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US-China tensions on the rise
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California with more confirmed Covid-19 cases than New York
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Gold at 9-year high, silver at levels not seen since 2013
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Oil trades flat in spite of inventory build
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Microsoft and Tesla report after closing bell
Situation on the global stock markets is mixed on Wednesday. European markets started the day lower amid increased tensions between China and the United States. The US ordered China to close its consulate in Houston. Some prominent US politicians said that the consulate in Houston was home for China's spying operations. Media reports suggested that China would retaliate by telling US personnel in Wuhan to leave. No official retaliation was announced yet.
US stock markets launched session flat. However, indices caught a bit shortly after 5:00 pm BST when reports surfaced saying that the US administration is considering making a short-term extension to unemployment benefit schemes that are set to expire this month.
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Create account Try a demo Download mobile app Download mobile appDonald Trump attempts to shift public attention away from protests in US cities and onto coronavirus pandemic. Coronavirus briefings will resume and the US president will attempt to shore up his support by showing progress made in combating the virus. Nevertheless, the United States continues to report thousands of new cases each day and California has officially surpassed New York, the initial US hotspot, in the total number of confirmed cases today.
US report on oil inventories showed build up in crude and distillate stockpiles. However, such a reading was expected after yesterday's API release and crude price experienced just a minor move in response. Both WTI and Brent trade flat on the day.
Precious metals continue to run higher. Silver reached an intraday high at $23 per ounce - the highest level since late-2013. Gold trades above $1,860 - levels not seen since mid-2011.
Canadian dollar can be found among G10 leaders today. Canadian CPI data for June showed much higher price growth than expected. US existing home sales data for June was slightly weaker than expected and caused the US dollar to pull back.
Microsoft (MSFT.US) and Tesla (TSLA.US) are among companies set to report earnings after today's closing bell on Wall Street.
