Mid Morning Market Update

  • US indices finished yesterday’s session lower. S&P 500 dropped 1.60%, Dow Jones declined 1.84% and Nasdaq slipped 0.95%. On the other hand, Russell 2000 managed to close 0.06% higher.

  • Mixed moods can be spotted in Asia. Australian and Chinese equities gain while declines can be spotted on stock exchanges in South Korea and Japan. DAX futures point to an over 2% lower opening in Europe

  • Number of confirmed coronavirus cases rose to 859,338 while the death toll stands at 42,334. More than 70 thousand new cases were reported yesterday for the first time. Moreover, yesterday was also the deadliest day of the outbreak with more than 4,500 deaths

  • Chinese manufacturing PMI for March (Markit release) jumped from 40.3 to 50.1 pts

  • BoJ Governor Kuroda said that if inflation nears 2% target, the Bank will have to adjust its policy to stabilise prices

  • There is some chatter that Trump may delay tariff payments for 90 days. However, the decision would not apply to goods from China

  • According to Trump, Russia and Saudi Arabia are discussing situation on the oil market, with focus on prices

  • API data released yesterday show a 10.5 million barrel increase in crude stockpiles (exp. +4.3 million)

  • Australia’s building approvals for February increased 19.9% MoM (exp. +3% MoM)

  • South Korea’s manufacturing PMI dropped from 48.7 to 44.2 pts in March

  • Precious metals are inching higher while industrial metals and crude pull back

  • NOK and USD are top moving majors while AUD and NZD lag the most. EM currencies decline against USD

Total number of confirmed coronavirus cases topped 850 thousand after more than 70 thousand new cases were reported yesterday. Almost 190,000 cases were already confirmed in the United States. Source: worldometers

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