Daily summary: Global indices rebound on virus slowdown signs

• Stocks rebound on slowing outbreak
• Oil prices fall after OPEC postponed the meeting
• Gold extends gains

 

Global equity markets  have risen sharply on Monday due to the first signs of a slowdown in the number of new cases and deaths in the European countries which were mostly affected by the corornavirus pandemic, like Italy and Spain. Tomorrow finance ministers from the euro zone area will present several proposals for helping the economy affected by the spread of the coronawirus.

President Trump noted signs the coronavirus outbreak in the country is beginning to stabilize. The number of fatalities in New York state declined for the first time to 594 yesterday from 630 on Saturday.

On Monday DAX finished over 5% higher, CAC 40 gained 4.8% and FTSE 100 was up 3.1%. Indexes in the US are also trading in green. Dow Jones is up 5.68%, S&P 500 rose 5.69% and NASDAQ  is trading 5.49% higher.

 

At the same time, fears of a pandemic revival in Asia occured after the number of new coronavirus infections increased in China. Also Singapore and Japan announced they will go into lockdown for one month due to a sharp increase in number of infections.

 

Oil prices erased some of the Friday gains  after Saudi-Russian negotiations were rescheduled to Thursday even as the virus pandemic hurts oil demand. Investors are worried that the promised production cuts may not occur as President Trump's weekend meeting with the representatives of the US oil sector only caused a threat of tariffs against imported oil, not any signs of a production cuts in US  that Russia and Saudi Arabia are looking for. During today’s trading session WTI dropped  6.21 % and Brent lost 4.49%.

 

Gold prices went up again today, continuing a three-session rally due to the concerns regarding global recession and prolonged period of low interest rates. According to BMO analysts holdings increased last week by 1.5 million ounces and have risen 10% since the beginning of the year when it comes to claims for physical gold. The Central Bank of Russia has delayed the publication of weekly reserve data for the third day, which seems to be an attempt to cover the pressure on its foreign reserves when it tries to stabilize the ruble in the face of the ongoing oil price war. During today’s session gold went up 2% and silver gained 2.5%

Economic calendar for Tuesday is almost empty. RBA decision on interest rate is the main macroeconomic release scheduled for tomorrow. Investors will also get to know Ivey PMI Index from Canada. Therefore news regarding the spread of coronavirus should have the biggest impact on the markets.

EUR/USD - The pair failed to break below the key support area at 1.07769.  As long as the price trades within a range between  1.07769 and 1.0901, sideways trend looks more probable. On the other hand, breaking above any of these levels may lead to a bigger price movement. Source:xStation5

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