Global stocks and oil prices retreated from the fresh weekly highs as the new coronavirus cases climbed to record high in US and UK. The UK has become the first country in Europe to cross 50,000 Covid-19 related deaths and reported the biggest one-day jump in coronavirus infections on Thursday. In the US, the seven-day-average of new daily cases currently stands above 125,000, more than 65,000 people are hospitalized
"We may be tired of Covid-19, but it is not tired of us” – WGO chief Tedros Adhanom Ghebreyesus said.
Asian shares traded lower on Wednesday followed by Wall Street closed negative during the previous session after several U.S. states started to re-impose coronavirus-related restrictions. On the earnings front, Cisco (NASDAQ: CSCO) stock climbed more than 7% in after-hours trading after the company reported better-than-expected last quarter financial results.
· Earnings per share: $0.76 vs. $0.70 expected
· Revenue: $11.93 billion vs. $11.85 billion expected
"We see many great opportunities ahead as every company in every industry is accelerating its digital-first strategy." Cisco CEO Chuck Robbins said.
Crude oil prices edge lower on Friday after EIA crude inventories rose by 4.278 million barrels in the week ended November 6th, 2020, following a 7.998 million drop and surging virus cases across Europe and the US and Europe.
In the currency market, the commodity currencies both the Australian dollar and New Zealand dollar slipped to fresh session lows during the Asian session after Crude oil prices dropped for the second consecutive day.
On Thursday, the gold price closed slightly higher boosted by the latest reports showing spikes in coronavirus cases in several parts across the world.
On the data front, US CPI fell to 1.2% in October of 2020 from 1.4% in the previous month and below market expectations of 1.3%. Meanwhile, the U.S. Department of Labor reported that the U.S. Initial Jobless Claims came by 709k, lower than 735k anticipated.
On Thursday, US Federal Reserve Chair Jerome Powell noted that near-term risks remain as the disease continues to spread unchecked. He said the economic outlook remained uncertain even after positive coronavirus vaccine news.
Moving ahead today, the important events to watch:
EUROZONE – GDP: GMT – 10.00
US – Producer price index: GMT – 13.30
EUR/USD: The currency pair recovered from the previous session lows and trading steady above 1.18 on Friday ahead of Eurozone GDP numbers.
The important levels to watch for today: Support- 1.1780 and 1.1750 Resistance- 1.1825 and 1.1860.
GOLD: The precious metal trading in a range between $1855 and 1855 from last two days after hitting the fresh weekly low of 1850 on Monday.
The important levels to watch for today: Support- 1872 and 1860 Resistance- 1884 and 1890.
Quote of the day: Profits can be made safely only when the opportunity is available and not just because they happen to be desired or needed- Gerald M Loeb.
Read more- https://gulfbrokers.com/en/daily-market-report-208