Daily Analysis - 20/11/2019
On Wednesday the foreign ministry of China accused the US, following the Senate decision to collectively pass a law that helps the cause of the Hong Kong protesters.
The foreign ministry spokesperson Geng Shuang, said that the “Hong Kong Human Rights and Democracy Act” intervenes with China’s internal operations. China “strongly condemns and resolutely opposes” the action of interference, Geng said. That bill now moves to the House, which previously passed its own law last month.
On Wednesday the safe haven Gold went up following US President Donald Trump's threat to increase the taxes towards Chinese imports. The increase will come into effect if no settlement is struck with China and while the US Senate established a law that supports human rights in Hong Kong. US gold futures were in a range near $1,474.39 per ounce. Spot gold grew 0.1% to $1,473.97 per ounce.
On Tuesday the Dow Jones Industrial Average dropped from its record tops mainly due to declines in Home Depot and while the general market ended the session in a range.
Dow fell more than 100 points to 27,934.00. The Nasdaq Composite improved 0.2% to 8,570.65, registering a new all-time top. The S&P 500, ended marginally weaker at 3,120.17. However, the main indexes posted single record highs yesterday.
For three days now the popular commodity Oil is failing its bullish investors while a positive rush in US stockpiles strengthened the fears regarding a dark global economic extension. This while the anticipations declined for any progress toward the US-China trade conflict. Brent crude futures fell 20 cents to $60.70 a barrel. Brent fell more than 3.5% in the past two sessions. West Texas Intermediate (WTI) crude futures gave back early profits to and fell 6 cents, to $55.10 a barrel following a drop of almost 5% during the previous two sessions.
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