Morning wrap (06.10.2022)

7:25 AM October 6, 2022

  • US indices finished yesterday's session lower. S&P 500 fell 0.20%, Dow Jones dropped 0.14% and Nasdaq lost 0.25%. Russell 2000 fell 0.74%.
  • Indices from Asia-Pacific traded higher. Nikkei gained 0.9%, S&P/ASX 200 traded 0.10% higher while Kospi added 1.45%. Markets in China were closed for holidays. 

  • DAX futures point to a higher opening of the European cash session today

  • US plans to ease Venezuela sanctions, enabling Chevron to pump oil, according to WSJ

  • Biden administration said oil output cuts "align OPEC with Russia" and it would explore options with the US Congress on how to reduce cartel influence over energy prices.

  • Russian Deputy PM Novak said Russia may temporarily reduce output in response to a US-led plan to impose a price cap on Russian oil. 

  • Fed's Bostic said, the fight on inflation is still in its early days

  •  London Metal Exchange imposed an immediate ban on new deliveries of copper from Russian firm Ural Mining & Metallurgical Co.

  • Australian Construction PMI for September 46.5 (previous 47.9)

  • Cryptocurrencies are trading higher. Bitcoin rose 1.7%, Ethereum jumped 2.5%  and Ripple gains 2.3%

  • Energy commodities are trading little changed with Brent trading flat near $93.40 per barrel

  • Precious metals are trading slightly higher. Gold rose 0.4% while silver gains over 0.8% 

  • NZD and AUD are the best performing major currencies while JPY and USD lag the most

SILVER pulled back sharply on Wednesday, however sellers failed to break below key support at $20.00 per ounce. As long as price sits above, continuation of the upward move is possible. Source: xStation5

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