DAILY MARKET REPORT - Wed, Oct 28, 2020

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Microsoft (NASDAQ: MSFT) announced better-than-expected 2021 first-quarter financial results on Tuesday. The company’s overall revenue rose by 12% to $37.2 billion in the quarter ended September 30 Meanwhile, Microsoft shares were down 0.2% in after-hours trading after the unimpressive revenue guidance.

  • Earnings per share: $1.82 vs. $1.54 expected
  • Revenue: $37.15 billion vs. $35.72 billion expected
“The next decade of economic performance for every business will be defined by the speed of their digital transformation, we are innovating across our full modern tech stack to help our customers in every industry improve time to value, increase agility and reduce costs.” Microsoft CEO, Satya Nadella said.

EQUITIES

Global stocks and US futures plunged on Wednesday after U.S. President Donald Trump acknowledged that a coronavirus economic relief deal would likely come after the Nov. 3 election. "After the election, we will get the best stimulus package you have ever seen," US President Trump said.

OIL

Crude oil prices fell below this week low on Wednesday due to weaker-than-expected API inventory data and equity market sell-off. The API data showed the US crude inventories grew by 4.58 million barrels last week, after a build of 584,000 barrels the previous week.

CURRENCIES

In the currency market, the EURO slipped to a fresh weekly low during the European session, amid concerns about a resurgence in COVID-19 across Europe. As per the recent report, French President Emmanuel Macron will announce the government's next move to battle the second wave of the virus on Wednesday night.


GOLD

The gold price retreated back to below $1900 after the US dollar climbed to fresh session highs. During the previous session, the yellow metal closed slightly higher supported by surging global COVID-19 cases and downbeat US consumer confidence data.

Economic Outlook

On the data front, the US Conference Board’s (CB) consumer confidence index fell to 100.9 in October, below the predicted 102, and lower than September’s 101.3 figure.

On the earnings front, Banking giant HSBC shares surged on Tuesday after the bank Q3 results came better-than-expected.

Coronavirus update:

As of Tuesday, there have been more than 43.6 million positive COVID-19 tests across the globe, according to Johns Hopkins University and more than 1.16 million people have died. In the US the number of COVID-19 related deaths surpassed 225K and California become the first US state to report 900,000 infections since the beginning of the pandemic.

Technical Outlook

DOLLAR INDEX:
The US dollar index surged to fresh session highs ahead of next week's US election. At the time of writing, the index trades above the 93.40 level.

euraud


The important levels to watch for today: Support- 1.1780 and 1.1760 Resistance- 1.1840 and 1.1880.



GOLD: The yellow metal trading below the $1900 psychological level. Any break below the $1890 will open doors to $1882 then $1870.

gold neww


The important levels to watch for today: Support- 1890 and 1880 Resistance- 1910 and 1918.

Quote of the day: I made my first investment at age eleven. I was wasting my life up until then- Warren buffet.

Read more-https://gulfbrokers.com/en/daily-market-report-196
 
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