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Presidential debate failed to change the minds of voters

Presidential debate failed to change the minds of voters

September 30, 2020 05:36
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Home » Presidential debate failed to change the minds of voters

Presidential debate failed to change the minds of voters

by Stephen Soo
September 30, 2020 05:36
in Fundamental analysis
0
Presidential debate failed to change the minds of voters

The atmosphere was antagonistic, with both candidates repeatedly interrupting each other as the debate progressed

Wall Street stocks finished marginally lower overnight as investors were nervously awaiting the first presidential debate in the United States. The S&P 500 index fell 0.48%, the Dow Jones Industrial Average lost 0.47%, and the technology-heavy Nasdaq Composite lost 0.3%. During the debate, the atmosphere was antagonistic, with both candidates repeatedly interrupting each other as the debate progressed, and betting odds makers showed little change in the odds during the event. 

Asian markets were mostly lower on Wednesday amid the heightened political uncertainty in the US. On the positive side, China’s official manufacturing PMI rose to 51.5 from 51.0, its highest level in two years, while the Caixin manufacturing PMI slipped to 53.0 from 53.1 in August. Shanghai Composite index closed 0.20% lower, Australia’s S&P/ASX 200 dipped 2.28%, while Japan’ Nikkei 225 lost 1.5%. 

In Europe, equities remain mostly on the defensive after a negative open. Both European stocks and Wall Street futures are in choppy trading today as investors digest the outcome of the chaotic debate between Trump and Biden that failed to change the minds of undecided voters. 

Meanwhile, the euro and pound came under pressure despite fairly upbeat economic data out of the Eurozone and the UK, as dollar demand picked up again. The final reading of the second quarter of 2020 UK GDP came in at -19.8% QoQ versus -20.4% expected and -20.4% last. In Germany, retail sales jumped by 3.1% on the month after an upwardly revised drop of 0.2% in July.  Still, EURUSD was rejected from local resistance around 1.1750, threatening the 1.17 handle again, while the cable failed to challenge the 20-DMA that has been capping bullish attempts since the start of the week and could turn the 1.28 handle into resistance in the short term. 

Oil prices remain under pressure following yesterday’s plunge. As of writing, Brent was changing hands around $41, struggling to regain upside momentum as traders continue to express worries about weak demand growth amid rising output in Libya, Russia, and the US. Later today, the EIA inventory report could affect market sentiment.

Tags: BRENTDOW JONESEURUSDNasdaqNikkeiOil
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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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