Market Outlook

Global equities are down today after a selloff Thursday amid mixed corporate results as European economies recorded sharp contractions too while US Labor department report showed over 30 million Americans have lost their jobs in the last six weeks.

Forex news

Currency Pair Change
EUR USD +0.25%
GBP USD +0.19%
USD JPY -0.31%
AUD USD -0.74%

The Dollar weakening continues today. The live dollar index data show the ICE US Dollar index, a measure of the dollar’s strength against a basket of six rival currencies, fell another 0.5% Thursday after report initial jobless claims jumped another 3.8 million last week while disposable income fell 2% in March as workers received less compensation. Both GBP/USD and EUR/USD accelerated climbing yesterday with both higher currently. Euro strengthened despite European Central Bank announced further easing of conditions for its existing targeted long-term refinancing operations and introduced a new program of non-targeted pandemic emergency longer-term refinancing. Both USD/JPY joined AUD/USD’s continued sliding.

Stock Market news

Indices Change
Dow Jones Index -1.04%
Nikkei Index +1.3%
Australian Stock Index -2.96%
US Dollar Index -0.11%

Futures on three main US stock indexes are lower currently after a pullback Thursday following reports the Trump administration was considering using tariffs against China for its handling of the coronavirus. Earnings season continues with another batch of companies including ExxonMobil, Chevron and Phillips 66 reporting quarterly results today. Stock indexes in US ended down on Thursday but posted spectacular gains for the month: the three main US stock indexes recorded daily losses ranging from 0.3% to 1.2% while booking monthly gains ranging from 11.1% to 15.5%. House speaker said states, cities sought additional $1 trillion in next aid bill to avoid layoffs. European stock indexes ended sharply lower Thursday as Eurozone first-quarter GDP fell an annualized 14.4% compared with the US annualized decline of 4.8%, and are down currently. Asian indexes are lower today with most markets closed for holiday : Australia’s All Ordinaries Index sank 5% while NIKKEI slumped 2.8%.

Commodity Market news

Commodities Change
Brent Crude Oil -2.39%
WTI Crude -0.7%

Brent is pulling back today after rebound on Thursday. Oil prices rose despite Energy Information Administration report that US crude inventories rose 9 million barrels last week. Th US oil benchmark West Texas Intermediate (WTI) futures rallied yesterday: June WTI jumped 25.1% but is edging lower currently. July Brent crude closed 9.3% higher at $26.48 a barrel on Thursday.

Gold Market News

Metals Change
Gold -0.85%

Gold prices pullback is intact today. June gold lost 1.1% to $1694.20 an ounce on Thursday.

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