Market Morning Wrap

US indices finished yesterday’s session with massive gains on hopes that G7 leaders will provide fiscal and monetary stimulus. S&P 500 closed 4.60% higher, Dow Jones surged 5.09% while Nasdaq gained 4.49%. Russell 2000 added 2.85%

However, Reuters reported overnight that draft G7 statement does not include calls for coordinated rate cuts or fresh fiscal spending. Yen gained on the news and is the top performing G10 currency

Stocks in Asia enjoy modest gains. Shanghai composite trades 0.7% higher, KOSPI gains 0.5% while S&P/ASX 200 closed 0.69% higher. On the other hand, Nikkei dropped 1.22%

Number of confirmed coronavirus cases jumped to 90,933. Number of recovered patients stands at 48,175. Death toll has risen to 3,119. Cases started to emerge in major Western World cities, like Brussels, Berlin or New York. US city of Redmond in Washington state declared state of emergency

Governments in Japan, UK, Australia and South Korea prepared emergency measures aimed at fighting the spread of the virus. Pharmaceutical companies said that treatment will be ready within months while vaccine should be developed by next year

The Reserve Bank of Australia decided on an emergency 25 basis point cut. Aussie strengthened in a knee-jerk move as it was rumoured that the Bank may cut 50 basis points

Amy Klobuchar and Pete Buttigieg resigned from presidential run. Both politicians expressed their endorsement for Joe Biden

Gold and silver catch a bid amid slightly sell-off in US futures. Most industrial metals trade flat. Cotton advances

Oil continues to gain and trades over 1% higher today. Crude gains on hopes that OPEC will decide on a 750kbpd output cut later this week

Australia’s building approvals dropped 11.3% YoY in January (exp. +2.4% YoY)



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