Oil futures edged down on Thursday, with US prices hovering below $40 a barrel, pressured by worries that a resurgence in coronavirus cases worldwide will cause demand to falter in an already oversupplied market. Putting a floor under prices were data from the EIA showing crude and gasoline inventories dropped last week.

Australia's main stock index opened firmly in the red on Thursday, as investors turned cautious following another tech rout on Wall Street. Market participants have become concerned about the pace of economic recovery as virus cases continue to soar worldwide, which will most likely lead to additional lockdowns and another decline in the world's economic activity.

New Zealand's trade deficit narrowed to NZD 353 million in August of 2020 from a NZD 1642 million deficit in the same month of the previous year. Merchandise goods exports rose NZD 349 million (or 8.6 percent) to NZD 4.4 billion, whereas goods imports fell NZD 940 million (or 16 percent) to NZD 4.8 billion. The annual trade balance for the year ended August 2020 was a surplus of NZD 1340 billion and was the largest annual trade surplus since 2014.

The IHS Markit US Services PMI fell to 54.6 in September 2020 from a 17-month high of 55.0 in the previous month and slightly below market expectations of 54.7, a preliminary estimate showed. New business growth was the strongest for 18 months, with new business from abroad rising at a steep rate. Meanwhile, employment continued to increase solidly, albeit at a softer pace than in August following a slower upturn in backlogs of work. On the prices front, service providers increased their selling prices steeply in September alongside a sharp rise in cost burdens. Looking ahead, business confidence moderated amid election and COVID-19 uncertainty.

Wall Street closed deeply in the red on Wednesday to erase early session gains, as the sell-off in the tech sector resumed after Tuesday’s rebound. On the corporate side, Apple led declines with a sharp 4.2% drop. In contrast, Nike shares jumped 8.7% after an earnings beat and Twitter stocks climbed 6.1% after receiving a rating upgrade from Pivotal Research. On the macro side, IHS Markit’s manufacturing PMI came in at 53.5, below expectations of 53.8. On the policy side, the House passed on Tuesday a bill to avoid a government shutdown through 11 December, sending the legislation to the Senate ahead of a 30 September deadline. The Dow Jones tanked 525 points or 1.9% to 26,763. The S&P 500 sank 79 points or 2.4% to 3237. The Nasdaq plunged 331 points or 3% to 10,633.

Toronto’s main stock market index ended sharply lower on Wednesday, with the S&P/ASX 200 falling below 16,000 as a surge in domestic coronavirus cases and another tech rout on Wall Street rattled investors. Materials stocks were among the worst performers as gold prices were more than 2% lower. Meantime, investors wait for Prime Minister Trudeau’s plan announcement to help Canada recover from the fallout of the coronavirus crisis later in the day.

The unemployment rate in Argentina jumped to 13.1 percent in the second quarter of 2020 from 10.4 percent in the previous period. It was the highest jobless rate since the third quarter of 2004, as the coronavirus continued to spread and lockdowns tightened before easing in Q3. The number of unemployed climbed by 43 thousand to 1437 thousand. By region, unemployment in Gran Buenos Aires was the highest at 13.2 percent, followed by Pampeana (16.7 percent), Cuyo (11.4 percent), Patagonia (10 percent), Noroeste (9.1 percent), and Noreste (7.2 percent). The underemployment rate declined to 9.6 percent from 11.7 percent in the prior quarter. A year ago, the jobless rate was lower at 10.6 percent.

Gold remained under pressure on Thursday, with prices hovering below $1,900 an ounce, as a lack of more stimulus from major central banks dented bullion’s safe-haven appeal. The continued appreciation of the US dollar has been the main drag for gold in the last three sessions, making the metal more expensive for holders of other currencies.

Tokyo's main stock index extended losses on Thursday as another tech sell-off on Wall Street overnight hit sentiment. On the coronavirus front, Johnson & Johnson said Wednesday it has begun its phase three trial testing its potential coronavirus vaccine. Meantime, investors await the monetary policy decision from the Bank of Japan.