EQUITIES
S&P 500 Index : $2,939.51, gain 76.12 points or 2.66%
Dow Jones Industrial Average : $24,633.86, gain 532.31 points or 2.21%
Nasdaq Composite Index : $8,914.71, gain 306.98 points or 3.57%
European exchanges also recording gain, with London's FTSE 100 up 2.63%, Germany's DAX up 2.89% and France's CAC gain 2.22%. Italy's closed 2.21% higher and pan-European Stoxx 600 index gain 1.75% closed Wednesday.
Asian markets also recording gain in early trade, with Japan's Nikkei 225 up 2.44%, Hong Kong's Hang Seng gain 0.28%, China's Shanghai Composite gain 0.44%, Singapore’s gain 0.46%, South Korea’s KOSPI gain 0.70%, and Australia's S&P/ASX 200 gain 1.19% in early trading.
OIL
Brent crude futures ended the session higher on Wednesday at $22.54 per barrel, a rise of 10.17%, while WTI crude futures rise 22.04%, at $15.06 per barrel.
Currently, Brent is trading at $23.26 per barrel and WTI is trading at $15.90 per barrel as of writing time.
CURRENCIES
The U.S. DXY stand at 99.62, lower than yesterday index, compared with a basket of its major peers. Dollar rally against major currencies in early trade, including against MXN (0.59%), AUD (0.31%), NZD (0.21%), GBP (0.21%), SEK (0.18%), DKK (0.14%), CHF (0.13%), EUR (0.13%), NOK (0.09%), JPY (0.07%), CAD (0.07%), RUB (0.07%), and SGD (0.03%) at latest reading.
GOLD
Gold currently trading at $1,709.30 per ounce, while stands around $1,725.00 per ounce for gold futures as of writing time. Previously closed at 1,714.10 and 1,713.40, respectively.
Silver trading at $15.20, platinum trading at $775.00 and palladium trading at $1,876.00.
ECONOMIC OUTLOOK
Asian equity markets were poised to gain on Thursday, tracking Wall Street’s rally after positive trial results of an experimental COVID-19 treatment, a U.S. Federal Reserve pledge to shore up the economy and a jump in oil prices.
Gilead said preliminary results of a coronavirus drug trial showed at least 50% of patients treated with a five-day dosage of remdesivir improved. FDA in ‘ongoing’ talks with Gilead to make remdesivir available to coronavirus patients ‘as quickly as possible’.
China says its manufacturing activity expanded slightly in April but missed expectations. The official manufacturing Purchasing Manager’s Index came in at 50.8 for the month of April, as compared to 52.0 in March, said China’s National Bureau of Statistics on Thursday.
The head of the Federal Reserve on Wednesday dashed lingering hopes for a fast rebound from the coronavirus pandemic, saying the U.S. economy could feel the weight of consumer fear and social distancing for a year or more in a prolonged climb from a deepening hole.
To date, number of confirmed worldwide cases for COVID-19 pandemic has now reached more than 3,220,000 today affecting 210 countries and territories around the world and 2 international conveyances, recording more than 228,000 fatality globally.
TECHNICAL OUTLOOK
[EURUSD]
Our Preference:
- Long positions above support line of Fibonacci retracement of 23.60% (1.0850) with targets at 1.0887.
Commentary/ Reason:
- Support line is higher than 1.0850 Fibonacci level. There’s probability that price will break support line, however, it is expected to not break the 1.0850 Fibonacci level.
- If the 1.0850 is not surpassed, the risk of the break below remains low.
