1st June 2020 Overnight Market Wrap

1st June 2020 Overnight Market Wrap

Key Points

  • US equities, gold and oil prices all end the week firmer
  • S. President Trumps speech was largely as expected
  • Continued rioting on the streets of the U.S. over the weekend

Bias: Risk neutral

Commentary

US stocks opened weaker on Friday before rallying into the close on a Trump speech that was not as bad as expected, seeing equities finish largely firmer and booking gains on the week and the month. U.S. President Trump announced that the U.S. would be ending its relationship with the World Health Organization, will revote Hong Kong’s “special treatment” status and make it more difficult for Chinese nationals to enter the U.S.

The Big Dollar traded tight ranges against most of the majors overnight, with many sidelined ahead of month-end. Currency players largely ignored Trump’s announcements as they were largely as expected and not as bad as some had feared.

Oil and gold were both firmer on the day.

Bias

Expect a quiet start to the month in Asia today, with the market awaiting fresh offshore cues and with most of Europe on holiday. Data today sees Chinese Caixin Manufacturing PMI, German, Italian, Spanish, Canadian and U.S. Manufacturing PMI numbers and U.S. Construction Spending.

Trade the global markets with a broker that has integrity, honesty and transparency at its core

This website is owned and operated by the Ox Securities group of companies, which include:
Ox Securities Pty Ltd registered address Level 37, 1 Macquarie Place, Sydney NSW 2000 Australia. AFSL 438402 ACN 163 551 602
Ox Securities Limited (SV) registered address Suite 305, Griffith Corporate Centre, Beachmont, Kingstown, St Vincent and the Grenadines
Risk Warning: The information contained on this website is general in nature and does not constitute advice or a recommendation to act upon the information or an offer. The information on this website does not take into account your personal objectives, circumstances, financial situations or needs. You are strongly recommended to seek independent professional advice before opening an account with us and/or acquiring our services/products. Ox Securities Limited (SV) do not accept applications from residents of the United States of America and Australia
Before you decide whether or not to invest any products referred to on this website, being over the counter (OTC) derivatives, it is important for you to read and consider our Financial Services Guide (FSG), Product Disclosure Statement (PDS), and Terms and Conditions (T&C), and ensure that you fully understand the risks involved. Fees, charges and commissions apply. OTC derivatives, including margin foreign exchange contracts and contract for differences, are leveraged products that carry a high level of risk to your capital. Trading is not suitable for everyone. You may incur losses that are substantially greater than your initial investment. You do not own, or have any rights to, the underlying assets which the OTC derivative is referring to. You should only trade with money you can afford to lose. There are also risks associated with online trading including, but not limited to, hardware and/or software failures, and disruptions to communication systems and internet connectivity.

Copyright © OxSecurities 2020. All rights reserved