Equities pull back as Trump refuses to concede

November 10, 2020

By IFCMarkets.com

Top daily news

Global stocks rebound has paused currently as President Trump, who has not conceded the election to Democrat Joe Biden, plans to go ahead today with legal challenges to the results of elections while Attorney General Barr authorized probes of vote irregularities. Global markets rose yesterday. However Apple shares slumped 2%, underperforming market, as did Tesla’s shares down 2% too.

Forex news

Currency Pair Change
EUR USD +0.04%
GBP USD +0.24%
USD JPY -0.17%
The Dollar strengthening has halted currently . The live dollar index data show the ICE US Dollar index, a measure of the dollar’s strength against a basket of six rival currencies, rose 0.6% Monday. GBP/USD continued gaining Monday while EUR/USD reversed its climbing with both pairs higher currently. USD/JPY Joined AUD/USD’s continued climbing yesterday with yen joining Australian dollar’s rise against the greenback currently.

Stock Market news

Indices Change
Dow Jones Index -0.42%
Nikkei Index +0.26%
Hang Seng Index +0.85%
Futures on three main US stock indexes are down currently. US main stock benchmarks ended mixed Monday as Senate majority leader Mitch McConnell said President Trump was ‘100% within his rights’ to challenge election results while Trump’s re-election team asked for patience to pursue allegations of voter fraud. The three main US stock benchmarks recorded returns ranging from -1.4% to 3.0%. European stock indexes are edging lower currently after a sharp rebound yesterday led by banking shares. Asian indexes are mixed today with Hong Kong’s Heng Seng Index leading the gains .

Commodity Market news

Commodities Change
Brent Crude Oil +2%
WTI Crude +1.31%
Brent is extending gains today. Oil prices rallied on Monday after reports OPEC+ will postpone plans to curb production cuts. OPEC+ had planned to reduce its production cut targets from 7.7 million barrels a day to about 5.7 million barrels a day from January. The US oil benchmark West Texas Intermediate (WTI) jumped 7.5% Monday and is up currently. Brent crude rallied 8.5% to $40.29 a barrel on Monday.

Gold Market News

Metals Change
Silver +1.29%
Gold prices are rebounding today. Spot gold fell 4.6% to $1863.7 an ounce on Monday.

Market Analysis provided by IFCMarkets.com