EQUITIES
S&P 500 Index : $2,874.56, gain 75.01 points or 2.68%
Dow Jones Industrial Average : $24,242.49, gain 704.81 points or 2.99%
Nasdaq Composite Index : $8,650.14, gain 117.78 points or 1.38%
Europe exchanges also recording gain as London's FTSE 100 up 2.82%, Germany's DAX up 3.15% with France's CAC 40 gains 3.42%. Italy's closed 1.71% higher and pan-European Stoxx 600 index gain 2.63% comes weekend.
Asian markets are constructive in early trade. Hong Kong's Hang Seng recording gains of 1.56%, China's Shanghai Composite up 0.66%, Singapore’s gain 0.09%, South Korea’s KOSPI gain 0.53% in early trading. But Japan's Nikkei 225 down -0.73%, and Australia's S&P/ASX 200 loss -0.15% latest.
OIL
Brent crude futures ended the session higher on Friday at $28.08 per barrel, a rise of 0.93%, while WTI crude futures lose -8.05%, at $18.27 per barrel.
Currently, Brent is trading at $27.97 per barrel and WTI is trading at $115.55 per barrel as of writing time (UTC+8).
CURRENCIES
The dollar steadied on Friday after its rally was cut short by an overnight boost to risk sentiment from news of apparent success in a Covid-19 treatment drug trial and early plans to reopen the U.S. economy. The U.S. DXY previously closed 99.72 and stand at 99.90 latest, compared with a basket of its major peers.
Dollar rally against most of major currencies in early trade, including against MXN (1.44%), NOK (0.83%), CAD (0.46%), JPY (0.30%), RUB (0.29%), GBP (0.20%), AUD (0.20%), NZD (0.20%), SEK (0.16%), SGD (0.15%), CHF (0.12%), DKK (0.10%), and EUR (0.05%).
GOLD
Gold currently trading at $1,685.10 per ounce, while stands around $1,692.10 per ounce for gold futures as of writing time. Previously closed at 1,686.50 and 1,698.60, respectively.
Silver trading at $15.16, platinum trading at $779.00 and palladium trading at $2,122.00.
ECONOMIC OUTLOOK
Stocks rally, Dow rises 700 points on news of Gilead’s possible coronavirus treatment.
The stock market is rising on hope for a pharma solution to coronavirus. The race to develop a vaccine thus far includes major drugmakers Johnson & Johnson, Pfizer and Moderna.
IMF chief says its forecast that 170 global economies will shrink may be too optimistic, noting that even a short-lived outbreak would drag the world into a 3% GDP contraction. Its possible resurgence in 2021 could leave economies struggling for years to come.
US oil plunges 20% to below US$15 with storage filling up as demand shrivels.
UK unveils $1.6 billion rescue package for tech start-ups hit by coronavirus outbreak. The financing package consists of £500 million in convertible loans and an additional £750 million in loans and grants for research and development.
Germany’s government on Sunday signalled further support for struggling businesses and consumers in the coronavirus crisis, focusing on hotels, restaurants and pay for short-time workers.
To date, number of confirmed worldwide cases for COVID-19 pandemic has now reached more than 2,407,000 today affecting 210 countries and territories around the world and 2 international conveyances, recording more than 165,000 fatality globally.
TECHNICAL OUTLOOK
[EURUSD]
The pair is expected to continue its downtrend, until resistance at 1.08162.
