Dow falls more than 200 points

Daily Analysis - 04/12/2019

Trump wants to delay the trade deal


On Tuesday US stocks fell after President Donald Trump hinted that he may want to postpone the trade agreement with China after the conclusion of the 2020 presidential election.

The Dow Jones Industrial Average dropped more than 280 points to 27,502.80. Dow was driven mainly by Apple and Boeing. The S&P 500 went down 0.7% to 3,093.19 due to declines in chip stocks like NVidia, and AMD. The Nasdaq Composite dropped more than 0.5% to close the day at 8,520.63. The Dow fell 457 points. The S&P 500 dropped as much as 1.7% while the Nasdaq traded lower down by 1.6%.

Gold nears 30-days top

On Wednesday Gold floated near a 30-day top score in the previous session, while remarks from US President Donald Trump smashed market expectations for a quick introductory deal with China, encouraging support for safe-haven assets.

Spot gold went up 0.1% to $1,478.80 per ounce, while U.S. gold futures were flat at $1,484.59.


Oil makes gains before OPEC

On Wednesday Oil prices surged before a conference of OPEC and its partners to address whether to increase production cuts to boost the market, while industry data are revealing that US crude stockpiles dropped more than anticipated.

Brent crude futures went up 35 cents, to $61.16 a barrel while US West Texas Intermediate (WTI) crude futures gained 31 cents, at $56. 40.


Yen and CHF strengthen

The yen and Swiss franc continued to hold their profits versus the greenback on Wednesday while the desire for safe-havens spiked following the US President Donald Trump's warning for a trade agreement delay with China until the conclusion of the 2020 US presidential election.

The yen held at 108.60 versus the greenback today, close to its highest level since Nov. 22.

The Swiss franc was valued at 0.9874 versus the dollar, near its most important level since Nov. 4.


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