US markets slightly lower on rising COVID-19 cases

Vrasidas Neofytou

Vrasidas Neofytou
Head of Investment Research

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Market Brief, Monday, 20th of July, 2020

The US futures edged slightly lower on Monday morning, following the rising coronavirus cases in the country. Furthermore, investors have turned their eyes to Washington as lawmakers begin negotiations on new stimulus measures of 1 trillion dollars.

Chinese stock markets jumped more than 2% on the first day of the week, as China keeps the benchmark lending rate unchanged, and as its economy continues to recover after reopening, following the pandemic crisis.

Crude oil prices fell 1% this morning, extending last Friday’s losses on concerns about the recovery in fuel demand as coronavirus cases surge while OPEC and its allies are planning to increase output in August.

Gold trades near multi-year highs, posting its sixth consecutive weekly gain on safety demand, as surging virus infections around the world fueled uncertainly about a global economic recovery.

Euro trades above the 1.14 level against the US dollar on hopes that European leaders would agree later today the proposed 750 billion euro recovery fund that would help lift the EU out of a recession.

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