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Stocks, currencies struggle for direction

August 14, 2020 11:58
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    Chinese data spooks investors, sentiment turns sour

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    Stocks mostly lower despite upbeat economic data

    Markets failed to extend the bounce, back under pressure

    Risk sentiment looks mixed, dollar retreats marginally

    Dollar at fresh highs while stock markets keep bleeding

    Stocks continue to give up gains ahead of US jobs data

    Stocks bounce ahead of US inflation report

    Investors stay nervous as tensions escalate

    Markets look for rebound after a major sell off

    Stock markets rebound on strong corporate earnings

    Recession worries keep markets on the defensive

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Home » Stocks, currencies struggle for direction

Stocks, currencies struggle for direction

by Stephen Soo
August 14, 2020 11:58
in Fundamental analysis
0
global_market

Currencies are little changed on the last trading day of the week

US stocks finished on a mixed note overnight but the overall sentiment was mostly negative due to the lack of progress in the stimulus talks while better-than-expected US jobless claims data failed to inspire investors amid lingering economic concerns. As a result, the Dow Jones Industrial Average fell 0.3%, the S&P 500 lost 0.2%, and the Nasdaq Composite rose 0.3% amid a further recovery in tech stocks.

Asian markets were mixed on Friday, with Chinese shares rising over 1% despite weak economic data. However, in general, a slower-than-expected rise in industrial production and a fall in retail sales weighed on market sentiment anyway. South Korea’s Kospi lost nearly 1.5%, Australia’s S&P/ASX 200 advanced 0.57% while Hong Hong’s Hang Seng Index dipped 0.2%.
European stocks dropped early on Friday as investors reacted to fresh quarantine rules for arrivals to the U.K. The Stoxx Europe 600 Index declined following the reports that The United Kingdom added France, the Netherlands, and Malta to its list of countries from which people arriving have to quarantine for two weeks. 

Meanwhile, currencies are little changed on the last trading day of the week. EURUSD is clinging to the 1.18 handle after yesterday’s rejection from the 1.1865 area that capped the recovery towards the 1.19 barrier. On the data front, the Eurozone GDP contracted 12.1% QoQ in the second quarter, matching the expectation of -12.1% and -12.1% reported in the first estimate. Eurozone June trade balance arrived at 17.1 billion euros versus 14.5 billion euros expected. Anyway, ноу common currency has barely reacted to the data ahead of the US retail sales report due later today. 

Elsewhere, gold prices are flat around $1,950/oz after a recovery seen yesterday. Despite the selling pressure surrounding the precious metal has eased, the upside potential still looks limited. The bullion needs to regain the $2,000 psychological mark in order to resume the rally towards fresh all-time highs.

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Stephen Soo

Stephen Soo

Stephen's specialty is fundamental analysis. He graduated from the Booth School of Business, the University of Chicago. Stephen currently cooperates with several news agencies, and on FWNews he publishes macroeconomic news and reviews on brokerage companies.

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