Markets pull back as China demands Chengdu consulate closure

July 24, 2020

By IFCMarkets

Top daily news

Global markets are subdued currently after a mixed session Thursday and China’s order to  close the US consulate in Chengdu. US markets pulled back yesterday as data showed an uptick in jobless benefits applications .

Forex news

Currency Pair Change
EUR USD -0.23%
GBP USD +3.47%
USD JPY +0.03%
The Dollar weakening continues today ahead of flash Purchasing Managers’ Index (PMI) report by Markit at 17:45 CET 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, slid 0.1% Thursday as Labor Department data showed 1.42 million Americans filed for first-time benefits, a rise of 109,000. Both GBP/USD and EUR/USD continued their climbing yesterday despite data showing falling euro zone consumer confidence for June. GBP/USD has reversed its climbing currently. Both AUD/USD and USD/JPY reversed their climbing yesterday and both pairs are lower currently.

Stock Market news

Indices Change
Dow Jones Index -0.65%
GB 100 Index +0.08%
Hang Seng Index -2.2%
Nikkei Index -0.58%
Futures on three main US stock indexes are lower currently after ending lower Thursday. Verizon, American Express and Honeywell are among the companies reporting quarterly earnings today. The three main US stock indexes recorded losses ranging 1.2% to 2.3% Thursday led by technology shares as Apple and Microsoft shed more than 4%. European stock indexes are sharply lower today after ending marginally higher Thursday. Asian indexes are all sharply lower today led by Shanghai Composite as China ordered the US consulate in the western city of Chengdu closed after the US closure of the Chinese consulate in Houston.

Commodity Market news

Commodities Change
Brent Crude Oil +1.61%
WTI Crude +1.59%
Brent is edging lower today. Oil prices fell yesterday after the Energy Information Administration report Wednesday showing a weekly fall of 98,000 barrels per day in implied demand for gasoline. The US oil benchmark West Texas Intermediate (WTI) futures ended lower yesterday: September WTI fell 2% and is lower currently. September Brent crude closed 2.2% lower at $43.31 a barrel on Thursday.

Gold Market News

Metals Change
Gold -0.61%
Gold prices are little changed today . August gold ended 1.3% higher at $1891.90 an ounce on Thursday.

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