DAILY MARKET REPORT - Monday, Sep 14, 2020

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As per the recent update, Oracle would become TikTok's US technology partner and manage US user data.

"I think Oracle is a great company, and I think its owner is a tremendous guy," US President Trump said. "He's a tremendous person. I think that Oracle would be certainly somebody that could handle it."

Microsoft said in a blog post-Sunday that its offer to acquire TikTok ‘s U.S. operations was rejected. Microsoft was the first to confirm that it was courting TikTok this summer as Trump threatened to ban the app over national security concerns. "We are confident that our proposal would have benefited TikTok users while protecting national security interests," Microsoft said on Sunday.

EQUITIES

Global stocks start the week on positive note boosted by positive news on the coronavirus vaccine. AstraZeneca resumed its phase three trials of its experimental vaccine after they were halted last week over safety concerns. “Clinical trials for the AstraZeneca Oxford coronavirus vaccine, AZD1222, have resumed in the UK following confirmation by the Medicines Health Regulatory Authority that it was safe to do so,” AstraZeneca said.

OIL

Crude oil prices trading unchanged on Monday after Tropical Storm Sally is hitting the Gulf of Mexico and is expected to be a category 2 hurricane.

CURRENCIES

In the currency market, the Japanese Yen trading strong after Japan’s governing party elected Chief Cabinet Secretary Yoshihide Suga as its new leader to succeed Shinzo Abe.

GOLD

The gold price trading slightly lower on Monday renewed hopes for a vaccine against coronavirus, British drugmaker AstraZeneca announced that it had resumed phase 3 trials of its vaccine.

Economic Outlook

On the data front, industrial output both in the euro area and EU rose 4.1% monthly in July, compared with June 2020, according to estimates from Eurostat, the statistical office of the European Union. During the last week, the ECB kept its interest rates and coronavirus-stimulus program unchanged.

Coronavirus update:

Globally More than 29 million people have been reported to be infected by the novel coronavirus and over 926,000 people have died. India has the second-largest number of confirmed cases in the world, behind the US. India reported 94,372 new cases on Sunday, followed by the US with 45,523 and Brazil with 43,718.

Technical Outlook

XAU/USD:
Gold price trading in a range between $1935 and 1935 from Friday onwards, at the time of writing the yellow metal trading at $1945.

audusd


The important levels to watch for today: Support- 1935 and 1920 Resistance- 1955 and 1970.



EUR/USD: The currency pair trading steady above 1.1850 during the European session, supported by 1.1800 and 1.1760.

cruse


The important levels to watch for today: Support- 1.1800 and 1.1760 Resistance- 1.1880 and 1.1925.

Quote of the day: An investor without investment objectives is like a traveller without a destination- Ralph Seger.

Read more- https://gulfbrokers.com/en/daily-market-report-165
 
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