Equities

Major US stock-indices closed Monday’s session with a big push upwards as Senate Minority Leader Chuck Schumer and White House chief of staff Mark Meadows held “productive” discussions. Furthermore, the giant pharmaceutical company Eli Lilly started late-stage trials for its coronavirus antibody treatment, boosting sentiment on Wall Street. The Dow Jones Industrial Average futures climbed to 26664, the S&P500 futures up at 3294, and Nasdaq futures at record highs of 11,085.

AUD

The second-largest city in Australia was declared a “state of disaster” on August 2^nd as Covid-19 active cases doubled in July, enforcing very strict curfews and rules till at least September 13^th. Furthermore,  the Reserve Bank of Australia left the cash rate unchanged at 0.25%, maintaining the target on 3-year bond yields and will begin to resume bond buying on Wednesday as the economy is going through a very difficult period due to the pandemic.

Gold

Gold prices are still hovering near all-time highs as coronavirus cases continue to surge globally. The World Health Organization warned that it’s going to be a long road for things to go back to normal. Meanwhile, the price of a silver ounce held steady near $24.35, and palladium futures are slightly down near $2105.

Oil

Oil prices rose nearly 2% on Monday on positive economic data from the U.S manufacturing activity which rose to its highest level in 1.5 years as orders increased despite the pandemic, similarly with Europe’s and Asia’s manufacturing positive output. The West Texas Intermediate crude September delivery up to $40.83, and Brent blend October delivery up to $44.00.

Major Economic Events

Disclaimer

The prices and news mentioned in this outlook are absolutely no guarantee of future market performance and do not represent the view of ICM.COM. Financial markets can move in either direction causing profits to be made or complete losses to be incurred by the trader. Each trader must decide for themselves what their risk appetite is and ensure that correct risk management procedures are in place before placing any trades.