Forex Analysis & Reviews: 30.09.2020 - US stocks fell while Asia...

30.09.2020 02:01 PM

US stocks fell while Asia went multidirectional

The US stock exchanges crashed on Tuesday. Major stock indexes reduced their positions amid unfavorable news in the surge of COVID-19 infection in New York. According to the official statement released by the city authorities, the number of cases that tested positive increased by 3%. This means that the next introduction of restrictive quarantine measures is not far off.

The Dow Jones Industrial Average dropped 0.48% or 131.4 points on Tuesday, pushing it to 27,452.66 points.

The S&P 500 index also sank 0.48% or 16.13 points. Its current level was 3,335.47 points.

The NASDAQ Composite Index fell 0.29% or 32.28 points, pushing it down to 11,085.25 points.

Before the first televised debate of the election campaign in the US, market participants were in a rather agitated position. Some analysts believe that it is the first debate that determines the future winner with almost one hundred percent accuracy. That's why investors were looking forward to them. Moreover, the markets are almost certain about what to expect from the current President Donald Trump, but Biden's position is not too clear to them yet. This is what investors tried to clarify during the debate.

Another important point for markets was the proposal of a new stimulus package in the US. The negotiation process seems to have moved forward, and there are hopes that the government may reach a consensus in the near future and adopt this long-awaited program.

Democrats have put forward a modified package of measures to support the economy, which comes in a total budget of $2.2 trillion. It includes payments for unemployed citizens by the end of this summer. Its size is estimated to be about $600 per week. According to the latest information, the voting on the new proposed package will be held this week, and then the prospects for the entire incentive program will be seen more clearly.

In the meantime, the press receives rather ambiguous statistics on the growth of the US economy. These statistics showed that the trade deficit in goods over the last month of summer increased by 3.5% and reached a record high of $82.94 billion. At the same time, imports in the country also rose by 3.1%, following exports, which increased by 2.8%.

Meanwhile, the consumer confidence index in the US for the first month of this fall increased to 101.8 points, although earlier it was 86.3 points. This is the maximum value of the indicator since the outbreak of the coronavirus pandemic.

Stocks in Asia moved multidirectional on Wednesday. Major stock indexes did not show any significant dynamics. The main points for market participants were statistics from China and Japan. Investors are also closely following the US presidential debate.

Experts have stressed that the first televised debates did not help market participants figure out which of the candidates looks stronger in the current fight. The very atmosphere was quite hostile, which already made investors wary.

Japan's Nikkei 225 Index dropped 1.43%. According to the data, its retail sales over the last month of summer fell by 1.9%. The previous decline in the indicator was stronger with 2.9%, thus we can talk about some recovery in this sector, although not so significant. In addition, the level of industrial production in the state increased by 1.7% compared to the previous record. Nevertheless, on an annualized basis, this indicator remains in the negative zone.

China's Shanghai Composite Index sank 0.12%. Hong Kong Hang Seng Index, on the contrary, showed positive dynamics, adding 0.98%. The index of purchasing managers in the processing industry sector for the first month of autumn has already increased to 51.5 points, which was its maximum value since the beginning of this spring. The services and construction sectors have achieved even greater success. Its PMI index reached a record high of 55.9 points, which has not happened in almost seven years.

South Korea's trading floors are closed on Wednesday due to a national holiday.

Australia's S & P / ASX 200 Index fell 1.88%. Such a significant drop could eventually lead to a global decline for the second consecutive month. The negativity is due to the concerns about the second wave of the coronavirus pandemic.

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