EQUITIES
S&P 500 Index : $2,842.74, gain 12.03 points or 0.42%
Dow Jones Industrial Average : $23,749.76, gain 26.07 points or 0.11%
Nasdaq Composite Index : $8,710.71, gain 105.77 points or 1.23%
European exchanges were showing an inverse result, with London's FTSE 100 down -0.16%, Germany's DAX down -3.64% and France's CAC lose -4.24%. Italy's FTSE MIB Index closed -7.30% lower and pan-European Stoxx 600 index shed -2.65% closed Monday.
Asian markets mixed in early trade, with Japan's Nikkei 225 slipped -2.84%, Hong Kong's Hang Seng lose -4.18%, Singapore’s lose -2.31%, South Korea’s KOSPI shed -2.68%. and Australia's S&P/ASX 200 gain 1.42% in early trading. Meanwhile, China's Shanghai Composite is still closed for holiday on Monday and Tuesday.
OIL
Brent crude futures ended the session higher on Monday at $27.20 per barrel, a rise of 2.87%, while WTI crude futures rise 3.08%, at $20.39 per barrel.
Currently, oil prices rose in the morning of Asian trading hours, with Brent is trading at $28.22 per barrel and WTI is trading at $21.93 per barrel as of writing time.
CURRENCIES
The U.S. DXY stand at 99.39, higher than yesterday index, compared with a basket of its major peers. Though, dollar deflate against some of major currencies in early trade, including against AUD (-0.28%), NZD (-0.25%), RUB (0.23%),CAD (-0.18%), GBP (-0.14%), JPY (-0.13%), SEK (-0.12%), SGD (-0.10%), EUR (-0.03%), NOK (-0.03%), and DKK (-0.02%).
Dollar rally against currencies including MXN (0.12%), and CHF (0.01%) at latest reading.
GOLD
Gold currently trading at $1,699.90 per ounce, while stands around $1,704.90 per ounce for gold futures as of writing time. Previously closed at 1,702.50 and 1,713.30, respectively.
Silver trading at $14.85, platinum trading at $768.00 and palladium trading at $1,787.00.
ECONOMIC OUTLOOK
Global markets and U.S. stock futures dropped Monday after the White House renewed efforts to blame China for the coronavirus pandemic and President Donald Trump warned the disease could kill up to 90,000 Americans.
U.S. Treasury Department announced Monday it is borrowing about $3 trillion this quarter. The money is being used in large part to subsidize economic rescue efforts in the wake of the coronavirus pandemic. Total U.S. government debt now is near $25 trillion, with the current fiscal year’s deficit running at $744 billion.
Venezuelan oil exports rise in April, with some of the exports are passing through Malaysia to China. China last month was again the largest direct destination for the crude with about a quarter, or 191,000 bpd. Malaysia, an active hub for trans-shipment and blending of Venezuelan oil, received about 290,000 bpd.
Among Asian economies, corporate debt is building up the fastest and the most in China, South Korea and Singapore. Companies in those countries had already been rapidly chalking up debt in the past few years, as coronavirus situation hurt revenues and in turn, affected their ability to service their debts.
Gold prices could “break the highs” seen earlier this year, after declining in March along with assets across the board. World Gold Council released its first quarter 2020 demand trends report for the precious metal, where it highlighted that the global coronavirus outbreak was “the single biggest factor influencing gold demand.
To date, number of confirmed worldwide cases for COVID-19 pandemic has now reached more than 3,645,000 today affecting 212 countries and territories around the world and 2 international conveyances, recording past a quarter of a million at 253,000 fatality globally.
TECHNICAL OUTLOOK
[EURUSD]
Our Preference:
- Short positions below 68.830 with targets at 68.514 and extension at 68.003.
Commentary/ Reason:
- Pair’s price is likely to not break the resistance line of 68.83.
- the RSI indicating overbought.
