Futures rise as US administration signals coronavirus outbreak may be stabilizing
|US stocks fell after worse than feared March jobs report
US stock market pulled back on Friday after dismal March jobs report. The S&P 500 fell 1.5% to 2488.65, booking a 2.1% weekly loss. Dow Jones industrial dropped 1.7% to 21052.53. The Nasdaq ended 1.5% lower at 7373.08. The dollar strengthening continued despite a depressing jobs report showing more than expected 701,000 Americans lost their jobs in March. The live dollar index data show the ICE US Dollar index, a measure of the dollar’s strength against a basket of six rival currencies, rose 1.4% to 100.6 but is lower currently. Futures are rising currently after President Trump commented on Sunday US maybe approaching “a point where things will start changing for the better” as death toll from COVID-19 peaks.
CAC 40 led European stock indexes pullback
European stocks retreated on Friday. GBP/USD joined EUR/USD’s accelerated declining on Friday with both pairs’ dynamics unchanged currently. The Stoxx Europe 600 Index lost 1.0% giving back all of previous session gain as the final Composite Purchasing Managers’ Index dropped to a record low of 29.7 in March, from 51.6 in February. The DAX 30 slipped 0.5% to 9525.77 Friday. France’s CAC 40 dropped 1.6% and UK’s FTSE 100 slumped 1.2% to 5415.50.
Australia’s All Ordinaries Index leads Asian indexes surge
Asian stock indices are sharply higher today. Nikkei jumped 4.2% to 18576.3 as yen accelerated its sliding against the dollar. Stock markets in China are closed for a public holiday. Hong Kong’s Hang Seng Index is 2.2% higher. Australia’s All Ordinaries Index surged 4.3% despite Australian dollar’s resumed climbing against the greenback.
Brent retreats
Brent futures prices are pulling back today after Saudi Arabia and Russia delayed a meeting to discuss crude oil output cuts. Prices rallied on Friday after reports Saudi Arabia and Russia would meet Monday to discuss curbing production by 10 to 15 million barrels a day, and Baker Hughes reported on Friday the number of active US rigs drilling for oil dropped by 62 to 562 last week. Brent for June settlement rallied 13.9% to $34.11 a barrel Friday.
Gold rebound persists
Gold prices are inching higher today. Prices rose on Friday as dollar weakening continued. Gold for June delivery gained 0.5% to $1645.70 an ounce on Friday.
Want to get more free analytics? Open Demo Account now to get daily news and analytical materials.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.