13th July 2020 Overnight Market Wrap

Key Points

U.S. equities posted gains on Friday
Currencies quiet; oil prices firmer, gold weaker
Gilead: Promising results from Corona Virus vaccine clinical trial

Bias: Risk neutral

Commentary

U.S. stocks bounced back from Thursday’s weakness on Friday, with the main indexes finishing firmer on Friday and for the week. Gilead drove the market early, announcing positive results from its Corona Virus vaccine clinical trial. Gains on Chinese stocks also helped to support the U.S. market.

Currencies ended the week as they started the week, trapped in tight ranges. Sterling did rise on the release of the latest U.K. stimulus plan. A weekend report from the Wall Street Journal noted that China and Iran are entering into a trade deal where China imports Iranian oil.

Oil prices again rose on Friday, supported by the Gilead news. Gold was weaker on the day.

Bias

Expect a very quiet start to the week, with markets still holding recent ranges and with no key data slated for today’s global session.

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