24th July 2020 Overnight Market Wrap

24th July 2020 Overnight Market Wrap

 Key Points

  • U.S. stocks weaker on a high tech led market rout
  • USD weaker, oil and gold firmer on the day
  • U.S. Initial Claims post first rise since March

Bias: Risk off

Commentary

U.S. stocks posted a soft session overnight, led down by high tech stocks, which swooned after Intel reported that the next generation of semi-conductors will be delayed. This followed through to weakness on Apple and Microsoft, which weighed across the board.  Also pressuring was the first rise in Initial Claims since March.

The USD was slightly weaker overnight, with the Euro again the main benefiter. Sterling was again soft, while the weaker U.S. equities weighed on the Aussie  

Oil prices rose again, while Gold continued to firm, trading towards $1,900/oz.

Bias

Expect a quiet end to the week in Asia today, with Japan again out on holidays. Equities are expected to be pressured, while gold is set to continue to hover at lofty levels. Data today sees Australian PMI, U.K. Retail Sales, European PMI’s and U.S. PMI and New Home Sales.

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