Asia Morning Oct 12

On Friday, U.S. stocks posted further gains. The Dow Jones Industrial Average increased 161 points (+0.57%) to 28586, the S&P 500 rose 30 points (+0.88%) to 3477, and the Nasdaq 100 was up 174 points (+1.51%) to 11725.

Nasdaq 100 Index: Rebound Continues

Sources: GAIN Capital, TradingView

Stocks climbed, gold jumped and the U.S. dollar slid on growing expectations of a forthcoming fiscal stimulus package. U.S. President Donald Trump said in an interview that he wants to see a larger stimulus package than the one offered by either Democrats or Republicans.

Retailing (+2.08%), Software & Services (+1.94%) and Technology Hardware & Equipment (+1.45%) sectors performed the best. Xilinx (XLNX +14.11%) gained the most after reports that Advanced Micro Devices (AMD -3.94%) may buy the company for $30 billion. eBay (EBAY +6.47%) and Fortinet (FTNT +3.73%) were also top gainers.

Approximately 75% (70% in the prior session) of stocks in the S&P 500 Index were trading above their 200-day moving average and 89% (79% in the prior session) were trading above their 20-day moving average.

European stocks remained buoyed. The Stoxx Europe 600 Index rose 0.55%, France's CAC 40 rose 0.71% and the U.K.'s FTSE 100 added 0.65%, while Germany's DAX 30 was little changed.

U.S. Treasury prices slipped, as the benchmark 10-year Treasury yield advanced to 0.772% from 0.764% Thursday.

Spot gold price took advantage of a weaker dollar jumping $34 (+1.84%) to $1,928 an ounce.

U.S. WTI crude futures (November) fell $0.66 (-1.60%) to $40.53 a barrel.

On the forex front, the U.S. dollar was broadly lower across the board, pressured by the U.S. government's signal that it could accept a larger stimulus package. The ICE Dollar Index dropped 0.55% to 93.06.

EUR/USD regained the 1.1800 level as it jumped 0.6% to 1.1829. The pair has returned to levels above both its 20-day and 50-day moving averages.

GBP/USD crossed above the key 1.3000 level by rising 0.84% to 1.3046. Official data showed that U.K. industrial production edged up 0.3% on month in August (+2.5% expected).

USD/JPY failed to hold the key 106.00 level and close 0.38% lower at 105.62.

Commodity-related currencies charged higher. AUD/USD surged 1.05% to 0.7240 extending its winning streak to a third session.

USD/CAD was down for a third day sinking 0.57% to 1.3121.

The Chinese yuan (offshore) continued its recent rally against the greenback. USD/CNH slid a further 0.77% to 6.6867, the lowest level since April 2019.

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