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Fundamental Analysis
Futures indicate continuing slump in global equities as Brent plunges
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[QUOTE="IFC Markets, post: 177798, member: 18359"] [SIZE=6][B]All three US benchmarks finish the week in positive territory[/B][/SIZE] [B]US stock market [/B] ended lower on Friday amid reports US coronavirus cases increased. All three US benchmarks however managed to record a weekly gain. The S&P 500 lost 1.7% to 2972.37, booking a 0.6% gain for the week. [I] Dow Jones [/I] industrial retreated 1.0% to 25864.78. The [I] Nasdaq [/I] ended 1.9% lower at 8575.62. The dollar weakening continued despite a better-than-expected jobs report from the Labor Department showing the US created 273,000 new jobs in February. 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, fell 0.6% to 96.02 and is sharply lower currently. Futures on stock indexes point to lower openings today. [SIZE=6][B]CAC 40 led European indexes retreat[/B][/SIZE] [B] European stocks [/B] ended sharply lower on Friday. Both [I] EUR/USD [/I] and [I] GBP/USD [/I] cotninued climbing on Friday with both pairs sharply higher currently. The Stoxx Europe 600 Index lost 3.6%. The [I] DAX 30 [/I] dropped 3.4% to 11541.87 Friday. France’s [I] CAC 40 [/I] plunged 4.1% and UK’s FTSE 100 slumped 3.6% to 6580.61. [SIZE=6][B]Australia’s All Ordinaries Index leads Asian indexes plunge[/B][/SIZE] [B]Asian stock indices[/B] are sharply lower today. [I] Nikkei [/I] sank 5.4% to 19632.5 as yen accelerated its climbing against the dollar despite a downward revision of Q4 GDP in final reading. China’s markets are falling : the [I] Shanghai Composite Index [/I] is down 3% while Hong Kong’s [I] Hang Seng [/I] Index is 4.6% lower. Australia’s All Ordinaries Index plummeted 7.3% despite reversal in Australian dollar’s climb against the greenback. [SIZE=6][B]Brent plunges as Saudi Arabia plans to increase output[/B][/SIZE] [B]Brent futures prices [/B] are in retreat after a more than 25% plunge this morning following weekend reports Saudi Arabia planned to boost crude-oil production to between 10 million and 11 million barrels per day. Prices fell on Friday as OPEC meeting ended in disarray following Russia’s rejection of a plan for additional output cuts: Brent for May settlement dropped 9.4% to $45.7 a barrel Friday, plunging 8.9% for the week. [IMG alt="Brenty falling below MA(200) 3/9/2020 Market Overview IFC Markets chart"]https://ifccd.net/uploads/image/BRENT_9March2020.jpg[/IMG] [SIZE=6][B]Gold rebound continues as Dollar weakening accelerates[/B][/SIZE] [B] Gold [/B] prices are extending gains today. Gold for April delivery added 0.3% to $1672.40 on Friday. [/QUOTE]
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