{"id":293352,"date":"2020-08-26T01:41:39","date_gmt":"2020-08-25T15:41:39","guid":{"rendered":"https:\/\/www.gomarketingteam.com\/articles\/overnight-on-wall-street-wednesday-26-august-2020\/"},"modified":"2021-02-19T12:13:32","modified_gmt":"2021-02-19T01:13:32","slug":"overnight-on-wall-street-wednesday-26-august-2020","status":"publish","type":"post","link":"https:\/\/www.gomarkets.com\/en\/daily-news\/overnight-on-wall-street-wednesday-26-august-2020\/","title":{"rendered":"Overnight on Wall Street: Wednesday 26 August 2020"},"content":{"rendered":"<blockquote><p><strong>By Deepta Bolaky<\/strong><br \/>\n<img style=\"float: left; width: 20px; padding-top: 4px;\" src=\"https:\/\/www.gomarkets.com\/wp-content\/uploads\/2018\/08\/twitter.png\" \/>\u00a0<a href=\"https:\/\/twitter.com\/DeeptaGOMarkets\">@DeeptaGOMarkets<\/a><\/p><\/blockquote>\n<h4><strong>Equity Markets<\/strong><\/h4>\n<p><span style=\"font-weight: 400;\">Global stocks were mixed as investors await updates from central bankers, policymakers and economists to determine whether the current stimulus will likely stay on hold for some time. <\/span><\/p>\n<p><img loading=\"lazy\" class=\"alignnone wp-image-252545\" src=\"https:\/\/www.gomarkets.com\/au\/wp-content\/uploads\/2020\/08\/Equity-Market_26-Aug-20.jpg\" alt=\"\" width=\"650\" height=\"367\" \/><br \/>\nSource: Bloomberg<\/p>\n<p><span style=\"font-weight: 400;\">On Wall Street, S&amp;P500 and Nasdaq Composite continue to record new highs fuelled by positive vaccine-related news:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">The Dow Jones Industrial Average lost 60 points or 0.2% to 28,248.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">S&amp;P 500 rose by 12 points or 0.4% to 3,444.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Nasdaq Composite added 87 points or 0.8% to 11,466.<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">The Dow finished in negative territory after the reshuffling of the index &#8211; <\/span><b>Amgen<\/b><span style=\"font-weight: 400;\"> ($AMGN), <\/span><b>Salesforce.com<\/b><span style=\"font-weight: 400;\"> ($CRM) and <\/span><b>Honeywell International<\/b><span style=\"font-weight: 400;\"> ($HON) will be added to the index while <\/span><b>Pfizer ($PFE)<\/b><span style=\"font-weight: 400;\">, <\/span><b>Raytheon Technologies ($RTX)<\/b><span style=\"font-weight: 400;\"> and <\/span><b>Exxon Mobil ($XOM)<\/b><span style=\"font-weight: 400;\"> will be removed. The moves were spurred by Apple&#8217;s decision to split its stock which will reduce the Information Technology index weight!<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The share price of the new stocks to be added to the Dow rose on Tuesday and continue to increase in after-hours trading.\u00a0<\/span><\/p>\n<h4><strong>Currency Markets<\/strong><\/h4>\n<p><span style=\"font-weight: 400;\">In the FX space, major currencies were stronger against the greenback. Major pairs remained in familiar levels ahead of the Fed Chair Jerome speech at the Economic Symposium at Jackson Hole. The symposium is gearing up to be a dollar-event.\u00a0<\/span><\/p>\n<p><img loading=\"lazy\" class=\"alignnone wp-image-253498\" src=\"https:\/\/www.gomarkets.com\/au\/wp-content\/uploads\/2020\/08\/currency-market_26-Aug-20.jpg\" alt=\"\" width=\"650\" height=\"332\" \/><br \/>\nSource: GO MT4<\/p>\n<p><span style=\"font-weight: 400;\">The British Pound was the performer against the US dollar. <a href=\"https:\/\/twitter.com\/adamt_trading\">Adam Taylor<\/a> CTEe takes a look at the GBPUSD pair:<\/span><\/p>\n<p><img loading=\"lazy\" class=\"alignnone wp-image-254818\" src=\"https:\/\/www.gomarkets.com\/au\/wp-content\/uploads\/2020\/08\/chart-of-the-day_26-Aug-20.jpg\" alt=\"\" width=\"651\" height=\"298\" \/><\/p>\n<p><i><span style=\"font-weight: 400;\">For the Chart of The Day, we are looking at Cable on the daily time frame. After several days of tight consolidation following an impulsive move higher, GBPUSD forms a bullish flag candle pattern and could be about to break higher.<\/span><\/i><\/p>\n<p><i><span style=\"font-weight: 400;\">The impulsive move mentioned occurred last month in July when the price rose from 1.28 to the 1.31 region, and within this movement, we have a few clues as to what may be driving this market from a technical perspective.<\/span><\/i><\/p>\n<p><i><span style=\"font-weight: 400;\">Firstly, it\u2019s worth highlighting the significance of the 1.28 level in terms of key support for the pair. Before the price fell through the floor back in March, this level acted as a strong base for Cable and became a significant 61.8% retracement zone from the Nov 2019 high of 1.35 and the most recent low in March of 1.14. Initially, this area acted as resistance but can now be considered a line in the sand for GBPUSD. Should 1.28 be tested again and fail, then the price may tend to drift even lower.<\/span><\/i><\/p>\n<p><i><span style=\"font-weight: 400;\">Now with the critical support highlighted, we can look at the current bullish activity and discuss the bullish flag formation. It appears buyers in this market are still firmly in the driving seat and waiting for an opportunity to push higher. We see sizable resistance situated at 1.32, but I suspect a confident break above could see the fruits of this latest pattern test targets towards the 1.35 mark upwards.<\/span><\/i><\/p>\n<p><i><span style=\"font-weight: 400;\">Much will depend on just how much of a risk appetite Sterling buyers have in this current environment in the coming days. Still, given how much Dollar volatility we\u2019ve seen of late, the opportunity that buyers are waiting for could be just around the corner.<\/span><\/i><\/p>\n<p><span style=\"font-weight: 400;\">On the economic front, attention was on the IFO surveys and US docket.\u00a0<\/span><\/p>\n<p><b>Germany:\u00a0<\/b><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><b>Budget Deficit: <\/b><i><span style=\"font-weight: 400;\">Germany dealt with its first budget deficit since 2013 and recorded its biggest deficit in a decade.\u00a0<\/span><\/i><\/li>\n<\/ul>\n<p><img loading=\"lazy\" class=\"alignnone size-full wp-image-255391\" src=\"https:\/\/www.gomarkets.com\/au\/wp-content\/uploads\/2020\/08\/back-in-the-red_26-Aug-20.jpg\" alt=\"\" width=\"650\" height=\"400\" \/><br \/>\nSource: GO MT4<\/p>\n<ul>\n<li><b>IFO Surveys: <span style=\"font-weight: 400;\">Current Assessment and Business climate came above expectations:<\/span><\/b><\/li>\n<\/ul>\n<ol>\n<li><i><span style=\"font-weight: 400;\">Current Assessment above forecasts (86.9) in August: Actual (87.9)<\/span><\/i><\/li>\n<li>Business Climate above forecasts (92.2) in August: Actual (92.6)<\/li>\n<li>Expectations below forecasts (98) in August: Actual (97.5)<\/li>\n<\/ol>\n<ul>\n<li><b>GDP: <i><span style=\"font-weight: 400;\">The gross domestic product (GDP) fell sharply by 9.7% in the 2<\/span><\/i><i><span style=\"font-weight: 400;\">nd<\/span><\/i><i><span style=\"font-weight: 400;\"> quarter of 2020 on the 1st quarter of 2020 after adjustment for price, seasonal and calendar variations. According to the Federal Statistical Office (Destatis), the GDP drop in the 2<\/span><\/i><i><span style=\"font-weight: 400;\">nd<\/span><\/i><i><span style=\"font-weight: 400;\"> quarter of 2020 was not quite as steep as reported in the<\/span><\/i> <i><span style=\"font-weight: 400;\">first release of 30 July 2020 (-10.1%). The slump in the German economy was thus much larger than during the financial and economic crisis of 2008\/2009 (-4.7% in the 1<\/span><\/i><i><span style=\"font-weight: 400;\">st<\/span><\/i><i><span style=\"font-weight: 400;\"> quarter of 2009) and the sharpest decline since quarterly GDP calculations for Germany started in 1970.<\/span><\/i><\/b><\/li>\n<\/ul>\n<p><b>United States:<\/b><span style=\"font-weight: 400;\">\u00a0<\/span><\/p>\n<ul>\n<li><b>Housing Data:<\/b><\/li>\n<\/ul>\n<ol>\n<li><i><span style=\"font-weight: 400;\">Home prices grew by 5.4 percent in the second quarter of 2020 compared to a year ago, despite the impacts of COVID-19. The monthly index for June was up<\/span><b> 0.9 percent <\/b><span style=\"font-weight: 400;\">from May.\u00a0<\/span><\/i><\/li>\n<li><span style=\"font-weight: 400;\">As per S&amp;P Shiller Index, The 20-City Composite posted a 3.5% year-over-year gain, down from 3.6% in the previous month.<\/span><\/li>\n<li><span style=\"font-weight: 400;\">New Home Sales: <\/span><span style=\"font-weight: 400;\">Sales of new single-family houses in July 2020 were at a seasonally adjusted annual rate of 901,000. This is 13.9 percent (\u00b120.0 percent)* above the revised June rate of 791,000.<\/span><\/li>\n<\/ol>\n<p><img loading=\"lazy\" class=\"alignnone size-full wp-image-255466\" src=\"https:\/\/www.gomarkets.com\/au\/wp-content\/uploads\/2020\/08\/surburban_26-Aug-20.jpg\" alt=\"\" width=\"650\" height=\"380\" \/><br \/>\nSource: GO MT4<\/p>\n<ul>\n<li><b>Consumer Confidence <i><span style=\"font-weight: 400;\">dropped from 91.7 (revised from 92.6)in July to 84.8.<\/span><\/i><\/b><\/li>\n<\/ul>\n<h4><b>Commodities<\/b><\/h4>\n<p><span style=\"font-weight: 400;\">Crude oil prices traded higher on Tuesday lifted by the overall COVID-19 vaccine progress and a bullish API report. The weekly crude oil stock came out at -4.524M (August 21) vs previous -4.264M. As of writing, WTI Crude oil (Nymex) and Brent Crude (ICE) were firmer around $43.27 and $45.91 respectively.\u00a0<\/span><\/p>\n<h4><b>Gold<\/b><\/h4>\n<p><span style=\"font-weight: 400;\">As risk sentiment improves lifted by vaccine-related optimism, the precious metal is struggling to edge higher. The XAUUSD pair has consolidated into a tight range around the $1,930 level.\u00a0<\/span><\/p>\n<p><img loading=\"lazy\" class=\"alignnone size-full wp-image-253483\" src=\"https:\/\/www.gomarkets.com\/au\/wp-content\/uploads\/2020\/08\/gold_26-Aug-20.jpg\" alt=\"\" width=\"650\" height=\"650\" \/><br \/>\nSource: GO MT4<\/p>\n<p><strong>By Deepta Bolaky<\/strong><br \/>\n<img style=\"float: left; width: 20px; padding-top: 4px;\" src=\"https:\/\/www.gomarkets.com\/wp-content\/uploads\/2018\/08\/twitter.png\" \/>\u00a0<a href=\"https:\/\/twitter.com\/DeeptaGOMarkets\">@DeeptaGOMarkets<\/a><\/p>\n<p><strong>Key upcoming events<\/strong><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Trade Balance, Exports, and Imports (New Zealand)<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Leading Economic Index, Durable Goods, and Nondefense Capital Goods Orders (US)<\/span><\/li>\n<\/ul>\n<table style=\"height: 171px;\" border=\"1\">\n<tbody>\n<tr style=\"height: 75px;\">\n<td style=\"text-align: center; width: 728px; height: 75px;\" colspan=\"7\"><strong>Thursday, 27 August 2020<\/strong><strong style=\"font-family: inherit; font-size: inherit;\">\u00a0<\/strong><strong><br \/>\n<\/strong>Indicative Index Dividends<br \/>\n<em><sup>Dividends are in Points<\/sup><\/em><\/td>\n<\/tr>\n<tr style=\"height: 24px;\">\n<td style=\"width: 104px; height: 24px;\" width=\"100\"><strong>ASX200<\/strong><\/td>\n<td style=\"width: 104px; height: 24px;\" width=\"100\"><strong>WS30<\/strong><\/td>\n<td style=\"width: 103px; height: 24px;\" width=\"100\"><strong>US500<\/strong><\/td>\n<td style=\"width: 101px; height: 24px;\" width=\"100\"><strong>US2000<\/strong><\/td>\n<td style=\"width: 108px; height: 24px;\" width=\"100\"><strong>NDX100<\/strong><\/td>\n<td style=\"width: 104px; height: 24px;\" width=\"100\"><strong>CAC40<\/strong><\/td>\n<td style=\"width: 104px; height: 24px;\" width=\"100\"><strong>STOXX50<\/strong><\/td>\n<\/tr>\n<tr style=\"height: 24px;\">\n<td style=\"width: 104px; height: 24px;\" width=\"100\">1.674<\/td>\n<td style=\"width: 104px; height: 24px;\" width=\"100\">0<\/td>\n<td style=\"width: 103px; height: 24px;\" width=\"100\">0.225<\/td>\n<td style=\"width: 101px; height: 24px;\" width=\"100\">0.079<\/td>\n<td style=\"width: 108px; height: 24px;\" width=\"100\">0<\/td>\n<td style=\"width: 104px; height: 24px;\" width=\"100\">0<\/td>\n<td style=\"width: 104px; height: 24px;\" width=\"100\">0<\/td>\n<\/tr>\n<tr style=\"height: 24px;\">\n<td style=\"width: 104px; height: 24px;\" width=\"100\"><strong>ESP35<\/strong><\/td>\n<td style=\"width: 104px; height: 24px;\" width=\"100\"><strong>ITA40<\/strong><\/td>\n<td style=\"width: 103px; height: 24px;\" width=\"100\"><strong>FTSE100<\/strong><\/td>\n<td style=\"width: 101px; height: 24px;\" width=\"100\"><strong>DAX30<\/strong><\/td>\n<td style=\"width: 108px; height: 24px;\" width=\"100\"><strong>HK50<\/strong><\/td>\n<td style=\"width: 104px; height: 24px;\" width=\"100\"><strong>JP225<\/strong><\/td>\n<td style=\"width: 104px; height: 24px;\" width=\"100\"><strong>INDIA50<\/strong><\/td>\n<\/tr>\n<tr style=\"height: 24px;\">\n<td style=\"width: 104px; height: 24px;\" width=\"100\">0<\/td>\n<td style=\"width: 104px; height: 24px;\" width=\"100\">0<\/td>\n<td style=\"width: 103px; height: 24px;\" width=\"100\">0.647<\/td>\n<td style=\"width: 101px; height: 24px;\" width=\"100\">0<\/td>\n<td style=\"width: 108px; height: 24px;\" width=\"100\">24.438<\/td>\n<td style=\"width: 104px; height: 24px;\" width=\"100\">0<\/td>\n<td style=\"width: 104px; height: 24px;\" width=\"100\">0<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p><a href=\"https:\/\/www.gomarkets.com\/forex-education-courses\/\" target=\"_blank\" rel=\"noopener noreferrer\"><br \/>\n<img src=\"https:\/\/www.gomarkets.com\/wp-content\/uploads\/2019\/02\/Next-Steps-Blog-Bottom-Banner.jpg\" \/><\/a><\/p>\n<p style=\"font-weight: 400;\"><em>Disclaimer:\u00a0\u00a0The articles are from GO Markets analysts, \u00a0based on their independent analysis or personal experiences. Views or opinions or trading styles expressed are of their own; \u00a0should not be taken as either representative of or shared by GO Markets. \u00a0Advice (if any), \u00a0are of a \u2018general\u2019 nature and not based on your personal objectives, financial situation or needs.\u00a0 You should therefore consider how appropriate the advice (if any) is to your objectives, financial situation and needs, before acting on the advice. \u00a0If the advice relates to acquiring a particular financial product, you should obtain and consider the Product Disclosure Statement (PDS) and Financial Services Guide (FSG) for that product before making any decisions.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>By Deepta Bolaky \u00a0@DeeptaGOMarkets Equity Markets Global stocks were mixed as investors await updates from central bankers, policymakers and economists to determine whether the current stimulus will likely stay on hold for some time. Source: Bloomberg On Wall Street, S&amp;P500 and Nasdaq Composite continue to record new highs fuelled by positive vaccine-related news: The Dow [&hellip;]<\/p>\n","protected":false},"author":15,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[129],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v16.8 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Overnight on Wall Street: Wednesday 26 August 2020 - GO Markets<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.gomarkets.com\/en\/daily-news\/overnight-on-wall-street-wednesday-26-august-2020\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Overnight on Wall Street: Wednesday 26 August 2020 - GO Markets\" \/>\n<meta property=\"og:description\" content=\"By Deepta Bolaky \u00a0@DeeptaGOMarkets Equity Markets Global stocks were mixed as investors await updates from central bankers, policymakers and economists to determine whether the current stimulus will likely stay on hold for some time. 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