S&P 500 Futures jump above 3.0% as Gilead’s Remdisivir, US Pres. Trump propel risk-tone

S&P 500 Futures up 3.3% to 2,880, Dow Jones 30 Futures rise 3.56% to 24,245.
Clinical trials on the Gilead’s Remdesivir show promising results, US President Trump announces guidelines to re-open the economy.
China’s GDP, virus updates will be the key.

Anil Panchal FXStreet

Global traders cheer the update on the coronavirus (COVID-19) cure, as well as US President Donald Trump’s upbeat comments, during the early Friday. The risk-on sentiment could be best portrayed by more than 3.0% surge in the futures linked to the US equities.

The S&P 500 Futures rise 3.3% to 2,880 whereas Down Jones 30 Futures add more than 800 points, or 3.50%, to probe 24,245 by the press time.

Just after the US markets close for Thursday, the CNBC rolled out the news that clinical trials on the Gilead’s Remdesivir managed to cure critical cases. The news offered 2.0% gains to the S&P 500 ETF while also switched the market’s mood from the previous risk-off.

Following that, US President Donald Trump cited optimism concerning the death toll while rolling out details of how the world’s largest economy will re-open in three phases. The Republican leader also mentioned that the state matching criteria to start phase one can open from tomorrow.

Markets are now gearing up for China’s first quarter (Q1) GDP data. The figures, up for publishing at 02:00 GMT, are likely to portray the pandemic’s actual impact on the world’s second-largest economy. However, the dragon nation has been recently surprising markets with positive outcomes and hence bears are cautious ahead of the data.

Author

Anil Panchal

FXStreet

Anil Panchal has nearly 15 years of experience in tracking financial markets. With a keen interest in macroeconomics, Anil aptly tracks global news/updates and stays well-informed about the global financial moves and their implications.

GBP/USD stays offered near 1.3370

GBP/USD remains on the back foot, slipping back toward the 1.3370 zone on Tuesday. Cable has come under pressure soon after testing the 1.3400 neighbourhood as investors turned more cautious in response to renewed effervescence on the geopolitical front.

EUR/USD stays offered below 1.1450

EUR/USD remains on the back foot ahead of the opening bell in Asia, returning to the low-1.1400s on the back of the resurgence of the demand for the US Dollar. Indeed, renewed jitters in the Middle East support the safe haven universe and weigh on the sentiment surrounding the risk complex. Moving forward, investors’ attention should shift to Wednesday’s FOMC Minutes.

Gold weakens toward $4,100

Gold adds to Monday’s decent pullback and trades close to the $4,100 mark per troy ounce on Tuesday. In the meantime, fresh geopolitical effervescence appear to have reignited inflation concerns, which in turn, limit any recovery attempt from the precious metal.

Ondo launches Perps with 20x leverage on tokenized stocks

Ondo Finance has expanded its financial services suite to include perpetual futures contracts for tokenized stocks. The platform, referred to as Ondo Perps, will provide 24/7 trading and over 20x leverage, utilizing tokenized stocks as collateral.

Bye, forward guidance: How to trade when central banks choose silence

Central banks have spent years telling markets what might come next. Now, traders face the possibility that they say a lot less. From the Federal Reserve to the European Central Bank and the Bank of England, policymakers are pushing back against forward guidance, arguing that the current world demands more flexibility.