Morning Wrap




Wall Street indices managed to finish yesterday’s volatile session slightly higher. S&P 500 closed 0.47% higher, Dow Jones added 0.95% while Nasdaq surged 2.30%.


Moods in Asia are upbeat as well with Hang Seng trading over 3% higher and Kospi jumping over 6%. Australian S&P/ASX closed 0.7% higher while Nikkei was shut for holiday. DAX and FTSE 100 futures point to a higher open in Europe

Number of confirmed coronavirus cases exceeded 245 thousand while the death toll has risen to above 10,000. Italy reported over 5,000 new cases yesterday while the United States reported 4.5 thousand. On the other hand, less than 100 cases were reported in South Korea


USD snapped its rally after the Fed announced opening swap lines with some of the major central banks. AUD and NZD are top performing major currencies. EM currencies gain against the US dollar.


Bank of England cut rates to 0.1% yesterday and announced QE worth 200 billion GBP


RBA bought A$5 billion of government bonds in the first round of QE in history


Trump has cancelled G7 meeting in June and proposed a videoconference instead

People’s Bank of China left 1- and 5-year loan prime rates unchanged


ECB policymaker Guindos said that ECB “can always do more” and will act to prevent economic crisis becoming a financial one



Oil and precious metals trade higher with silver surging around 5%. Industrial metals trade mixed with copper lagging and nickel outperforming.




Number of new coronavirus cases being reported each day keeps rising. Daily increase in the number of cases exceeded 25 thousand for the first time yesterday while the daily death toll has increased to over 1 thousand. Source: worldometers

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