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Market review 2 September 2020

2 September 2020

Brent Oil to hit $50 by year-end – OCBC

“The twin hurricanes largely avoided the key ports and refineries in Texas. Prices at the back end have rallied with the hurricanes but do not appear to have corrected as much as the front end of the curve.”

“US crude oil inventories declined for the fifth consecutive week; implied gasoline demand is now within 2.5% of its pre-coronavirus levels; and China diesel demand in July rose its highest since Feb 2018, notwithstanding seasonal effects.”

“Near-term, consolidation looks like it might continue.










AUD/USD seen re-visiting the 0.7430 region in the next weeks – UOB

24-hour view: “We highlighted yesterday that ‘while the advance over the past couple of days appears to be struggling to maintain its momentum, it is too soon to expect a sustained pullback’. We added, AUD ‘could grind higher but a break of the major resistance at 0.7430 appears unlikely’. Our expectation was not wrong as AUD rose to 0.7413 before easing off to trade mostly sideways. The current movement is viewed as part of a consolidation phase and for today; AUD is expected to trade between 0.7335 and 0.7405.”

Next 1-3 weeks: “There is not much to add to our update from Monday (31 Aug, spot at 0.7360). As highlighted, AUD ‘could advance further to 0.7430’. That said, upward momentum has not improved by much but for now, we continue to hold the same view. Looking forward, if AUD breaks above 0.7430, the next level to focus on is at 0.7480. On the downside, a breach of 0.7300 (‘strong support’ level previously at 0.7270) would indicate the current AUD strength has run its course.”










European Equities: Economic Data from Germany and the Eurozone in Focus

The Market Movers

For the DAX: It was yet another mixed day for the auto sector on Monday. Volkswagen rose by 1.10% to buck the trend on the day. Continental and BMW fell by 2.18% and by 1.01% respectively, however, with Daimler ending the day down by 0.49%.

It was a mixed day for the banks. Deutsche Bank fell by 0.20%, while Commerzbank eked out a 0.02% gain.

From the CAC, it was another bearish day for the banks. BNP Paribas and Credit Agricole fell by 1.31% and by 0.86% respectively, with Soc Gen sliding by 2.59%.

It was yet another bearish day for the French auto sector. Peugeot and Renault saw losses of 2.44% and 4.47% respectively.

Air France-KLM slipped by 0.21% off the back of a 4.11% slide on Monday, while Airbus SE rose by 1.06%

“The Company gives no representation, warranty or guarantee as to the accuracy, correctness or completeness of this information. The information contained in this market review should not be construed in any way, as containing investment advice and/or a suggestion and/or solicitation for any trading activity and financial transaction.

Past performance does not constitute a reliable indicator of future results. Future forecasts do not constitute a reliable indicator of future performance.

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