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Market Summary

Market Briefing

The US Department of Agriculture has paid out $4.08 billion of its latest round of compensation for farmers suffering the effects of the trade war with China.

Energy stocks spiked whilst most of Wall Street fell on Monday after attacks on Saudi Arabia oil facilities added to concerns about geopolitical risk and a stumbling global economy.

Chief economist for the European Central Bank, Philip Lane, defended the monetary stimulus package launched by the central bank last week, stressing that it stood ready to cut interest rates even further into negative territory if needed.

The assault on two major Saudi Arabian oil facilities over the weekend caused the loss of over 5m barrels a day, roughly equal to 5% of global supply. This caused Brent crude to rise to $71.85 a barrel before easing to around $68 a barrel. President Donald Trump said it looked like Iran was behind this attack, which has raised fears of a fresh Middle East conflict but added that he did not want war with anyone.

EUR/USD the pair stabilized around 1.1000 near a two-week low. The cause of the decline was a strong US dollar amid risk aversion from investors.

GBP/USD fell 0.6% to 1.2420, after Luxembourg Prime Minister Xavier Bettel said he would only delay the Brexit deadline if it serves a purpose.

Gold returned to $1500 on Monday following momentum from the biggest oil rally in three decades ahead of a Federal Reserve meeting later in the week.

Today’s News

Server TimeHK TimeCurrencyDescriptionExpectation
4:309:30AUDMonetary Policy Meeting Minutes-
12:0017:00EURGerman ZEW Economic Sentiment-38.0
15:3020:30CADManufacturing Sales m/m-0.3%

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