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Home » Risk rally fades as Trump may not be out of the woods yet

Risk rally fades as Trump may not be out of the woods yet

by Stephen Soo
October 6, 2020 05:49
in Fundamental analysis
0
Risk rally fades as Trump may not be out of the woods yet

European stocks retreated after small gains at the open, with US stock index futures signaling a downside correction

U.S. stocks surged higher on Monday on reports about President Donald Trump’s improved health and some progress on a new stimulus package. Pelosi and Mnuchin didn’t reach a deal yesterday but plan another phone call on Tuesday. The Dow Jones industrial average closed up 1.7%, the Standard & Poor’s 500 index rose 1.8%, and the tech-heavy Nasdaq climbed 2.3%.

Asian stocks climbed to two-week highs after US President Donald Trump was discharged from hospital following treatment for COVID-19. Elsewhere, the Reserve Bank of Australia kept its current policy settings on hold while the central bank Governor Philip Lowe noted in a statement that the Board continues to consider how additional monetary easing could support jobs as the economy opens up further. MSCI’s broadest index of Asia-Pacific shares outside Japan rose 0.71%, led by Hong Kong climbing nearly 0.90%. China’s markets remain closed for a holiday.

In Europe, equities opened marginally higher in a sign of waning demand for risky assets after a rally seen at the start of the week. Furthermore, regional stocks retreated after small gains at the open, with US stock index futures signaling a downside correction as one of Trump’s doctors cautioned that he may not be out of the woods yet. Also, investor optimism was tempered by the reports that Scotland is looking to impose a two-week mini lockdown from Friday, while Spain became the first Western European nation to surpass a tally of 800,000 COVID-19 cases.

Meanwhile, the dollar is mixed-to-lower against major counterparts on Tuesday, with USDJPY retreating after a strong rally witnessed yesterday. The pair has once again encountered strong intermediate resistance in the 105.80 area and is nearing the 20-DMA again. Once below this moving average, the dollar could retarget the 105.20 area. Later today, the ECB and Fed Governors’ statements could affect global markets including currencies.   

Tags: Covid-19Donald TrumpDOW JONESECBFederal ReserveNasdaqUSDJPY
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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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