively. Gold and Silver are trading higher this morning on the weaker dollar, Gold is at $1,944 per ounce, up 0.21% and Silver trades at $26.68 per ounce, up 0.63%. Oil is trading lower this morning after OPEC revised lower 2020 global demand, citing concerns of faltering economies due to the coronavirus outbreak and expectations of lower demand in Asia as well. Another storm is approaching the Gulf of Mexico this morning, the second major storm this fall, and disruption in OIL production in the Gulf are likely to support prices near term. Oil trades lower by 0.5% this morning, at $37.44 per barrel and down nearly 9% over the past 2-weeks.
There is no important news on the agenda Monday, (all times EST).
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After losing nearly 9% over the past two weeks, the sterling looks to be reversing higher versus the weakening dollar.
The Dow futures are higher this morning as technology leading stocks trade higher in the pre-market session, led by Apple and Tesla.
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