Morning wrap (06.09.2021)

• Stocks in Asia are trading mixed at the beginning of a new week. S&P/ASX 200 and Kospi drop while Nikkei and indices from China trade higher

• DAX futures point to a flat opening of the European session

• Oil trades over 1% lower (both Brent and WTI) after Saudi Arabia reduced prices for crude sold to Asia by around $1 per barrel

• According to Bloomberg report, China will tighten supervision of the FX market

• Paolo Gentiloni, EU economy commissioner, said that it would be mistake if ECB tightened monetary policy

• New Zealand Prime Minister Ardern said that pandemic restrictions in the country will be eased tomorrow. However, Auckland will remain in full lockdown at least until September 15, 2021

• Bitcoin trades above $51,500 mark

• Precious metals trade mixed - gold and platinum drop while silver and palladium gain

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

Brent (OIL) and WTI (OIL.WTI) trade lower today, following a price cut from Saudi Arabia. Saudi Arabia announced that it will reduce the price of crude sold to Asia by around $1 per barrel, putting a downward pressure on prices. From a technical point of view, OIL.WTI is pulling back after a failed attempt of breaking above the downward trendline. Source: xStation5