Market News Summary
European stocks continued to incur losses for the sixth consecutive session on Wednesday, as concerns about global economic slowdown dampened risk appetite and rising bond yields also pressured stocks. The European Stoxx 600 index closed down 0.6% after reaching its lowest level in over a week earlier in the day.
According to data released by the Chinese Customs Authority on Thursday, September 7th, the exports of the world’s second-largest economy declined by approximately 8.8% on a year-on-year basis last month, which was below analysts’ expectations of a 9.2% decrease.
Dollar Index (USDX)
On Wednesday, data revealed that the Institute for ISM Services PMI came in at 54.5, compared to expectations of 52.5. This pushed the dollar higher and stabilized it.
The dollar is currently trading above its pivotal point at $104.85.
Pivot point: 104.75
| Resistance level | Support level |
| 105.00 | 104.55 |
| 105.25 | 104.30 |
| 105.45 | 104.00 |
Spot Gold (XAUUSD)
Gold prices deepened their losses during yesterday’s trading session following the release of significant U.S. economic data, which led to a rise in the dollar near its six-month highs and an increase in 10-year bond yields to their highest levels in a week.
Gold futures declined to $1,944 per ounce, while spot gold contracts dropped by 0.30% to $1,920 per ounce.
Pivot point: 1920
| Resistance level | Support level |
| 1925 | 1911 |
| 1934 | 1906 |
| 1939 | 1897 |
Dow Jones Index (DJ30ft – US30)
U.S. stock indices closed with collective losses in Wednesday’s session under pressure from rising Treasury bond yields and concerns about the possibility of interest rates remaining high for an extended period following U.S. service sector data.
The Dow Jones index fell by 0.66%, equivalent to 199 points, marking its second consecutive decline. The S&P 500 index also declined by 0.7%, with all sectors except energy and utilities in retreat. The Nasdaq Composite index led the declines on Wall Street, falling by over 1%, marking its third consecutive daily loss.
Pivot point: 34500
| Resistance level | Support level |
| 34675 | 34290 |
| 34885 | 34110 |
| 35065 | 34900 |
US Crude (USOUSD)
Crude oil prices recorded an increase on Wednesday at the close, recovering from earlier losses as traders anticipated further withdrawals from U.S. crude oil inventories after Saudi Arabia and Russia extended their voluntary supply cuts.
Brent crude futures, at the close, rose by 56 cents to $90.60 per barrel, while West Texas Intermediate (WTI) crude futures, the American benchmark, increased by 85 cents to $87.54 per barrel.
Pivot point: 87.20
| Resistance level | Support level |
| 88.45 | 86.30 |
| 89.30 | 85.00 |
| 90.50 | 84.15 |
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