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Commentary for 8/4/2020

Daily Comments 08.04.20

Traders are watching for developments on the next coronavirus relief bill being negotiated in the U.S. Congress. Asian markets were mostly higher. The Nikkei 225 jumped another +1.70% and the Shanghai Composite rose +0.11%.
Weak earnings weighed on European equities. The DAX slid -0.36%. 10-year Bunds yield -0.558%.
June Factory Orders climbed +6.2%, the 2nd consecutive monthly increase, and better than expectations of a +4.6% gain.
10-Year Notes yield 0.509%. The Sep. US$ Index declined by -0.27% to 93.250. Aug. gold ran above $2,000 to a record high, closing at $2,014.20. Sep. crude gained +1.37% to $41.57.
FBN reported, “U.S. equity markets rallied Tuesday morning after a Democratic negotiator said deadlocked Congressional talks on coronavirus relief, including extra unemployment benefits…were moving in the ‘right direction.’” House Speaker Nancy Pelosi is lobbying for a $3T package, saying she “doesn’t think there will be a deal this week.” Stocks lost some luster after this comment. Soon after, Senate Majority Leader McConnell said he’s prepared to support a deal even if he disagrees with a lot. Stocks then rallied, with NQ at an ATH.

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