Podcast: Surge in confirmed COVID-19 deaths spook markets
The contours of a rebound yesterday were shattered first on new US regulation hitting Huawei and other Chinese technology companies and then rapidly surging confirmed COVID-19 deaths in Florida spooking the market.
Market Quick Take - July 10, 2020
A surge in coronavirus cases and deaths have soured the risk sentiment ahead of the weekend. The S&P 500 trades near the low of the week, crude oil extending its losses on demand concerns while gold has struggled to ignite fresh buying momentum above $1800/oz. The dollar once again acting as the go-to currency while bond yields dropped in response to a well-received 30-year debt auction. An eight-day buying frenzy in Chinese stocks paused with Beijing showing some unease over the speed of the recent rally.
Podcast: Chinese equities jumps to 2015 levels and gold blast beyond 1,800
Just as we thought risk was headed lower things have reversed across equities with US technology stocks extending momentum and Chinese equities jumping higher again today reaching highest levels since 2015. Gold has staged a strong and convincing breakout of the 1,800 level with lower real yields and rising uncertainty over COVID-19 outlook driving the momentum. EURUSD is also higher with the 1.1400 potentially in sight and especially if we get strong initial jobless claims. Today with Peter Garnry on equities.