2nd July 2020 Overnight Market Wrap

Key Points

A divergent day, with high techs outperforming blue chips and oil outperforming gold
U.S. ISM Manufacturing PMI stronger than expected
Volumes light ahead of U.S. 4^th of July holiday on Friday

Bias: Risk neutral

Commentary

U.S. stocks finished mixed in overnight trade, with high techs posting a fresh all time high, while blue chips were slightly weaker. FOMC Minutes were largely shrugged off, with the market instead focusing on better than expected ISM Manufacturing PMI. Also supporting was a surge in Pfizer, which gained after it released positive clinical trial results for its Covid vaccine.

The USD was slightly weaker overnight, which saw the Aussie, Kiwi and Sterling as the biggest winners. Players said that the flows were largely related to position adjustment into the new quarter.

Oil bounced back slightly, while gold fell a touch over the day.

Bias

Another quiet session is expected for Asia, with markets continuing to grind and with no key data to be released until tonight’s U.S. Non-Farm Payrolls and Trade numbers.

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