The overall market sentiment is mixed as new virus cases continue rising throughout the world, but most economic indicators came out better than analysts expected. Let’s look at the main market movements.
Latest news you need to know
Information is not investment advice
Oil went below zero
The oil price dipped below zero the first time in its history and then rebounded back to its recent level at $21.45. That’s happened because for some oil producers it’s cheaper to pay buyers to take their oil than to stop production or rent a storage. Reasons are the demand damaged by the coronavirus and the unlimited supply created by Russia and Saudi Arabia. Even OPEC+ agreements on cutting the oil production by nearly 10% couldn’t save the industry. Click here to read more.
Dollar strengthened on North Korea news
According to Bloomberg, the health of North Korea’s Kim Jong Un is deteriorating after the cardiovascular surgery last week. The US dollar gained, Asian and South Korean stocks weakened after these news. South Korean and Chinese sources doubt about his weak health. They reported that he is recovering.
Good news for British pound
The UK Claimant Count Change was released today. The numbers are encouraging! Only 12,100 people lost jobs when 170,000 were anticipated. It might help the British pound to stabilize for some time, but the US dollar anyway has a stronger position on the market now.
Earnings reports are coming up
This time it’s more intriguing than ever before. As investors want to see how companies cope with the coronavirus impact. Today we will get earning reports from Netflix at 23:00 MT and Coca-Cola at 14.30 MT. Be ready to react quickly!
The market sentiment switched to risk-off after the Fed’s Powell statement. The USD edged higher, while risker assets started falling after reaching quite high levels. Let’s have a closer look.
The overall market sentiment is mixed as investors await the Federal Reserve’s statement today at the evening.
The RBA will make a rate statement on August 4 at 7:30 MT time.