FOREX TRADING STRATEGY AUG 26 - LATEST UPDATES

Aug 26, 2020
Tags
Categories

Today we will be looking at the hottest events in the world. These news can impact the market heavily so you'd better check it out.

Another record

US stocks rose to an all-time high on the third day of operation, with investors' confidence in the Federal Reserve that they would maintain regulatory capacity as the economy recovered. coronavirus epidemic. The S&P 500 and Nasdaq Composite recorded new highs, with Facebook's rally after revealing a slew of tools designed to expand shopping across its social media platforms. Treasury yields rose and the dollar weakened. S&P 500 index futures were little changed at the open.

Asian stocks opened a fairly quiet session, with futures markets falling in Japan and Australia, and sideways in Hong Kong. New Zealand equities will be active again on Wednesday after a cyberattack halted trading late Tuesday. Oil holds up momentum as traders observe tropical storm Laura, which is expected to strengthen into a tornado before making landfall later this week. US gasoline futures prices rose to their highest level since March due to concerns about a possible shortage of fuel.

Progress

The United States and China reaffirm their commitment to the first phase trade deal in a biennial review, demonstrating a willingness to cooperate even as tensions increase on issues from Data security comes to democracy in Hong Kong. The two countries discussed the steps China has taken, including ensuring more protection of intellectual property rights and removing obstacles for American companies in the US Trade Representative, said the US Trade Representative. financial services and agriculture. According to China's Ministry of Commerce, both sides have agreed to facilitate the agreement to progress. Settling the trade war between the United States and China has emerged as a rare area of ​​cooperation when the relationship worsens in some other respect. However, Beijing is far from its target to meet its promise of increasing purchases of agricultural, energy, and manufacturing goods from the United States.

IPO of Ant

Jack Ma's Ant Group has filed an initial public offering in Hong Kong and Shanghai to control its financial services expansion and strengthen its leadership as the platform. China's largest online payment platform. The Hangzhou-based company will issue no less than 10% of new shares of its total capital, according to their filing with the Shanghai exchange. Ant generated 72.5 billion yuan ($10.5 billion) in sales in the first half of the year, after reaching a full year sales of 120.6 billion yuan in 2019. The company reported a profit of 21.2 billion yuan in the first half of the year. The simultaneous listing could mark one of the biggest launches in years and could even lead Saudi Aramco's record-breaking $29 billion IPO mission. The company is targeting a valuation of around $225 billion, based on an IPO of around $30 billion if the market is favorable.

Huawei denied

A Canadian court rejected a request from Huawei Technologies CFO Meng Wanzhou to access documents that the Canadian government refused to give her on national security grounds. The government's decision to limit access to six documents related to Canadian espionage has been secured, and the information in it is "unrelated" to Ms. Meng's allegations of arrest in December. Her 12 year 2018 in Vancouver was conducted illegally, under a written trial verdict.

Ms. Meng is seeking to ask a Canadian court to dismiss a US extradition request for a violation of trade sanctions, arguing that there was procedural abuse in her arrest. She accused Canada of "coordinated state misconduct", saying that the police and their border forces were secretly working with the US Federal Bureau of Investigation, as well as with Canadian authorities. interrogated her for hours and obtained passwords for her electronic devices before officially arresting her.