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Global markets on their toes due to COVID-19 reinfections - Wednesday Review, August 26

Global markets on their toes due to COVID-19 reinfections - Wednesday Review, August 26

Markets mixed ahead of Jerome Powell’s speech

The US

The benchmarks were in for a treat yesterday. The stocks were moved by gains in the tech sector, as Salesforce posted better-than-expected Q2 earnings, and FAANG (Facebook, Amazon, Apple, Netflix, and Google) gained more than 17%. USA30 rose 0.30%, while USA500 gained 1.03%. TECH100 added 1.73%.

Oil gained 0.04% to $43.39 per barrel. Brent Oil went up 0.5% at $45.64.

Gold settled up 1.5% at $1,952.50 per ounce, marking the first gain in a week.

Asia and Australia

Investors’ caution over the spike in COVID-19 cases made the markets lose some steam.

HongKong45 lost 0.20%, although the country expects the lockdown measures to relax.

Japan225 edged down 0.20%.

Australia200 fell 0.92% after Victoria state reported 24 new COVID-19 deaths and 149 new cases.

USD/JPY lost 0.08% and settled at 106.28.

Europe

The markets were mixed yesterday, gains being caused by the touted speech of the US Federal Reserve Chairman Jerome Powell, while the losses appeared due to two confirmed cases of COVID-19 reinfection.

Europe50 and France40 traded 0.1% higher. Germany30 rose 0.2%, while UK100 was down 0.2%.

EUR/USD lost 0.1% and traded at 1.1820.

Sources: investing.com, reuters.com

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