Top daily news
Global equities are gaining today as worries about a second wave of coronavirus cases were offset by reports drug maker Moderna has recorded positive, early results from first human trial of its experimental Covid-19 vaccine. Treasury Secretary Mnuchin and Federal Reserve Chair Powell are expected to testify before the Senate Banking Committee on what further aid is required for the economy amid calls to extend the $660 billion Paycheck Protection Program.
Forex news
The Dollar weakening continues today ahead of housing starts and building permits reports due later today. The live dollar index data show the ICE US Dollar index, a measure of the dollar’s strength against a basket of six rival currencies, fell 0.8% Monday. GBP/USD joined EUR/USD’s continued climbing Monday with both pairs higher currently. AUD/USD joined USD/JPY’s continuing climbing yesterday and both pairs are up currently.
Stock Market news
Futures on three main US stock indexes are gaining currently after ending sharply higher Monday as Fed chair Powell reiterated that the central bank would use its “full range of tools” to aid the economy. President Trump said an extension of the $660 billion Paycheck Protection Program “should be easy.” Walmart, JP Morgan and Home Depot are among companies reporting quarterly results today while more states are reopening economies and California relaxes reopening rules. Stock indexes in US rallied on Monday: the three main US stock indexes posted gains ranging from 2.4% to 3.9%. European stock indexes are rising currently after sharp gains Monday. German Chancellor Merkel and French President Macron announced a 500 billion euro ($545 billion) debt-backed plan to provide grants, rather than loans, for “the most affected sectors and regions based on EU budget programs and in line with European priorities.” Asian indexes are mostly higher today. Hong Kong’s Hang Seng Index is leading advancers with 2.2% gain despite Nasdaq plans to toughen rules that could make it harder for Chinese companies to list on its exchange.
Commodity Market news
Brent is edging lower today. Oil prices rallied on Monday against the background of report crude oil production from seven major US shale plays is forecast to decline by 197,000 barrels a day in June to 7.822 million barrels a day, according to the Energy Information Administration. The US oil benchmark West Texas Intermediate (WTI) futures jumped Monday: July WTI gained 7.2% but is falling currently. July Brent crude climbed 7.1% to $34.83 a barrel.
Gold Market News
Gold prices are rebounding today. June gold lost 1.3% to $1734.40 an ounce on Monday.