Morning wrap

  • US session yesterday was a volatile one. Major indices opened lower, recovered but ultimately finished slightly lower. Dow Jones plunged 0.43%, S&P 500 dropped 0.16% and Nasdaq closed 0.14% lower. Russell 2000 gained 0.26%

  • Moods in Asia-Pacific region are positive. HSCEI and Kospi gained around 0.45% while S&P/ASX 200 added 0.38%. However, Nikkei closed 0.67% lower.

  • China confirmed 4823 new coronavirus cases in Hubei province using a new testing method. Figure confirms that yesterday’s spike was a one-off event. New China cases outside Hubei declined for the 10th consecutive day while South Korea did not report a new case for a third consecutive day. Death toll has risen to 1491

  • UK Chancellor of the Exchequer, Sajid Javid, resigned yesterday. His deputy, Rishi Sunak, was quickly appointed new Chancellor. However, Prime Minister’s office could not confirmed that budget will not suffer delay

  • CAD and JPY are G10 top performers while CHF is top laggard. Euro is trading slightly lower against USD ahead of European GDP data release

  • Gold trades flat while silver and other precious metals advance. Industrial metals trade mixed with nickel being top laggard. Crude trades slightly higher.

  • Credit Agricole reported higher than expected net income of €1.66 billion for Q4 2019. Revenue from capital markets and investment banking activities increased 50% YoY.

  • NVIDIA reported Q4 adjusted EPS of $1.89 against expected $1.66. Revenue grew 41% YoY to $3.11 billion (exp. $2.96 billion)

In spite of gold trading flat, silver is moving higher today. Precious metal bounced off the support zone at $17.40 and is moving past 50-session moving average today. The nearest resistance can be found 2.5% higher at $18.10. Source: xStation5

Bearish signal on DE30
Economic calendar: UK supplementary budget and EIA report
Morning wrap
Daily summary: Stocks decline while gold is approaching the $1,800.00 mark
Daily summary: European shares decline in quiet trading session
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