Morning Market Wrap





US indices had one of the worst session in history yesterday. S&P 500 dropped 11.98%, Dow Jones declined 12.93% and Nasdaq slipped 12.32%


Moods are somewhat more upbeat during Asian trading hours as investors are pleased with governments taking actions to mitigate impact of pandemic. Nikkei closed 0.06% higher while S&P/ASX 200 surged 5.83%. Kospi is trading 2.4% lower while HSCEI drops 1.1%


New Zealand announced a $7.3 billion fiscal package aimed at supporting the economy and boosting confidence. The stimulus amounts to 4% of the country's GDP.  There is also a growing talk that the United States will unveil stimulus package worth “hundreds of billions”


White House issued guidelines for the next 15 days. The administration recommended working from home, avoiding non-essential gatherings and shutting schools. However, it is up to individual states whether to follow the guidelines


US House of Representative passed coronavirus bill and sent it to the Senate


Canada and the European Union decided to shut its borders yesterday


Italy approved a €25 billion package aimed at improving the country's health system and helping businesses


RBA minutes showed that the bank is ready to deliver more rate cuts in order to ease the impact of coronavirus on the economy. The bank will announce next steps on Thursday


NOK and SEK are top performing G10 currencies while AUD, NZD and JPY weaken. EM currencies try to regain some ground


Oil is trading higher along with copper while gold and silver pull back. Soybean advances



Number of new cases reported outside China remained almost unchanged from Sunday to Monday. On the other hand, number of countries reporting new cases continues to rise. Source: worldometers,

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