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Market Brief: Asian Markets Retreat – Gold At Nine Year Highs on Trump’s Comments

Asian markets trading mostly lower as the number of new infections keep rising in some states and Australia. President Trump said yesterday that the surge in coronavirus cases in the country might get worse before it gets better, signalling a change in Trump’s approach of the coronavirus outbreak. California had surpassed 400,000 cases while new infections spiked in southern states in recent weeks.

Wall Street ended mixed yesterday, despite the positive opening as investors took some profits off the table in the Nasdaq after the recent rally in technology stocks.

Positive news for a coronavirus vaccine and report that the EU meeting finally strikes a deal on the 750 billion relief package boosted sentiment. EU member countries strike an agreement on the 750 relief fund to fight the coronavirus impact. The agreement is for 390 billion of grants and 360 billion on loans.

In Asia, Nikkei 225 ended 0.58% lower at 22,751; the Shanghai Composite index is 0.37% higher at 3,333. The Singapore Straits Times index is 0.85% lower at 2,607. Hang Seng is 0.46% lower at 25,519. ASX 200 also trade lower giving up 1.10% at 6,066 after a record 480 new coronavirus infections in Victoria.

Gold At Nine-Year Highs

Gold climbs to nine-year highs, marking the highest level since September of 2011, as investors continue to look for cover in the safe-haven precious metal. Silver also follow strong, adding 2.58% at 21.76.

Crude oil price consolidates close to four-month highs after yesterday’s rally. WTI crude oil futures are 0.10% lower at 41.83, while the Brent crude oil price is 0.65% higher at 44.24.

In forex markets, EURUSD capitalizes the deal on the relief fund and trades above 1.1525, making fresh 18 month highs. USDCAD trades to five-week lows after Canadian retail sales improved in June.

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Nikkei 225 Daily Chart

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