Morning Market Update

  • US equities failed to rally yesterday in spite of Fed announcing an unlimited QE. S&P 500 closed 2.93% lower, Dow Jones dropped 3.04% and Nasdaq slipped 0.27%. US Senate still did not agree on the coronavirus relief package but progress is said to be made

  • Better moods can be spotted in Asia with indices from the region surging. Nikkei closed 7.13% higher, S&P/ASX 200 gained 4.17% and Kospi is trading over 7% higher. Hang Seng trades 4% higher.

  • Number of confirmed coronavirus cases increased to 381,761 worldwide. Death toll jumped above 16,500. However, number of recovered people surpassed 100,000. New cases and new deaths in Italy have been declining for the previous 3 days

  • UK Prime Minister Johnson announced a national lockdown. South Korea will set up an equity stabilization fund as a part of relief measures. Canada will introduce new powers to spend money and raise taxes without need for Parliament’s approval. 

  • Japan’s flash PMIs for March showed manufacturing index dropping from 47.8 to 44.8 pts and services gauge diving from 46.8 to 32.7 pts.

  • Australia’s flash PMIs for March showed manufacturing dropping from 50.2 to 50.1 pts and services gauge declining from 49 to 39.8 pts

  • G20 leaders will hold a video conference on Thursday to discuss coronavirus outbreak

  • AUD and NZD are top performing major currencies while USD and CHF are top laggards. EM currencies gain.

  • Almost every commodity is trading higher on Tuesday morning. Precious metals gain being led by palladium, industrial metal rally with aluminium being an exception. Brent is catching a bid in an attempt to distance away from multi-year low

Number of new confirmed cases surpassed 40,000 for the first time yesterday. However, slowing down of spread in Italy can be seen as a promising sign. Source: worldometers

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