Morning wrap

  • US indices finished yesterday's session with big gains. S&P 500 closed 3.41% higher, Dow Jones added 3.44% and Nasdaq jumped 2.58%

  • Gains can also be spotted in Asia-Pacific. Chinese indices gain along with Korean shares and Australian equities. On the other hand, Nikkei trades lower. DAX futures point to a minor bullish gap at European session open

  • Confirmed coronavirus cases topped 1.5 million yesterday and the death toll rose to 88.5 thousand. Recoveries jumped to 330 thousand.

  • France and the United Kingdom are expected to extend lockdowns. New Zealand will quarantine everyone arriving from abroad. Yamaha and Hyundai announced production halts. Nissan seeks 500 billion JPY credit line from banks

  • Minutes showed that FOMC saw the need for a decisive action amid deterioration in the US economic outlook. However, a lot has happened since then and markets barely reacted to the release  

  • Bernie Sanders suspended presidential campaign, clearing the way for Joe Biden to become Democratic nominee

  • Fitch expects China's growth to drop below 2% this year

  • Oil jumped yesterday and holds steady today after Kuwait and Algeria ministers hinted that OPEC+ talks are making progress

  • Gold is trading more or less flat while other precious metals enjoy small gains. Industrial metals trade mixed with copper gaining and zinc declining.

  • CAD and AUD are top laggards among majors while NOK leads. USD trades mixed against major peers and flat against EM currencies.

Growth in new daily cases was flat yesterday. However, France did not release data from nursing homes yesterday due to technical issues and it may have created an impression of plateau. Source: worldometers, XTB Research

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Morning wrap
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