Key Points

Bias: Risk neutral


U.S. stocks opened firmer as value investors bought energy and financial stocks out of the gates amid recent weakness in those sectors. Also supporting was continued hope for further fiscal stimulus in the U.S. Late trade saw stocks give back gains, but still end broadly higher, although high tech’s lagged on the day, despite the NASDAQ posting another fresh intra-day high over the day.

The Big Dollar was weaker on the day, with good sized switching into the Euro seen after the Euro-zone announced a fiscal pact to support the area out of the Corona Virus pandemic. The AUD/USD is now consolidating above 0.7100.

Oil and gold prices were both firmer on the day, with gold now approaching $2,000/0z.


Expect another quiet session in Asia today, with a lack of clear offshore market clues and amid a light data calendar, which sees little more than Australian Retail Sales, Japanese Manufacturing PMI Canadian CPI and U.S. Existing Home Sales.

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