Morning Market Update



  • US indices surged yesterday as optimism over the stimulus package persisted. S&P 500 gained 6.24%, Dow Jones added 6.38% and Nasdaq jumped 5.6%. S&P 500 jumped around 20% this week.

  • Moods in Asia-Pacific region are upbeat as well. Nikkei closed 3.88% higher. Kospi gains 1.3% while Shanghai Composite gains 0.8%. On the other hand, S&P/ASX 200 dropped 5.3%.

  • Number of confirmed coronavirus cases jumped above 0.5 million with the death toll rising to 24 thousand. Number of cases in the United States surpassed the number of cases in China or Italy.

  • Donald Trump spoke with Xi Jinping over the phone. The two leaders agreed to cooperate on the virus pandemic

  • Chinese industrial profits dropped 38.3% YoY in January-February 2020.

  • EU-UK talks has been abandoned as negotiators say its impossible to hold them in current conditions

  • European leaders could not agree on details of ESM support

  • Trump said that some parts of the country could be reopened, including farm belt and some parts of the Midwest

  • United States moved forward with plans to limit supply of chips made by US tools to Huawei Technologies

  • Silver and platinum gain while gold trades flat. Industrial metals and crude oil trade higher.

  • AUD, GBP and JPY are top moving majors this morning while the US dollar continues to weaken



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