Market Brief, Monday, 31st of August, 2020
The major US indices extended their gains on Friday being boosted by big tech advances and dovish comments from Jackson Hole. The Nasdaq index extended its records highs breaking above the 12000 levels.
Asian equity markets followed suit with the ASX up 0.2% and the Nikkei up by 1.8%. The Australian index was subdued due to mixed results from the mining sector while the Nikkei was boosted by a better than expected Industrial production and hopes on political continuity with Abe loyalist Suga set to run for the Japanese elections.
The UK is said to walk away from Brexit talks on EU’s demand for the UK to align with EU state aid rules.
In the FX space, the dollar index was generally weaker with month-end flows playing a part and mention that the new stimulus bill was rejected by Pelosi. EURUSD held above the 1.19 level while GBPUSD saw a brief year high.
The energy space saw mild gains from both WTI and Brent with the latter trading above 46$ per barrel while WTI cemented its gains above 43$ per barrel.
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