Morning wrap (09.12.2020)

• US indices finished yesterday's trading higher. S&P 500 and Nasdaq closed at record highs gaining 0.28% and 0.50% respectively. Dow Jones added 0.35% while Russell 2000 finished 1.41% higher

• Upbeat moods continued into Asian trading. Nikkei gained 1.2%, S&P/ASX 200 added 0.6% and Kospi jumped almost 2%. Indices from China traded lower

• Mnuchin presented a $918 billion stimulus plan to Democratic leaders. However, Nancy Pelosi and Chuck Schumer rejected the proposal. It has included $600 stimulus checks but also lower unemployment benefits

• Ursula von der Leyen will hold a meeting with Boris Johnson this evening

• Donald Trump said yesterday that he expects news on more vaccines very soon

• Chinese CPI inflation for November came in at -0.5% YoY (exp. 0% YoY). This was the first negative year-over-year reading in over a decade

• Japanese machinery tool orders increased 17.1% MoM in October (exp. +2.8% MoM)

• API report suggest a 1.14 mb build in oil inventories (exp. -1.5 mb)

• Precious metals trade mixed - platinum and palladium gain while silver and gold drop. Oil trade lower

• AUD and NZD are top performing major currencies while JPY and USD lag the most

Almost 585 thousand new coronavirus cases were reported yesterday. Source: worldometers, XTB