Futures up ahead of good friday
|Markets rebound as coronavirus fears recede
US stock market rebounded on Wednesday as market sentiment was buoyed by hopes US administration may begin to reopen part of the economy sooner rather than later. Investors’ confidence was also boosted by the news progressive Democratic candidate Sanders exited the US presidential race. He had promised to rein in Wall Street and big corporations as president. The S&P 500 advanced 3.4% to 2749.98. The Dow Jones industrial average rose 3.44% to 23433.57. Nasdaq gained 2.6% to 8090.90. The dollar weakening halted: 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, rebounded 0.2% to 100.14 but is lower currently. Lower trading volumes are expected today as most markets, including US and European, will be closed tomorrow for Good Friday before Easter.. Futures are rising currently.
CAC 40 edged up while European indexes slid
European stocks extended losses on Wednesday. The EUR/USD reversed lower yesterday while GBP/USD continued climbing with both pairs higher currently. The Stoxx Europe 600 ended down 0.2% led by energy shares. Germany’s DAX 30 shed 0.2% to 10332.89. France’s CAC 40 however added 0.1% while UK’s FTSE 100 slumped 0.5% to 5677.73.
Australia’s All Ordinaries Index leads Asian indexes advance
Asian stock indices are mostly higher today after rebound on Wall Street overnight. Nikkei however slipped 0.04% to 19345.77 despite resumed yen sliding against the dollar as Bank of Japan cut outlook for economy. Markets in China are rising: Shanghai Composite Index is 0.4% higher while Hong Kong’s Hang Seng Index is up 1.3%. Australia’s All Ordinaries Index jumped 3.5% with the Australian dollar little changed against the greenback.
Brent jumps ahead of OPEC meeting
Brent futures prices are sharply higher today ahead of a virtual meeting between Organization of the Petroleum Exporting Countries and major oil producers on output reduction. OPEC together with its allies and Russia are expected to cut crude oil output by 8 million to 10 million barrels per day over 90 days. OPEC officials have said they want the United States and other countries to contribute to coordinated production cuts. Prices rose yesterday despite the Energy Information Administration report US crude oil inventories rose by bigger than expected 15.2 million barrels last week, eleventh weekly rise in a row: June Brent added 3% to $32.84 on Wednesday.
Gold rises on weaker Dollar
Gold prices are extending gains today. June gold inched up 0.04% to $1684.30 an ounce on Wednesday.
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