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CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 69% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
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Asia Morning Oct 13

Article By: ,  Financial Analyst
October 12, 2020 9:45 PM

Asia Morning: Tech Giants Lead U.S. Stock Surge

On Monday, U.S. stocks charged higher, led by technology shares. The Nasdaq 100 surged 362 points (+3.09%) to 12088, the Dow Jones Industrial Average rose 250 points (+0.88%) to 28837, and the S&P 500 gained 57 points (+1.64%) to 3534.

Nasdaq 100 Index (Daily Chart): Rebound Continues

Sources: GAIN Capital, TradingView


Tech giants Amazon.com (AMZN +4.75%) and Apple (AAPL +6.35%) closed with beefy gains. On Tuesday, Amazon will start its "Prime Day" annual two-day sale event, and Apple is said to unveil a new 5G-enabled iPhone at a California event.

Meanwhile, Technology Hardware & Equipment (+5.3%), Retailing (+2.88%) and Media (+2.87%) were the best-performing sectors.

European stocks were mixed. The Stoxx Europe 600 Index gained 0.72%, Germany's DAX 30 rose 0.67% and France's CAC 40 climbed 0.66%, while the U.K.'s FTSE 100 declined 0.25%.

Spot gold price declined $7 (-0.37%) to $1,923 an ounce.

U.S. WTI crude futures (November) fell $1.03 (-2.54%) to $39.57 a barrel. Impacts from Hurricane Delta in the Gulf of Mexico and an oil-worker strike in Norway were fading away.

The U.S. bond market was closed on Monday for Columbus Day.

On the forex front, the U.S. dollar still lacked upward momentum for a rebound. The ICE Dollar Index was little changed at 93.04.

EUR/USD eased 0.15% to 1.1812, while GBP/USD edged up 0.13% to 1.3064 extending its winning streak to a fourth session.

USD/JPY sank 0.27% to 105.33. Official data showed that Japan's Producer Prices dropped 0.8% on year in September (-0.5% expected). Machine Tool Orders plunged 15.0% on year in September (-23.2% in August). 

AUD/USD fell 0.43% to 0.7208 halting a three-day rally. Later today, China will report September Exports (+10.0% on year expected).

USD/CAD edged down 0.05% to 1.3114 posting a four-session decline.

The Chinese yuan (offshore) weakened against the U.S. dollar after China's central bank announced a rule change that made it cheaper to short the yuan. USD/CNH rebounded 0.87% to 6.7446.

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