Morning Market Update

  • US indices finished yesterday’s session with massive gains on hopes that Democrats and Republicans agree on a stimulus bill. Dow Jones surged 11.36%, S&P 500 gained 9.38% and Nasdaq jumped 8.12%.

  • The Senate Majority Leader announced overnight that the deal has been reached and is likely to be put under the vote today. Text of the deal has not been disclosed yet but it will offer almost $2 trillion in tax breaks and additional spending

  • Stocks in Asia rallied today with Nikkei closing 8.04% higher. S&P/ASX 200 added 5.54%. HSCEI is trading over 3% higher. DAX futures point to a minor bullish gap at cash session open

  • Number of confirmed coronavirus cases surpassed 420,000 and the death toll rose to over 18,900. India decided on a national lockdown. New Zealand declared a state of emergency. Number of cases in the United States grew to almost 55,000.

  • China said that construction of 90% of major construction projects has been resumed

  • AUD and NZD are top performing major currencies while the US dollar takes the biggest step back. EM currencies trade mixed. Gold and silver pull back slightly

  • Oil advances for the third day with WTI trading near $25 a barrel. Copper gains while Nickel declines. Agricultural commodities trade higher

  • Trump administration is said to be mulling a 90-day deferral of trade tariffs

  • Facebook said it sees weakening in Ad business due to coronavirus pandemic

  • Reuters reported that Boeing may restart 737 MAX production in May

  • API data suggested a drop of 1.2 million barrels in crude oil inventories

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