The Morning Brief

  • US indices snapped a 2-day losing streak and finished yesterday’s trading with big gains. S&P 500 gained 1.84%, Dow Jones moved 1.33% higher and Nasdaq rallied 2.69%. Russell 2000 added 2.31%
  • Liquidity during the Asian session was limited as markets in China and Hong Kong were closed for holidays. Nevertheless, gains could be spotted in other parts of Asia-Pacific region. Nikkei jumped 1.2%, S&P/ASX 200 added 0.8% and Kospi moved 0.3% higher
  • DAX futures point to a higher opening of the European cash session today
  • White House said that it does not expect a blockbuster jobs report every month in an apparent attempt to cool down market expectations. US President Biden will deliver a speech after release of jobs data on Friday
  • According to New York Times report, US President Biden will visit Saudi Arabia and meet with the Crown Prince Mohammed bin Salman in an attempt to improve relations and talk about energy
  • Fed Brainard said that 50 basis point rate hikes are reasonable path and it is hard to say if hiking will pause in September
  • Fed Mester said that 50 basis points rate hikes are still needed, including at the coming 2 meetings
  • Cryptocurrencies trade mixed but the overall scale of moves is small. Bitcoin gains 0.6% while Ethereum drops 0.2%
  • Oil pulls back slightly today. Brent trades 0.8% lower while WTI drops 1%
  • Precious metals trade mixed – platinum and gold drop slightly while silver and palladium gain
  • EUR and JPY are the best performing major currencies while AUD and CHF lag the most

US indices managed to erase early losses and finished yesterday’s trading with big gains. Russell 2000 (US2000) gained 2.31% and revisited recent highs in the 1,900 pts area. Index is looking towards a test of the 1,925 pts resistance zone, marked with 50-session moving average, previous price reactions and upper limit of market geometry. Source: xStation5

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