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Fundamental Analysis
Futures rise as US administration signals coronavirus outbreak may be stabilizing
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[QUOTE="IFC Markets, post: 179152, member: 18359"] [SIZE=6][B]US stocks fell after worse than feared March jobs report[/B][/SIZE] [B]US stock market [/B] pulled back on Friday after dismal March jobs report. The S&P 500 fell 1.5% to 2488.65, booking a 2.1% weekly loss. [I] Dow Jones [/I] industrial dropped 1.7% to 21052.53. The [I] Nasdaq [/I] ended 1.5% lower at 7373.08. The dollar strengthening continued despite a depressing jobs report showing more than expected 701,000 Americans lost their jobs in March. 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 1.4% to 100.6 but is lower currently. Futures are rising currently after President Trump commented on Sunday US maybe approaching “a point where things will start changing for the better” as death toll from COVID-19 peaks. [IMG alt="SP500 edges up toward MA(200) 4/6/2020 Market Overview IFC Markets chart"]https://ifccd.net/uploads/image/SP500_6April2020.jpg[/IMG] [SIZE=6][B]CAC 40 led European stock indexes pullback[/B][/SIZE] [B] European stocks [/B] retreated on Friday. [I] GBP/USD [/I] joined [I] EUR/USD’s [/I] accelerated declining on Friday with both pairs’ dynamics unchanged currently. The Stoxx Europe 600 Index lost 1.0% giving back all of previous session gain as the final Composite Purchasing Managers’ Index dropped to a record low of 29.7 in March, from 51.6 in February. The [I] DAX 30 [/I] slipped 0.5% to 9525.77 Friday. France’s [I] CAC 40 [/I] dropped 1.6% and UK’s FTSE 100 slumped 1.2% to 5415.50. [SIZE=6][B]Australia’s All Ordinaries Index leads Asian indexes surge[/B][/SIZE] [B]Asian stock indices[/B] are sharply higher today. [I] Nikkei [/I] jumped 4.2% to 18576.3 as yen accelerated its sliding against the dollar. Stock markets in China are closed for a public holiday. Hong Kong’s [I] Hang Seng [/I] Index is 2.2% higher. Australia’s All Ordinaries Index surged 4.3% despite Australian dollar’s resumed climbing against the greenback. [SIZE=6][B]Brent retreats[/B][/SIZE] [B]Brent futures prices [/B] are pulling back today after Saudi Arabia and Russia delayed a meeting to discuss crude oil output cuts. Prices rallied on Friday after reports Saudi Arabia and Russia would meet Monday to discuss curbing production by 10 to 15 million barrels a day, and Baker Hughes reported on Friday the number of active US rigs drilling for oil dropped by 62 to 562 last week. Brent for June settlement rallied 13.9% to $34.11 a barrel Friday. [SIZE=6][B]Gold rebound persists[/B][/SIZE] [B] Gold [/B] prices are inching higher today. Prices rose on Friday as dollar weakening continued. Gold for June delivery gained 0.5% to $1645.70 an ounce on Friday. [/QUOTE]
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