Global markets lower on record spike COVID-19 cases

Vrasidas Neofytou
Head of Investment Research

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Market Brief, Wednesday, 8th of July, 2020

US markets dropped 1% yesterday, halting a five-day winning streak, after Texas and California reported a record daily virus surge, driving some States to roll back reopening measures.

Asian markets edged lower this morning, following the overnight weakness from Wall Street. The Australian index led the losses with 1% after the government imposed stay-at-home restrictions in metropolitan Melbourne for six weeks, due to rising virus cases.

Crude oil prices fell 1% on Tuesday amid concerns that a surge in new coronavirus cases around the world, will limit any recovery in fuel demand. Yet, both oil contracts trade above $40 per barrel supported from tight supplies and recovering demand in Asia.

Gold prices climbed to their highest level since November 2011 at $1,796 per ounce on robust safety demand, supported from the record spike in virus infections and regional lockdowns around the world.

The US dollar was stronger across the board yesterday; regaining its safe-haven status on pandemic fears after Florida imposed some limits on economic reopening, to grapple with rising cases.

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