In currency markets, the U.S. dollar surged 0.3% against the basket of six global currencies at 96.975, a move that typically precedes sharp single-day declines in domestic equities. U.S. equities positioned for a weaker open on Tuesday, with contracts tied to Dow Jones Industrial 250 points lower and the S&P 500 indicating a 27-point retreat for the broader benchmark.
The European Commission downgraded its 2020 growth forecasts for the bloc earlier Tuesday, forecasting a year-on-year GDP contraction of 8.7%. The outlook seemed to have worsened over the last two months irrespective of the steps that most European countries have taken to reopen their economies. The agency also trimmed its estimate for a 2021 rebound, calling for an "incomplete" and "uneven" recovery on the back of continued social-distancing measures.
"The economic impact of the lockdown is more severe than we initially expected. We continue to navigate in stormy waters and face many risks, including another major wave of infections," Valdis Dombrovskis, vice-president of the European Commission, said in a statement Tuesday.
Looking ahead, traders will keep an eye on weekly inventory reports from the American Petroleum Institute and the Energy Information Administration due out 4:30 p.m. ET Tuesday and 10:30 a.m. ET Wednesday, respectively.
In early trading, NYMEX August West Texas Intermediate futures were down $0.40 to trade near $40.23 per barrel (bbl) and Brent crude for September delivery traded just below $43 bbl. NYMEX RBOB August futures traded little changed near $1.2450 gallon and NYMEX ULSD August futures slipped 1.22 cents to $1.2295 gallon.
Liubov Georges can be reached at liubov.georges@dtn.com.
© (c) Copyright 2020 DTN, LLC. All rights reserved.
"trade" - Google News
July 07, 2020 at 07:01PM
https://ift.tt/31Udu8i
Oil Trading Lower in Morning Trade - DTN The Progressive Farmer
"trade" - Google News
https://ift.tt/2VQiPtJ
Tidak ada komentar:
Posting Komentar