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Market Summary 2019-09-05

Market Briefing

A worst-case no-deal Brexit would inflict less severe damage on Britain's economy than previously thought because of preparations undertaken since the end of last year, as said by Bank of England Governor Mark Carney on Wednesday.

U.S stocks joined a global equity rally Wednesday, recovering Tuesday’s losses.

Economic news surfaced in China, in conjunction with the Hong Kong Governments that there is a withdrawal of controversial proposal. 

The US commerce Department imposed duties up to 141% on Chinese structural steel and up to 31% on Mexican structural steel, as it was determined that China and Mexico had dumped certain fabricated structural steel on the U.S market.

Golds bull run showed little signs of slowing down as the U.S Treasury yields continued to fall to a three-year low sending investor scrambling for safe havens.

GBP/USD the pair surged 1% on hopes of a Brexit delay after U.K law makers voted to take control of Parliament and introduce legislation intended to stop a no-deal Brexit.

Crude oil prices rose over 4% to $56.00 as slowing global GDP growth and recession fears fade.  

USD/JPY The Japanese yen, which is viewed as a safe haven during times of market turmoil, fell, with the pair rising 0.2% to 106.14

Today’s News

Server TimeHK TimeCurrencyDescriptionExpectation
15:1520:15USDADP Non-Farm Employment Change148K
18:0023:00USDCrude Oil Inventories-2.4M
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