Dow Jones Index | Forex News | Stock News | Research-report-21th-september-2020

September 21, 2020

On Monday, the Asian market held on tight ranges as attention shifts to US elections and stimulus. The Japanese market is closed today as Japan every year on 21st September observes “Respect for the aged” Hong Kong’s Hang Seng Index was down 0.70% to 24,179. Mainland Chinese stocks also edged lower today, as the Shanghai composite declined to0.26% to about 3,329.42. South Korea’s Kospi climbed down to 2,389.91.

Shares in Australia also saw loss, with the S&P/ASX 200 inched down to 0.50% to 5,809.80 to hit a new 1-month low. The best performers of the session on the S&P/ASX 200 were Whitehaven Coal Ltd, which rose 10.17% or 0.090 points to trade at 0.975 at the close. Overall, the Singapore MSCI index gained 0.46% to 287.88, at the time of writing.

U. S. Markets were opened lower today, however Wall Street looks to recover from its worst tech sell-off in five months, driven by 2020′ market leaders, Amazon, Tesla, Apple, Microsoft and Facebook. The Nasdaq 100 was down by 1.30% to 10,936, the S&P 500 was down by 1.27% to 3,319.47 and the Dow Jones was down at 27,657.42, at the time of writing.

The pan-European STOXX 50 slid 0.99% to 3,283. In the cash markets, the DAX futures contract in Germany traded 0.24% lower, CAC 40 futures in France climbed down 0.46% to 4,964.5, while the FTSE 100 futures in the U.K. declined 0.46% to 5,940.

On the data front, EUR ECB President Lagarde is scheduled to speak at 8:45 local time today. In the United States, Fed Chairman Jerome Powell is for appearance before Congressional committees later today at 10:00 local time.

In corporate news, Banking giant HSBC is likely to be in the spotlight Monday after slumping in Asian trading, with its shares falling to the lowest level since 1995. HSBC, along with Standard Chartered is one of the banks accused of moving large sums of allegedly illicit funds over nearly two decades by the Financial Crimes Enforcement Network. AstraZeneca will also be in focus after the pharma giant said on Saturday that its Covid-19 vaccine trial in the United States was still on hold after a safety event was reported in its U.K. trial two weeks ago.

On the Economic Front, European Central Bank President Lagarde will speak on short term interest rate at 8:45 local time. U.S Fed Chair Powell will speak about the interest rate at 10:00. NZB rate statement at 22:00 by local time.

In the currency market, EUR/USD was up 0.18% to 1.1854. The AUD/USD was up by 0.35% to 0.7317 and the NZD/USD pair edged up by 0.97% to 0.6763. The USD/CNY pair inched down by 0.091% to 6.7600. The GBP/USD pair inched up 0.020% to 1.2940, at the time of writing.

In the Commodity Markets, Gold prices slipped by 0.03% to $1,949, on Monday. Spot gold (XAU/USD) was down 0.25% at $1,950.09 per ounce. Elsewhere, silver futures fell 0.76% to $26.92 per ounce and platinum climbed by 0.45% to $937.74, while palladium edged 0.91% higher to $2,400, at the time of writing. Oil prices fell on Monday amid concerns that a possible rise in Covid-19 cases. U.S. West Texas Intermediate crude futures fell by 0.63%, to $41.08 per barrel. Brent crude futures also fell by 0.52%, to $42.93 a barrel.

In the Cryptocurrency Markets, BTC/USD inched down 0.52% and was trading at 10,947. Ethereum edged down 1.76% to $373.33. Litecoin declined 2.04% to 39.910, and Dash inched down 0.69% to 71.49,at the time of writing.

TECHNICAL SUMMARY

EURUSD