We begin today’s market overview with another daily report on the coronavirus pandemic. The number of Covid-19 cases worldwide has reached 12.2 million, according to the latest data. The situation remains the most pressing in the United States, where there was another grim record, with almost 62,000 new infections declared yesterday alone.
Countries that declared thousands of new cases include Brazil, India, Russia, Mexico, Peru, and Chile. The viral disease is also on the rise in South Africa, which declared almost 9,000 new Covid-19 infections yesterday and has about 225,000 in total.
The stock markets are giving investors mixed signals today. There have been improvements in China, where the yuan also strengthened against the dollar. But in the United States, stocks are set to begin the day on a lower note in anticipation of today’s fundamental reports.
Following the market for metals might offer profitable opportunities today, as there is an overall bullishness among these instruments, especially copper and aluminum (boosted by the prospects of a faster economic recovery in China).
Gold prices have dropped a bit today, but the precious metal touched a 9-year maximum above $1,800 recently and still remains at a great price level. With all of the pandemic-related market uncertainties, gold will likely have a chance to attack new highs soon.
Last but not least, today is Thursday, which means we expect unemployment data from the United States, more specifically the initial and continuing jobless claims. Considering the recent spike in coronavirus cases in the United States was not reflected in last week’s reports, investors are eager to see today’s data and evaluate whether the rising number of Covid-19 infections is still pressuring the labor market.
