EQUITIES
S&P 500 Index : $2,929.80, gain 48.61 points or 1.69%
Dow Jones Industrial Average : $24,331.32, gain 455.43 points or 1.91%
Nasdaq Composite Index : $9,121.32, gain 141.66 points or 1.58%
European exchanges following trait, with for Germany's DAX rally at 1.35% and France's CAC up 1.07%. Italy's FTSE MIB Index closed 1.13% higher and pan-European Stoxx 600 index gain 0.91% closed Friday. UK markets closed on Friday for a public holiday, with the blue-chip FTSE 100 closed 1.40% to wrap up a second consecutive week of gains.
Asian markets rally in early trade on Monday, with Japan's Nikkei 225 rally at 1.14%, Hong Kong's Hang Seng gain 1.04%, China's Shanghai Composite up 0.83% and Singapore’s gained 0.17%. Australia's S&P/ASX 200 up 1.06% while South Korea’s KOSPI shed -0.11% in early trading.
OIL
Brent crude futures ended the session higher on Friday at $30.97 per barrel, a rise of 5.13%, while WTI crude futures rose 5.05%, at $24.74 per barrel.
Currently, oil prices slowed in the morning of Asian trading hours, with Brent is trading at $30.29 per barrel and WTI is trading at $24.00 per barrel as of writing time.
CURRENCIES
The U.S. DXY stand at 99.72, lower than yesterday index, compared with a basket of its major peers. Dollar’s rally against some of major currencies, including against NOK (0.32%), SEK (0.28%), and JPY (0.24 %).
Though, deflate against some others, including RUB (-0.40%), NZD (-0.31%), AUD (-0.25%), GBP (-0.12%), MXN (-0.08%), CAD (-0.06%), SGD (-0.03%), CNY (0.02%), EUR (-0.01%), and DKK (-0.01%) at latest reading.
GOLD
Gold currently trading at $1,708.20 per ounce, while stands around $1712.50 per ounce for gold futures as of writing time. Previously closed at $1,702.90 and $1,713.90, respectively.
Silver trading at $15.57, platinum trading at $775.00 and palladium trading at $1,822.00.
ECONOMIC OUTLOOK
Stocks in Asia traded higher on Monday morning as hopes rise on economies reopening. U.S. stock futures rose on Sunday night after Wall Street posted consecutive rallies to end last week. Global stocks rise as U.S. and China play nice on trade.
U.S. Labor Department said a record 20.5 million jobs were lost last month, and the unemployment rate jumped to 14.7% from just 4.4%.
The Treasury Secretary Steven Mnuchin acknowledged Sunday that the U.S. unemployment rate may have already reached 25% as the administration works to reopen the economy amid the coronavirus pandemic.
Boris Johnson outlines ‘conditional’ plan to slowly reopen UK economy.
Japan will compile a second supplementary budget for the current fiscal year to fund new measures to combat the economic fallout from the coronavirus pandemic, Nikkei newspaper reported Monday.
To date, number of confirmed worldwide cases for COVID-19 pandemic has now reached more than 4,180,000 today affecting 212 countries and territories around the world and 2 international conveyances, recording 284,000 fatality globally.
TECHNICAL OUTLOOK
[UKOIL]
Our Preference:
- Long positions above $28.61 with targets at $32.03, and extension at $36.38.
Commentary/ Reason:
- Oil price is recovering on hopes that more economies reopening. Global stocks also rise as U.S. and China play nice on trade.
- Price is expected to breakout to bullish.
- RSI and Stochastic indicators are mixed to bullish.
- It is trading above both its 200 and 50 Moving Averages.
