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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 16

Article By: ,  Financial Analyst
October 15, 2020 10:03 PM

Asia Morning: U.S. Stocks Down for Third Session

On Thursday, U.S. stocks slipped for a third session. The Dow Jones Industrial Average eased 19 points (-0.07%) to 28494, the S&P 500 declined 5 points (-0.15%) to 3483, and the Nasdaq 100 lost 86 points (-0.72%) to 11898.


S&P 500 Index (Daily Chart): Bullish Above 3390

Sources: GAIN Capital, TradingView


U.S. official data showed that Initial Jobless Claims unexpectedly jumped to 898,000 (825,000 expected), at the same time the government and Congress still failed to agree on a economic stimulus deal.

Pharmaceuticals, Biotechnology & Life Sciences (-1.69%), Media (-0.71%) and Software & Services (-0.65%) sectors lost the most. Vertex Pharmaceuticals (VRTX -20.70%), Boston Scientific (BSX -4.03%) and United Airlines (UAL -3.82%) were top losers.    

Facebook (FB -2.00%) declined after Republican Senator Josh Hawley asked CEO Mark Zuckerberg to testify before the Judiciary Subcommittee on Crime and Terrorism after the social media platform allegedly censor a New York Post story on Hunter Biden, the son of Democratic presidential candidate Joe Biden.

New York manufacturing index posted a weaker reading of 10.5 (14.0 expected).

European stocks remained under pressure. The Stoxx Europe 600 Index slumped 2.08%, Germany's DAX 30 shed 2.49%, France's CAC 40 sank 2.11%, and the U.K.'s FTSE 100 was down 1.73%.

U.S. Treasury prices softened, as the benchmark 10-year Treasury yield climbed to 0.734% from 0.721% Wednesday.

Spot gold gained $6.02 (+0.32%) to $1,907 an ounce.

U.S. WTI crude futures (November) edged down $0.06 (-0.15%) to $40.98 a barrel. The U.S. Energy Information Administration Crude reported that crude stockpiles fell by 3.8 million barrels last week, more than a reduction of 2.8 million barrels expected.

On the forex front, the U.S. dollar was firm against other major currencies. The ICE Dollar Index rose 0.40% to 93.78.

GBP/USD dropped 0.77% to 1.2912. Brexit talks made no progress as European Union negotiators called on the U.K. side to make further concessions.  

EUR/USD fell 0.32% to 1.1707. Meanwhile, the COVID-19 pandemic in Europe worsened. France is imposing a new curfew in Paris to curb the rise of infection cases, and the U.K. is implementing a three-tiered lockdown system.

USD/JPY rebounded 0.26% 105.44.

AUD/USD sank 0.96% to 0.7093. Official data showed that 29,500 Australians lost their jobs in September (40,000 expected) while the jobless rate ticked up to 6.9% (7.0% expected).

USD/CAD added 0.58% to 1.3218.

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