Open: London Session | Forex, Metals, Oil, Agriculture September 03, 2020



MARKET NEWS Chicago soybeans rose with the market on track for a ninth straight session of gains, underpinned by strong demand from China, the world’s largest importer. The volume is down due to a decline in corn sales to 603,000 tonnes from 1.85 million tonnes by the same date last season. Raw sugar and arabica coffee futures on ICE closed lower on Wednesday, weighed partly by a stronger dollar, while New York cocoa prices hit a six-month peak. Senator Tom Cotton called for halting the Nord Stream 2 project.


The lira reached historic lows and depreciated over 5% against the dollar last month, extending its drop for the year to 19%. The currency has slipped below the support of 73.15 The rupee (INR), after losing 16 paise against the dollar (USD) on Wednesday, began the session with gap-down. This can help INR to stay firm against USD.Dollar indexThe dollar index appreciated yesterday and closed at 92.68 versus previous close of 92.34. Over in foreign exchange, the dollar added to gains as the euro slid further below $1.20.
The dollar was steady as the euro slid further below $1.20. Also, the dollar looks positive today. The plan being announced today is focused on boosting supply and encouraging investment, and it includes a 10-billion-euro tax cut for industry next year. French Support | The French government unveiled a 100 billion-euro stimulus plan, focusing on greening the economy, creating jobs for young people and cutting taxes on industry.
The firm’s dollar-based expansion rate, at 142%, is extremely high and quite impressive. The pound is rising against the euro.


The mine currently produces gold with a relatively high AISC, but Evolution Mining’s bread and butter is optimizing assets to be more efficient and productive. Source: Evolution Mining FY20 Presentation In fiscal 2020, Evolution Mining produced 96 percent of its gold from Australia and 4 percent from Canada. Evolution Mining trades at a market cap to gold ounces produced ratio of $9,444 per ounce. To put it in another perspective, I think Evolution Mining is a better buy than Northern Star Resources but not as attractive as Kirkland Lake Gold.
Oil and gold rose, while Treasuries fell. Unity has received at least $1.2 billion from investors including Sequoia Capital, Silver Lake Partners and JA Technologies ApS.


Malaysian palm oil futures rose for a sixth consecutive session to a near seven-month high, tracking sharp gains in soyoil and Dalian palm oil and concerns over production. crude settled down 2.92% at $41.51 per barrel and Brent was at $44.43, down 2.52% on the day. Opinion Turkey’s natural gas discovery in the Black Sea will impact its posture in the Eastern Mediterranean, Sinan Ulgen writes for Bloomberg Opinion.

United States

Despite Trump’s pledge to drain the swamp and eliminate the debt, the federal debt is now approaching $27 trillion and is on track to surpass $78 trillion by 2028. The US Federal Reserve has adjusted its official inflation target to be even more flexible and inflationary. When President Trump took office on January 20, 2017, the national debt—the amount the federal government has borrowed over the years and must pay back—was a whopping $19.9 trillion.
These are exceptional growth rates for a non-tech company, and they place the company on the top 150 growth list among the US stocks I follow. Emblazoned on t-shirts and signs, shouted at rallies, and used as a rallying cry among Trump supporters, “drain the swamp” became one of Donald Trump’s most-used campaign slogans. Therefore, a little more inflation to increase employment in the short term is easier to justify with the Fed’s mandate than with that of the ECB. That mystery was revealed earlier today when senior NJ administration officials said that revenue from a proposed tax on electronic Wall Street trading to expand his “.”
In addition to price stability, the Fed also wants to ensure moderate long-term interest rates and maximum employment. The policy change has further increased the discretionary power in interpreting the Fed’s price stability target. The prior quarter saw these new customers trump those amounts at 183,000, but Zoom Video only had 81,900 customers heading into this fiscal year.


Five Things You Need to Know At least one ECB official is confident enough about the economic outlook that he’s ready to discuss an exit from emergency stimulus. The EU recovery fund will finance around 40% of the spending, which President Emmanuel Macron says will transform the economy in the next decade. President Emmanuel Macron says the strategy is one of the biggest in Europe relative to the size of the economy, which shrank almost 14% in the second quarter.
Elsewhere, over in Germany, Chancellor Angela Merkel s ruling bloc backed plans allowing for extraordinary deficit spending next year.
It s an area going from strength-to-strength, with the EU also set to issue its own green assets as part of the region s recovery fund. Curiously, the ECB considers price stability to be given if price inflation is below, but close to, 2 percent. France is an EU leader which has been most vocal in its condemnation of Turkey’s alleged violation of Greek and Cypriot waters and economic zones. There’s fresh optimism on a Covid-19 vaccine, more disappointing comments on Brexit talks, and new fiscal stimulus in France.
Only when this goal is achieved does the ECB aim to support other economic policies, such as full employment. ECB policy makers meet next week.