EQUITIES
S&P 500 Index : $2,971.61, gain 48.67 points or 1.67%
Dow Jones Industrial Average : $24,575.90, gain 369.04 points or 1.52%
Nasdaq Composite Index : $9,375.78, gain 190.67 points or 2.08%
European exchanges also outperformed, with London's FTSE 100 rose 1.08%, Germany's DAX up 1.34%, and France's CAC added 0.87%. Italy's FTSE MIB Index closed 1.05% higher and pan-European Stoxx 600 index advanced 0.98% closed Wednesday.
Stocks in Asia Pacific edged higher in Thursday morning trade following an overnight surge on Wall Street, with Japan's Nikkei 225 up 0.37%, Hong Kong's Hang Seng gained 0.051%, China's Shanghai Composite down -0.51% and Singapore’s rose 0.43%. Meanwhile, shares in Australia also traded higher, as the S&P/ASX 200 grew 0.25%, and South Korea’s KOSPI increased 0.56% in early trading.
OIL
Brent crude futures ended the session higher on Wednesday at $35.75 per barrel, an advancement of 3.17%, while WTI crude futures rose 4.79%, at $33.49 per barrel.
Currently, oil prices traded higher in the morning of Asian trading hours, with Brent is trading at $36.02 per barrel, while WTI is trading at $33.66 per barrel as of writing time.
CURRENCIES
The U.S. DXY stand at 99.36, falling from above 100’s level benchmark before, an index compared with a basket of its major peers.
Even so, dollar currency appreciates against most of major currencies, including against AUD (0.40%), GBP (0.26%), NOK (0.26%), MXN (0.25%), SEK (0.23%), NZD (0.20%), JPY (0.19%), CAD (0.17%), SGD (0.13%), DKK (0.11%), EUR (0.09%), CHF (0.06%), and RUB (0.02%) at latest reading.
GOLD
Gold currently trading at $1,744.50 per ounce, while stands around $1,746.20 per ounce for gold futures as of writing time. Previously closed at $1,748.40 and $1,752.10, respectively.
Silver trading at $17.35, platinum trading at $832.00 and palladium trading at $2,012.00.
ECONOMIC OUTLOOK
Asian shares were poised to open higher on Thursday after global equities and crude prices rallied overnight on hopes of a rapid economic recovery and government support.
Oil prices edged higher to 3%-4% on signs of improving demand and a drawdown in U.S. crude inventories. Prices have boosted lately showing that the OPEC+, are complying with their pledge to cut 9.7 million bpd.
Japan’s exports in April fell the most since the 2009 global financial crisis as the world’s third-largest economy braced for a deeper slide into recession, with the coronavirus pandemic taking a heavy toll on external demand.
The decline in Japan’s factory activity also accelerated in May as output and orders slumped, highlighting increasing stress.
The IMF approved a $396 million loan to Jordan to address pressing financing needs after the country’s economy was hit hard by the coronavirus.
To date, number of confirmed worldwide cases for COVID-19 pandemic has now reached more than 5,086,000 today affecting 213 countries and territories around the world and 2 international conveyances, recording more than 330,000 fatality globally.
TECHNICAL OUTLOOK
[USDJPY]
Our Preference:
- Short positions below 107.772, with target at 107.264.
Commentary/ Reason:
- The RSI is below its neutrality area at 50.
- The MACD is below its signal line and negative. The configuration is negative.
- The pair is trading below both its 200 and 50 Moving Averages.
