EQUITIES
S&P 500 Index : $2,823.16, down -51.40 points or -1.79%
Dow Jones Industrial Average : $23,650.44, down -592.05 points or -2.44%
Nasdaq Composite Index : $8,560.73, down -89.41 points or -1.03%
On the contrary, European exchanges recording gain as U.S.’s hit in crude nosedive. London's FTSE 100 up 0.45%, Germany's DAX up 0.47% with France's CAC 40 gains 0.65%. Italy's closed 0.05% higher and pan-European Stoxx 600 index gain 0.65% closed Monday.
Asian markets are in red in early trade. Japan's Nikkei 225 down -1.15%, Hong Kong's Hang Seng shed -0.21%, China's Shanghai Composite up 0.50%, Singapore’s loss -0.46%, South Korea’s KOSPI -0.16%, and Australia's S&P/ASX 200 loss -0.78% in early trading.
OIL
Brent crude futures ended the session lower on Monday at $25.57 per barrel, a fall of 8.94%, while WTI crude futures lose -305.97%, went negative for the first time in history at -$37.64 per barrel.
Currently, Brent is trading at $26.13 per barrel and WTI is trading at -$2.65 per barrel as of writing time (UTC+8).
CURRENCIES
The U.S. DXY stand at 100.03 latest, previously closed at 99.95 and, compared with a basket of its major peers. An upsurge amid oil routs.
Dollar rally against most of major currencies in early trade, including against EUR (0.03%), JPY (0.13%), GBP (0.02%), CHF (0.07%), AUD (0.14%), NZD (0.18%), DKK (0.05%), NOK (0.04%), SEK (0.13%), and SGD (0.07%).
Dollar also depreciate against currencies including CAD (-0.17%), MXN (-0.03%), and RUB (-0.10%),
GOLD
Gold currently trading at $1,690.10 per ounce, while stands around $1,705.80 per ounce for gold futures as of writing time. Previously closed at 1,695.90 and 1,706.12, respectively.
Silver trading at $15.24, platinum trading at $774.00 and palladium trading at $2,099.00.
ECONOMIC OUTLOOK
Crude oil prices were in the eye of the storm, as the commodity plunged into negative territory for the first time in history. WTI May contract, which expires Tuesday fell to record lows of -$37.60 a barrel, although the June contract stayed at around $22.00 a barrel. The commodity weighed on global indexes leading to most of them closing in the red.
Asian stocks set to sink after historic U.S. oil rout.
To date, number of confirmed worldwide cases for COVID-19 pandemic has now reached more than 2,481,000 today affecting 210 countries and territories around the world and 2 international conveyances, recording more than 170,000 fatality globally.
TECHNICAL OUTLOOK
[XAUUSD]
Gold expected to be bullish. Our target price is at $1,704.63, with extension of breaking resistance line at $1712.60.
Influencing factors are including investors trying to pull out from oil markets into commodity haven.
