Daily Recap: Tuesday, August 11, 2020

After a continuous upward trend that saw it achieve new unprecedented levels, gold prices were always going to see a correction wave, as stock markets flourished amid an improved risk appetite. Meanwhile, oil prices fell on rising concerns about the COVID-19 pandemic and its effect on the demand recovery, despite the announcement of a new vaccine. Here is a look at today’s top stories.

Forex and Cryptocurrencies:

• PBOC Sets Yuan Reference Rate at 6.9711
• Russia Launches New Cryptocurrency Monitoring System

Commodities:

• API: U.S. Crude Oil Inventories Down 4.4 M Barrels in Week
• Oil Prices Settle Lower by 1%
• EIA: U.S. Oil Production Seen at 11.26 M b/d in 2020
• Gold Sees Biggest Decline in Seven Years
• Gold Declining Rapidly while USD Maintains Gains

Stocks:

• NYSE Indices Mixed at Tuesday’s Close
• Airbnb Plans IPO in 2020
• European Stocks Close on Large Gains

Economic Data:

• Russia’s GDP Contracts 8.5% in Q2 of 2020
• UK Sees Largest Quarterly Fall in Employment in 11 Years
• US PPI Registers Highest Rise in 21 Months
• How the Swiss Economy is Coping with COVID-19?
• German Investor Confidence Improved in August
• UK Consumer Spending Recovers in July
• Unemployment Benefits in Britain at 94.4 Thousand
• Japan’s Service Sector Sentiment Improves in July
• Car sales in China Rising for Fourth Consecutive Month
• Japan Current Account Surplus Narrows to 5-Year Low
• UK Unemployment Rate at 3.9% in June

Remarks:

• Barkin: No Stimulus Package Could Spur Recession
• French PM Warns of COVID-19 Second Wave
• Fed’s Daly Warns Against Inequality Amid COVID-19 Fight
• Trump Considering Cutting Capital Gains Tax
• WH Adviser O’Brien: US is ‘deeply troubled’ by arrest of Jimmy Lai

News:

• U.S. to Purchase 100 M Doses of Moderna Vaccine
• Biden Picks Kamala Harris for VP Slot on Democratic Ticket
• Russia Announces World’s First COVID-19 Vaccine
• Hong Kong Exports to U.S. to be Labelled “Made in China”