EQUITIES
The stock market on Wednesday started the second quarter nearly the same way it ended March, with bruising losses. All three stock-market indices report losses of at least 4.4% and closes as follow:
S&P 500 Index : $2,470.50, down -114.09 points or -4.41%
Dow Jones Industrial Average : $20,943.51, down -973.65 points or -4.44%
Nasdaq Composite Index : $7,360.58, down -339.52 points or -4.41%
All other exchanges also recording losses, with London's FTSE 100 down -3.83%, Germany's DAX -3.94% and France's CAC 40 shed -4.30%. Italy's closed -2.97% lower and pan-European Stoxx 600 index loses -2.90% closed Wednesday.
Asian markets, also in red as coronavirus fear intensifies. Japan's Nikkei 225 recording -1.77%. Hong Kong's Hang Seng loss -2.19%, Australia's S&P/ASX 200 shed -2.91%, South Korea's KOSPI loses -0.99%, China's Shanghai Composite was down -0.57% and SENSEX down -4.08%, and Singapore’s down -1.47% in early trading.
OIL
Oil price ends lower after US crude stockpiles jump, while gasoline demand sinks. Brent crude futures ended the session lower on Wednesday at $24.74 per barrel, down -1.61% while WTI crude futures for May delivery down -0.83%, to $20.31 per barrel.
Currently, Brent crude is trading at $25.80 per barrel while U.S. benchmark WTI crude trading at $21.08 per barrel, as of writing time (UTC+08.00).
CURRENCIES
The dollar index against a basket of major six currencies gained overnight as the U.S. currency advanced against most of its major peers. DXY closed at 99.48 and stand at 99.60 latest.
Meanwhile, the dollar traded higher against other major currencies in early trade. Dollar rose against SEK (0.40%), JPY (0.32%), EUR (0.21%), CNY (0,31%), CHF (0.2%), DKK (0.2%), RUB (0.14%), SGD (0.1%), and CAD (0.01%).
U.S. dollar also drops against some other currencies, including NZD (-0.30%), GBP (-0.16%), NOK (-0.12%), AUD (-0.09%), and MXN (-0.01%) at latest reading.
GOLD
Gold currently trading at $1,585.50 per ounce, while stands around $1,596.50 per ounce for gold futures of writing time. Previously closed at 1,593.4 and 1,591.4 respectively.
Silver trading at $13.89, platinum trading at $719.00 and palladium trading at $2,238.00.
ECONOMIC OUTLOOK
Markets were spooked after U.S. President Donald Trump’s dire press briefing late Tuesday, in which he warned Americans of a “painful” two weeks ahead in fighting the coronavirus even with strict social distancing measures.
The next jobless claims data release due at 1230 GMT on Thursday is expected to show another 3.50 million applications during last week.
Shares of Zoom down -6% on Wednesday, its third straight day of declines — tied for the longest such streak since late January. Since March 27, Zoom’s stock has tumbled -10%. The company facing backlash amid privacy issues as a lawsuit filed Monday in California claims the company allegedly gave users’ personal data to Facebook Inc. and other outside companies without fully informing customers.
To date, number of confirmed worldwide cases for COVID-19 pandemic has now reached more than 936,000 today affecting 203 countries and territories around the world, recording more than 47,000 fatality globally.
TECHNICAL OUTLOOK
[EURUSD]
EURUSD after breaking through earlier support line did not immediately fall.
Price expected to decline but stay within second support line.
Sell to the support line.
