The S&P 500, Nasdaq and Dow futures are lower this morning, down 0.35% on average and the EU EURSXX50 leading index trades near the flat line, both opening November after a RED October. EU markets trade just above 5-month lows as record US coronavirus cases mount over the weekend and Great Britain moves into more lockdowns. With US elections one day ahead and expected turmoil coming, that will probably take their toll on US investors. Asian markets closed surprisingly higher their overnight session, the NIKKEI closed higher by 1.39% and the CSI 300 closed higher by 0.54%. For the month of October the EU markets lagged, closing down 7.29% for the leading EURSXX50 while the Nasdaq closed lower by 1.48%, the S&P500 closed lower by 4.27% and all Asian markets closed positive for the month, led by the 4.31% leading Heng Seng. The US dollar closed October in a hammer daily set-up, up marginally and signaling near term strength and trading above the 94.15 level this morning, up 0.15%. Gold and Silver are positive this morning, trading higher despite the stronger dollar, Gold is at $1,884 per ounce, up 0.22% and Silver trades at $23.78 per ounce, up 1.22%. OIL continues to slide, being on the wrong side for investors as US coronavirus cases mount and EU expects more Covid-19 related lockdowns. Oil prices took an 11% tumble for October and are trading at 6-month lows $34.44 per barrel this morning, and down another 3.8% over the weekend.
US ISM Manufacturing PMI at 10:00 am are the important news on the agenda Monday, (all times EST).
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OIL prices are opening November at 6-month lows and are facing a grim near term if US record coronavirus cases and UK and EU lockdowns are going to impact demand severely near term.
The S&P500 is entering a critical news loaded week after a 4.7% loss in October: Covid-19 at record numbers, US Elections Tuesday, the FED Wednesday and NFP on Friday. And that’s only the preview.
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