Market News & Analysis

Market Brief: US Shrug Off AMZN’s Miss, Approach Record Highs

View our guide on how to interpret the FX Dashboard.

  • US officials struck an optimistic tone on the “Phase One” trade deal with China, noting that they were close to finalizing some sections of the agreement following a call between the two trade teams.
  • The EU and UK remain at loggerheads over a possible Brexit extension, with each side waiting for the other to clarify its position before making a decision – watch for fireworks over the weekend and early next week!
  • FX: The Canadian dollar was the strongest major currency on the day, while the New Zealand dollar brought up the rear.
  • Commodities: Oil gained nearly 1% today. Gold was essentially flat.
  • Bitcoin and other cryptoassets surged more than 10% after Chinese President Xi Jinping endorsed blockchain technology.
  • US indices closed solidly higher in a risk on day, within striking distance of July’s record highs.
  • Technology (XLK) was the strongest major sector again today, gaining more than 1%. REITs (XLRE) were the weakest with a more than -1% loss.
  • Stocks on the move:
    • Intel (INTC) gained 8% following an earnings “trifecta” (beat on profits, revenues, and raised guidance).
    • Amazon (AMZN) gapped sharply lower but ultimately closed down just -1% after missing on both earnings and guidance after the bell yesterday.

*There are no high-impact macroeconomic events scheduled for release during Monday’s Asian session trade.


This report is intended for general circulation only. It should not be construed as a recommendation, or an offer (or solicitation of an offer) to buy or sell any financial products. The information provided does not take into account your specific investment objectives, financial situation or particular needs. Before you act on any recommendation that may be contained in this report, independent advice ought to be sought from a financial adviser regarding the suitability of the investment product, taking into account your specific investment objectives, financial situation or particular needs.

GAIN Capital Singapore Pte. Ltd., may distribute reports produced by its respective foreign entities or affiliates within the GAIN Capital group of companies or third parties pursuant to an arrangement under Regulation 32C of the Financial Advisers Regulations. Where the report is distributed to a person in Singapore who is not an accredited investor, expert investor or an institutional investor (as defined in the Securities Futures Act), GAIN Capital Singapore Pte. Ltd. accepts legal responsibility to such persons for the contents of the report only to the extent required by law. Singapore recipients should contact GAIN Capital Singapore Pte. Ltd. at 6826 9988 for matters arising from, or in connection with the report.

In the case of all other recipients of this report, to the extent permitted by applicable laws and regulations neither GAIN Capital Singapore Pte. Ltd. nor its associated companies will be responsible or liable for any loss or damage incurred arising out of, or in connection with, any use of the information contained in this report and all such liability is hereby expressly disclaimed. No representation or warranty is made, express or implied, that the content of this report is complete or accurate.

GAIN Capital Singapore Pte. Ltd. is not under any obligation to update this report.

Trading CFDs and FX on margin carries a high level of risk that may not be suitable for some investors. Consider your investment objectives, level of experience, financial resources, risk appetite and other relevant circumstances carefully. The possibility exists that you could lose some or all of your investments, including your initial deposits. If in doubt, please seek independent expert advice. Visit for the complete Risk Disclosure Statement.

Important Notice:

Cryptocurrencies are not legal tender currency and trading of derivatives on Cryptocurrencies are currently not covered under any regulatory regime in Singapore. Consequently, investors should be aware they do not have protection under the Securities and Futures Act (Cap. 289). Please ensure that you are fully aware of the risks.