Market News & Analysis
Europe drops on return; Dow cuts losses to close higher; Euro jumps
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Markets overseas were mixed overnight, Europe finished lower while the US pulled back from losses in the last 2-hours to close higher for a 2nd session. The Dow Jones pulled back from a 600 point loss to close 250 points higher in a wild session. Art Cashin, director of floor operations at UBS, said market-on-close orders went from $200 million to sell to more than $2 billion to buy late in the day. “That started the early rally,” he said. “They thought they were going to be huge sellers, now they’re huge buyers.” Markets had been on edge earlier due to US-China trade worries. Europe closed sharply lower on its opening session back, the DAX dropping 2.4%.
US-Crude retreated closing 3.5% lower after Wednesday’s surge futures pressured by concerns over a faltering global economy and worries about a glut in crude supply. For now, price remains as an inside bar which can be seen as bullish by technical analysts.
Another mixed night for FX as the AUD held its days decline to close lower, the EUR jumped across the boards, adding 79 pips to the USD. The USD rallied to the CAD this morning price has moved back above 1.3615. The Yen held gains to the USD, GBP and AUD but the EUR cut a soft start to the session to finish 52 pips higher.
This morning local stocks are higher the ASX200 27 points in the green.
Good trading from EightCap
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