Morning Market Wrap




US indices surged yesterday after the administration unveiled some details of the stimulus package. However, the package is yet to be agreed on with Congress. S&P 500 finished 6% higher, Dow Jones added 5.2% and Nasdaq rallied 6.23%.


Moods began to wane throughout the Asian session. Nikkei finished 1.68% lower, S&P/ASX 200 declined 6.43% while Kospi is trading almost 5% down. S&P 500 futures once again hit lower limit (-5%).


Number of confirmed coronavirus cases increased to almost 199 thousand while the death toll neared 8,000. Number of the active cases surpassed 100,000 for the first time yesterday.


US stimulus package could amount up to $1.2 trillion, including $1000 direct handouts to all adult Americans.


Steven Mnuching warned that US unemployment may increase to 20% without government intervention.


Joe Biden won Democratic primaries in Florida and Illinois.


Copper dropped below $5,000 per tonne today at London Metals Exchange. WTI is trading 2% lower to $26.40. Gold and silver are trading lower.


Japanese yen and Swiss franc are top performing major currencies while NOK and SEK take the biggest hit. USD trades mixed. EM currencies pull back.


Italy banned short-selling for 3 months.


Angela Merkel said that joint European Union debt issuance could be an option for raising cash to fight virus.


Japanese exports declined 1% YoY in February while imports dropped 14% YoY. Drop in exports was smaller than expected.



Yesterday saw the biggest number of new coronavirus cases reported. Over 120 countries reported new infections. Apart from that, number of active cases surpassed 100,000. Source: worldometers.

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