S&P 500 — US Large Cap Index
FTSE 100 — UK Blue Chips
Euro Stoxx 50 — Eurozone Leaders
DAX 40 — German Equities
CAC 40 — French Market Index
Nikkei 225 — Japan Benchmark
Hang Seng — Hong Kong Index
Shanghai Composite — China Mainland
ASX 200 — Australian Market
TSX Composite — Canada Index
Nifty 50 — India Large Cap
STI Index — Singapore Market
KOSPI — South Korea Index
Bovespa — Brazil Equities
JSE Top 40 — South Africa Index
IPC Index — Mexico Market
- Silver price declines below $58.00 amid doubts over the sustainability of US-Iran peace.
- The US negotiating team declines to meet Iran directly.
- Investors await the US ADP Employment Change and the ISM Manufacturing PMI data for June.
Silver price (XAG/USD) trades almost 1% lower, slightly below $58.00, during the Asian trading session on Wednesday. The Silver price faces selling pressure as investors turn cautious towards the sustainability of peace between the United States (US) and Iran after Washington refused to meet with Tehran despite reaching Oman.
On Tuesday, US negotiations reached Doha for talks with Iran regarding Tehran’s demand for toll system near the Strait of Hormuz, a vital passage to almost 20% of global energy supply. However, the US team said that it will only meet with mediators and not Tehran’s negotiators. This has led to continued uncertainty over whether global ships could continue using the chokepoint without paying any fees.
Such a scenario could lift oil prices again and eventually force traders to raise hawkish Federal Reserve (Fed) bets further. Increasing prospects of higher Fed interest rates bode poorly for non-yielding assets, such as Silver.
Meanwhile, investors await the US Nonfarm Payrolls (NFP) data for June, which will be released on Thursday.
In Wednesday’s session, market participants will pay close attention to the US ADP Employment Change and the ISM Manufacturing PMI data for June, which will be released during the North American session.
According to estimates, the US private sector created 113K fresh jobs, slightly lower than 122K in May. The ISM Manufacturing PMI is expected to remain steady at 54.0.
Profit
Everyone's racing to cut costs. We're racing to create profit.
Start Selling through Service
