21st July 2020 Overnight Market Wrap

Key Points

U.S. stocks firmer again, another new high for the NASDAQ
Gold and oil prices rise, currencies largely quiet
After hours share results see mixed earnings from IBM

Bias: Risk neutral

Commentary

US stocks opened firmer out of the gates overnight, supported by talk of yet another U.S. stimulus and on good news from potential Corona Virus vaccine companies. This saw the market finish firmer on the day, with the Nasdaq reaching another historical high. Amazon shares led the market higher after an investment bank raised its price target for the stock.

Another quiet one on the currency front, with currency players still awaiting fresh cues. Position adjustment was the order of the day, with the big mover being the Aussie, which rose above 0.7000.

Gold and oil prices were both firmer on the day.

Bias

Expect another relatively quiet session in Asia today, with mixed after-hours earnings results from IBM (better earnings, worse sales) expected to see players await offshore market cues. Data today sees little more than Canadian Retail Sales.

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