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US Stock Futures Extend Gains; Gold Tumbles

Equities

Major US stock index futures extended upside rally supported by optimism over the US economic recovery. The stock market is still cheering on the solid jobs report that was released on Friday and suggested a healthy recovery in the labor market. On the other hand, investors are looking forward to the next round of fiscal stimulus. President Donald Trump tweeted that Democrats are ready to resume negotiations with his administration. The Dow Jones Industrial Average futures rose to 27871, the highest since late February, the S&P500 futures rallied to 3368, almost erasing all pandemic-losses, and the tech-heavy Nasdaq recovered to 11136.

Dollar

The dollar index, which measures the greenback against a basket of major currencies, edged higher to 93.72 lifted by solid data and demand for safety. The market is still consuming the solid gains of the US job market in July, which lowered the bets of further monetary stimulus. On the other hand, the escalating tensions between China and the United States are supporting the dollar. China sanctioned 11 citizens among them, republican lawmakers, as a response to US action against Hong Kong leader. The USDJPY advanced to a one-week high of 106.24, the EURUSD eased to $1.1722, while the GBPUSD held steady near $1.3070.

Metals

Gold prices tumbled sharply as the strong US data lowered the chances of further easing measures by the Federal Reserve and favored the wait-and-see stance. The US Treasury yields edged higher since then with 10-year yields testing a two-week high 0.588%. The price of a gold ounce dropped to $1990, the price of a silver ounce hovered around $28, and palladium futures eased to $2250.

Oil

Oil prices inched higher, supported by hopes of US fiscal stimulus. The US lawmakers are willing to resume the negotiations over the next relief bill after the talks deteriorated last week, forcing President Trump to sign four executive orders to restore benefits. On the other hand, the optimism over the recovery of oil-demand levels is boosting sentiment. The West Texas Intermediate crude September delivery rose to $42.47, and Brent blend October delivery rallied to $45.43.

Major Economic Events

GMT Country Event Expectation Previous

9:00

EZ

 German ZEW Economic Sentiment (Aug)

58.0

59.3

12:00

US

 EIA Short-Term Energy Outlook  

-

-

12:30

US

 PPI (MoM) (Jul)

0.3%

-0.2%

20:30

US

 API Weekly Crude Oil Stock

-

-8.587

 Disclaimer

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