{"id":9777,"date":"2020-07-22T08:34:05","date_gmt":"2020-07-22T08:34:05","guid":{"rendered":"https:\/\/errante.net\/trading-analysis-22nd-july-2020\/"},"modified":"2020-07-22T08:34:05","modified_gmt":"2020-07-22T08:34:05","slug":"trading-analysis-22nd-july-2020","status":"publish","type":"post","link":"https:\/\/errante.net\/it\/trading-analysis-22nd-july-2020\/","title":{"rendered":"Trading Analysis – 22nd July 2020"},"content":{"rendered":"\n
Asia shares opened slightly lower today and as expected, especially after US President Donald Trump\u2019s comments regarding the country\u2019s surge in new coronavirus cases, which outweighed the impact of a slight rally on Wall Street. Conversely, Shanghai Comp (+1.2%) outperformed following yesterday\u2019s pause, whilst Hang Seng (closing stocks equalled opening price, no changes) took a breather but remained in positive territory as oil giants kept the index afloat <\/p>\n\n\n\n
ASX 200 (-1.6%) lagged as cases stayed on an upward trajectory in Australia\u2019s second largest state of Victoria, although miners saw a boost from the rally in precious metals. Nikkei 225 (-0.5%) failed to nurse opening losses as several large-cap stocks remained in the red, whilst recent JPY strength further weighed on exporters in the index. <\/p>\n\n\n\n
Stock futures creeped lower in Europe and shares across Asia were mixed today amid uncertainty over the timing of a fresh U.S. stimulus program. The USD extended losses, while gold soared above $1,850 an ounce. The top three indices traded to the downside, in the latter part of the session as the US stimulus bill hit a bump amid differences over the size of the package and whether payroll tax cuts should be included. <\/p>\n\n\n\n
As for Oil prices today, it depreciated\u202fas industry data showed a bigger-than-expected inventory build\u202fin the United States where coronavirus cases continue to rise,\u202fpotentially further damaging demand in the world\u2019s biggest oil\u202fconsumer. <\/p>\n\n\n\n
In the currency market, the\u00a0USD\u00a0harboured\u00a0losses against most currencies, weakened by concerns\u00a0over struggles by\u00a0Republicans and Democrats\u00a0in\u00a0reaching\u00a0consensus on the next round of US economic stimulus measures.\u00a0<\/p>\n\n\n\n
The times below are GMT+3.<\/p>\n\n\n\n
Traders would keep a watch on Canada\u2019s consumer price index for June, slated to release later today. So far on the data front, Canada\u2019s retail sales surged 18.7% on a monthly basis in May, less than market expectations for a rise of 20.0% and compared to a revised fall of 25.0% in the previous month. On the flipside, the new housing price index rose 1.3% on an annual basis in June, compared to a rise of 1.1% in the previous month. <\/p>\n\n\n\n
Yesterday, the European Central Bank chief Christine Lagarde did praise EU leaders, for agreeing a huge recovery plan for their coronavirus-ravaged economies, saying it showed the bloc \u201csteps up and comes together\u201d in times of crisis. After four days and four nights of wrangling, European Union leaders sealed the deal on a \u20ac750 billion (RM3.7 trillion) rescue package that will consist of loans and grants for the hardest-hit member states. <\/p>\n\n\n\n
US cases +57,777 (Prev. +63,201); deaths +473 (prev. +498). California cases +2.4%\/+9231 (prev. +1.8%\/+6,846); deaths +61 (prev. +9). Arizona cases +2.4%\/+3,500 (prev. +1.1%\/1,559); deaths +134 (prev. +23); ICU usage 85% (prev. 87%). Florida cases +2.6%\/+9,440 (prev. +10,347, prev. 7-day average 3.5%). New York cases +855 (prev. +0.1%\/+519); hospitalisations 724 (prev. 716); deaths +2 (prev. +8); positivity rate 1.29% (prev. 1.05%).\u00a0<\/p>\n\n\n\n
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