Futures down after US oil futures plunge - 21.4.2020

IFC Markets

Master Trader
Oct 31, 2012
London (Great Britain)
Top daily news

Global markets are in selling mode currently after US oil futures crashed into negative territory on Monday. With investors worried about scope of coronavirus outbreak impact on global economy, US Senate may vote today on more financial aid for small businesses.
Forex news
Currency PairChange
EUR USD-0.51%
GBP USD-0.36%
USD JPY-0.21%
AUD USD-0.49%
The Dollar continues strengthening today. The live dollar index data show the ICE US Dollar index, a measure of the dollar’s strength against a basket of six rival currencies, rose 0.15% Monday and is higher currently. Both the EUR/USD and GBP/USD reversed climbing yesterday and are lower currently, while USD/JPY inched higher with AUD/USD still lower currently.
Stock Market news
Dow Jones Index-1.24%
Nikkei Index-0.89%
Hang Seng Index-1.83%
US Dollar Index+0.34%
Futures on three main US stock indexes are down currently after US oil fell over 300% ending in negative territory Monday. President Trump said he hoped to have Senate vote Tuesday on more coronavirus aid for small businesses. The $350 billion component for that purpose of the $2.3 trillion aid passed last month has already run out of money. Companies including Citigroup, Philip Morris International and Texas Instruments will report earnings today. Stock indexes in US slumped on Monday. The three main US stock indexes recorded losses ranging from 1.0% to 2.4%. European stock indexes on the other hand extended gains on Monday but are lower currently. Germany on Monday lifted the shutdown for small shops as Europe continues uncoordinated reopening. Asian indexes are falling today: Australia’s All Ordinaries Index led losses closing down 2.2%.
Commodity Market news
WTI Crude-4.39%
Brent Crude Oil-13.31%
Brent is extending losses today after sharp drop on Monday. Th US oil benchmark West Texas Intermediate (WTI) futures prices collapsed yesterday: May WTI lost 306% closing at negative $37.66 a barrel, meaning sellers paying buyers to take delivery of crude oil. The collapse is the result of US approaching the physical storage limit for crude oil. The Railroad Commission of Texas, which regulates the oil and gas industry in the largest oil producing US state (Texas accounts for 41% of total US production), is meeting today and is widely expected will move to limit crude oil output in the state. While the May contract expires today, the June WTI is rising currently. June Brent crude closed 8.9% lower at $25.57 a barrel on Monday.
Gold Market News
Gold prices are extending gains today. June gold rose 0.7% to $1711.20 an ounce on Monday.