Monday September 7th

7-09-2020

U.S. markets on Monday are closed in observance of Labor Day

U.S. markets on Monday are closed in observance of Labor Day. The pan-European Stoxx 600 climbed 1.1% by late morning, with autos adding 2.3% to lead gains as all sectors and major bourses entered positive territory. A gauge of global stocks last week notched its biggest weekly percentage decline in almost three months as a downturn for U.S. tech megastocks, which had fueled much of the country’s equity market recovery, weighed on sentiment. Asia-Pacific markets were mixed on Monday, as investors reacted to rising tech tensions between Washington and Beijing. Mainland Chinese stocks led losses among the region’s major markets on the day, with the Shanghai composite down 1.87% to about 3,292.59 while the Shenzhen component dropped 2.729% to around 13,284.03. Hong Kong’s Hang Seng index closed 0.43% lower at 24,589.65. In Japan, the Nikkei 225 closed 0.5% lower at 23,089.95 while the Topix index shed 0.42% to end its trading day at 1,609.74. South Korea bucked the trend, with the Kospi gaining 0.67% to close at 2,384.22. Oil prices dropped more than 1% on Monday after earlier hitting their lowest since July as Saudi Arabia made the deepest monthly price cuts for supply to Asia in five months while optimism about demand recovery cooled amid the coronavirus pandemic. Brent crude was at $42.21 a barrel, down 45 cents or 1.1% by 0439 GMT, after earlier sliding to $41.51, the lowest since July 30. U.S. West Texas Intermediate crude skidded 51 cents, or 1.3%, to $39.26 a barrel after earlier dropping to $38.55, the lowest since July 10. Gold was flat on Friday, reversing course as better-than-expected U.S. employment data bolstered the dollar, putting bullion on course for a weekly decline of more than 2%. Spot gold erased early and traded flat at $1,930.11 per ounce. U.S. gold futures settled $3.50 lower at $1,934.30.