Morning wrap

6:37 AM August 4, 2020
  • US indices finished yesterday's session with solid gains. S&P 500 moved 0.72% higher, Dow Jones added 0.89% while Nasdaq surged 1.80%. Nasdaq closed at the highest level in history (10,902 pts)

  • Nikkei, S&P/ASX 200 and Nifty are gaining more than 1% while Kospi is trading 0.9% higher. Indices from China trade mixed

  • DAX futures point to more or less flat opening of the European session

  • House Speaker Pelosi said that US stimulus talks will resume today. However, she also said that she does not expect an agreement on the deal this week

  • Global Times suggested that China will expel US journalists from Hong Kong in case Chinese journalists are expelled from the United States

  • Trump said TikTok is allowed to operate in the United States only until September 15

  • Reserve Bank of Australia decided to keep rates unchanged during today's meeting. The Bank announced it will purchase bonds tomorrow to bring yield in-line with target

  • Japanese Foreign Minister will go to the United Kingdom on August 5 for trade talks

  • Australian retail sales increased 2.7% MoM in June (exp. +2.4% MoM)

  • Covid-19 treatment developed by Relief Therapeutics is said to help patients that are in critically ill

  • Regeneron said that its Covid-19 antibody drug has prevented infection in animals. However, study is still subject to peer review

  • Hurricane Isaias (category 1) has made a landfall in North Carolina causing local floodings.

  • CAD and EUR are top performing major currencies while JPY and CHF are top laggards.

Less than 200,000 new global cases were reported yesterday for the first time since July 13. Source: worldometers, XTB

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