DAILY MARKET REPORT - Tuesday, Sep 15, 2020

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Apple (NASDAQ: AAPL) stock closed 3% higher on Monday ahead of Apple product announcement event on Tuesday. The event titled "Time Flies" will be held virtually this year considering the Covid-19 pandemic. The investors will closely monitor the event to know the details of new products, as well as various upgrades. The company is expected to unveil a few new hardware like new iPads and Apple Watch Series 6.

EQUITIES

Asian shares and UK stocks rose higher on Tuesday boosted by positive Covid-19 vaccine news and better-than-expected economic data. On Wall Street, NVIDIA (NASDAQ: NVDA) stock closed 6% higher on Monday after the company announced that it will buy the UK-based computer chip designer ARM Holdings from SoftBank for $40B. Vaxart (NASDAQ: VXRT) shares climbed more than 40% after the company received the go-ahead from the Food and Drug Administration to begin testing its experimental oral COVID-19 vaccine in Phase 1 clinical trial.

OIL

Crude oil prices trading lower on Tuesday amid weak global demand due to coronavirus and a looming increase in Libya oil production.

CURRENCIES


In the currency market, the British pound slightly rebounded on Tuesday after mixed UK employment report. On the other hand, the USD/JPY slightly moved higher ahead of Bank of Japan meeting, which will take place on September 17.

GOLD

The gold price edged higher ahead of FOMC meeting. The continuous jump in coronavirus cases globally also helped to boost the demand for the precious metal.

Economic Outlook

On the data front, China Industrial output increased by 5.6% in August, accelerating from a rise of 4.8%. Meanwhile, retail sales rose 0.5%, compared with a -1.1% drop in July.

On the Brexit front, British MPs passed the Internal Market Bill in the House of Commons and will now go to the upper chamber, the House of Lords. While the UK Prime Minister is facing growing opposition within its own party over the controversial Internal Market Bill.

Coronavirus update:

The number of people infected with the coronavirus across the world surpassed 29.2 million, of which at least 928 thousand people have died and 19.8 million have recovered, according to data released by the Johns Hopkins University. The United States is the worst-affected country, with more than 6.5 million diagnosed cases and at least 194,000 deaths. Cases in Europe have risen sharply in recent weeks, especially in Spain and France.

"It's going to get tougher. In October, November, we are going to see more mortality," WHO Europe Director Hans Kluge said.

Technical Outlook

XAU/USD:
Gold price trading steady above $1960 during the European session, overall the momentum remained bullish throughout the session.

audusd


The important levels to watch for today: Support- 1955 and 1940 Resistance- 1970 and 1980.



Dollar Index: The greenback remained under pressure on Tuesday, during the previous session the US Dollar Index fell by 0.3%.

cruse


The important levels to watch for today: Support- 92.70 and 92.50 Resistance- 93.10 and 93.50.

Quote of the day: you can never be an entrepreneur if you are afraid to lose money. It’s like being a pilot who is afraid of bad weather – Peter de Savary.

Read more- https://gulfbrokers.com/en/daily-market-report-166
 
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