8th July 2020 Overnight Market Wrap

Key Points

U.S. equities, gold and oil all weaker on the session
USD slightly firmer across the board, Sterling outperforms
White House: Administration looking to cap next stimulus to $1tln or less

Bias: Risk off

Commentary

U.S. stocks traded weaker again overnight, pressured by concerns about the economic recovery, seeing the S&P500 snap a five-day winning streak. The downside started after a White House aid said that the Administration is looking to cap the next Corona Virus stimulus to $1tln or less. Bearish comments from Fed’s Daly and Barkin also added to the pressure over the day.

Currencies were largely quiet again, with the USD posting slightly gains against most of the majors. The exception to this was Sterling, which rose strongly on news that U.K. and E.U. negotiators will meet again to try and thrash out a Brexit deal.

Oil and Gold were both slightly weaker on the session.

Bias

Expect equity markets to drive trade in Asia today, with most markets expected to shadow U.S. equities weaker. Data today sees Japanese Bank Lending, Swiss Unemployment and U.S. Consumer Credit numbers.

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