Morning wrap

  • US indices finished yesterday’s session mixed. Dow Jones gained 2.39%, S&P 500 jumped 1.15% and Nasdaq dropped 0.45%. US Senate passed a coronavirus relief package. Once the House approves the bill it will be sent to the President for signature. Vote in the House is scheduled for Friday.

  • Moods are softer in Asia. Nikkei dropped 4.51% while Kospi is trading 1% lower. Equities in China experience minor pullback. On the other hand, Australian S&P/ASX 200 gained 2.31%. DAX futures point to a lower opening of the cash session.

  • Number of confirmed coronavirus cases grew to 471,802. Death toll has risen to 21,297. Cases in the United States jumped to 68,489 while the death toll surpassed 1,000. Singapore estimates its economy shrank at an annualized pace of 10.6% QoQ in Q1 2020.

  • Italian Prime Minister said that he is planning new stimulus measures that will be worth at least as much as the previous ones (€25 billion). IMF will provide low income and emerging markets countries with $50 billion through emergency facilities

  • AUD,CAD and NZD are the worst performing G10 currencies as risk-on moods fade. JPY and CHF are top gainers. ZAR, MXN and TRY decline against the US dollar

  • Declines dominate on the commodity market. Gold pulls back along with silver. Industrial metals drop. Crude is also taking a step back.

  • French business confidence dropped from 105 to 95 pts in March (exp. 97 pts)

The virus is everywhere with more than a half of all countries reporting new cases every day. Should the pace of the spread in the United States remain unchanged, the country is likely to have more cases than Italy in a day or two. Source: worldometers, XTB Research

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