• CB Consumer Conference lowest since the pandemic began
• US and China reaffirm commitment to Phase 1 trade deal
Europe indices erased most of the earlier gains and closed in mixed moods. German business confidence data in August came in above analysts' expectations while hopes for potential COVID-19 treatment also improved investors moods. AstraZeneca's is planning to start early stage trials for an antibody and the prospect of using the blood plasma from recovered patients as a treatment. While Moderna Inc. announced is close to concluding a contract to supply at least 80 million vaccine doses to the EU. Meanwhile number of new COVID-19 infections continue to increase in Europe and Asia while the first reinfection case has been reported in Hong Kong. During today's session both DAX 30 and CAC 40 rose 0.1%, while the FTSE100 finished 1.1% lower.
US indices are trading mixed and the S&P 500 has dropped from a new all-time high of 3443 pts, as weaker than expected CB Consumer Confidence data and the threat of hurricanes Marco and Laura overshadowed earlier optimism regarding potential coronavirus treatment and signs of progress in US-Sino relations after top officials from both sides pledged their commitment to the Phase 1 trade deal. The Conference Board's index dropped to 84.8 in August, the lowest level since the pandemic began, from a revised 91.7 in the prior month and below expectations of 93. Today's data points to a bumpy economic recovery as US is struggling with high unemployment numbers and uncertainty about future federal stimulus, with a new version of jobless aid just starting to reach Americans.
Spot gold dropped 0.8 % lower on Tuesday to trade around $1,916, while silver extended losses for a third straight session to trade 1.24 % lower, around $26.2 an ounce.
USDCAD – price failed to stay above the major support at 1.32 and sellers regained control. Should downbeat moods prevail, support at 1.3137 may come into play. Source: xStation5
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