EQUITIES
S&P 500 Index : $2,820.00, down -50.12 points or -1.75%
Dow Jones Industrial Average : $23,247.97, down -516.81 points or -2.17%
Nasdaq Composite Index : $8,863.17, down -139.38 points or -1.55%
European exchanges also recording drop, with London's FTSE 100 loss -0.51%. Germany's DAX shed -2.56% and France's CAC shed -2.85%. Italy's FTSE MIB Index closed -2.14%% lower and pan-European Stoxx 600 index loses -1.24% closed Wednesday.
Stocks in Asia Pacific traded lower on Thursday as caution remains, with Japan's Nikkei 225 shed -0.45%, Hong Kong's Hang Seng dropped -0.45%, China's Shanghai Composite down -0.38% and Singapore’s lose -0.94%. Meanwhile, shares in Australia also traded lower, as the S&P/ASX 200 dipped -1.17%, and South Korea’s KOSPI declined -0.71% in early trading.
OIL
Brent crude futures ended the session lower on Wednesday at $29.19 per barrel, a drop of -2.64%, while WTI crude futures dropped -1.90%, at $25.29 per barrel.
Currently, oil prices further dropped in the morning of Asian trading hours, with Brent is trading at $29.00 per barrel and WTI is trading at $25.28 per barrel as of writing time.
CURRENCIES
The U.S. DXY stand at 100.27, higher than yesterday index, compared with a basket of its major peers.
Dollar rallying against some of major currencies, including AUD (0.30%), GBP (0.15%), NZD (0.15%), SEK (0.07%), CHF (0.03%), CAD (0.03%), CNY (0.03%), DKK (0.02%), EUR (0.01%), and NOK (0.01%).
Dollar also depreciate against some of other major currencies, including against JPY (-0.10%), SGD (-0.09%), MXN (-0.07%), and RUB (-0.03%) at latest reading.
GOLD
Gold currently trading at $1,712.90 per ounce, while stands around $1,720.20 per ounce for gold futures as of writing time. Previously closed at $1,715.60 and $1,716.40, respectively.
Silver trading at $15.45, platinum trading at $764.00 and palladium trading at $1742.00.
ECONOMIC OUTLOOK
Stocks in Asia traded lower on Thursday morning as more global economic data released and U.S.’s Federal Reserve warned of a “significantly worse” U.S. recession than any downturn since World War 2.
European Union’s failure to rally together against the pandemic has left the euro the least defended currency of the developed world.
NZ central bank unleashes more stimulus, including increasing its bond-purchase program to NZ$60bil (US$36bil), and further reducing the official cash rate of 0.25%.
Bank Indonesia (BI) unveiled an estimated 150 trillion rupiah (US$10.11bil) of economic recovery plan via private purchase of government bonds with lower yields.
Gasoline demand improves as states reopen and drivers hit the road, though it is still down 30%.
Global funds invest more in China as coronavirus spreads to the rest of the world.
To date, number of confirmed worldwide cases for COVID-19 pandemic has now reached more than 4,430,000 today affecting 213 countries and territories around the world and 2 international conveyances, recording 298,000 fatality globally.
TECHNICAL OUTLOOK
[USDJPY]
Our Preference:
- Short positions below 107.084107.337 with targets at 106.667.
Commentary/ Reason:
- The pair’s trading below its 50 and 200 Moving Averages.
- Dollar weakening against safe haven Yen.
- Stochastic indicator pulled back from lower level and the MACD is below its signal line and negative. The configuration is negative.
