Lukman Otunuga,
Senior Research Analyst at FXTM
Over
the past few hours, risk sentiment has swung between two extremes thanks to
conflicting statements from the White House over the US-China trade deal.
Extra-smart
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A wave
of risk aversion threatened to engulf financial markets during early trading on
Tuesday after White House trade advisor Peter Navarro said that any trade deal
with China was “over”. However, President Donald Trump swiftly came to the
rescue by tweeting that the trade agreement with China is “fully intact”.
Asian
shares were thrown on a rollercoaster ride following the trade confusion but
the clarification offered by Trump later supported European markets. The mood
in Europe brightened further following the better-than-expected Purchasing
Manager Index (PMI) data from France and Germany.
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In the
emerging market space, Nigeria’s All Share Index (ASI) closed in losses on
Monday shedding roughly -0.30% thanks to profit taking and general caution.
Sentiment towards Nigerian stocks has deteriorated over the past few months
thanks to gloomy economic fundamentals, depressed oil prices and COVID-19. The
ASI is down almost 8% year-to-date and could extend losses if the covid menace
sabotages Nigeria’s fragile recovery.
On the
data front, much attention will be directed towards the latest manufacturing
and non-manufacturing figures on Thursday. Manufacturing PMI tumbled to 42.4 in
May while non-manufacturing slumped to 25.3 during the same month. With Nigeria
gradually easing lockdowns with some sectors reopening, it will be interesting
to see whether the effects are reflected in the latest PMI figures for June.
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Commodity
spotlight – WTI Oil
Oil
gained over 10% last week despite the rising coronavirus cases in China and the
United States. Prices seem to be rising higher on-demand optimism and
commitment by OPEC+ to rebalance Oil markets, especially members who
overproduced in April. Regardless of the current gains, the path of least
resistance remains south. With the core fundamental themes weighing on market
sentiment still present, the current rebound on Oil could be nothing more than
a dead cat bounce. Looking at the technical picture, WTI Crude has broken above
$40 and may challenge $42 in the short term.
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