10th July 2020 Overnight Market Wrap

10th July 2020 Overnight Market Wrap

 Key Points

  • Broader U.S. equity market weaker, NASDAQ continues to power higher
  • Initial Claims post another greater than 1mln print
  • Currencies quiet, gold continues to grind higher

Bias: Risk off

Commentary

U.S. stocks traded mixed overnight, with the big end of town and the broader market all weaker after Initial Claims came in above 1mln again. This added with continued concerns about Corona Virus saw the market largely weaker. The NASDAQ however shrugged this off to post another gain as professional traders switched into lock down high-tech stocks.

It was a largely quiet session on currencies, with forex players instead choosing to watch the gyrations on equity markets. Sterling dipped on the day while the Euro continued to hold its tight range. The HKMA has been intervening to protect the peg again last night.

Oil prices shadowed equities weaker, while gold caught a light save haven bid.

Bias

Expect a quiet end to the week in Asia today, with a lack of clear trading incentives combining with a lack of data. Economically, just Japanese and U.S. PPI are slated for release.

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