31st March 2020
Global financial markets surged on Monday cheering the prospects around a vaccine candidate for the coronavirus. The Asian markets and crude oil prices were moving higher on Tuesday’s morning session amid better than expected Manufacturing activity data (PMI) from China.
30th March 2020
WTI and Brent crude oil prices dropped by another 7% during Monday’s morning session, pricing near 18-year lows of $20 and $23 per barrel respectively. The sell-off in oil prices was triggered by worries for a weaker oil demand outlook from the pandemic outbreak and the “oil price war” between Saudi Arabia and Russia which flooded markets with extra supply. The crude oil market has lost more than 65% since the start of 2020, posting one of the worst years ever.
27th March 2020
The global financial markets surged on Thursday, cheering the approval of the massive $2 trillion stimulus bill from the US Senate, despite the huge rise in US jobless claims. The Dow Jones index posted 6% gains, concluding its biggest 3-day surge since 1931, gaining more than 20% this week.
26th March 2020
The two-day global market rally has eased on Thursday, ahead of the release of the U.S. initial jobless claims data later today. The weekly unemployment rate would provide signs of the economic impact of the pandemic on the US labour market. Market participants expect that the US jobless claims figures for the week ending 21 March would be around 1.5 million, almost five times bigger than last week’s claims of 281k.
25th March 2020
Global financial markets rally this morning following the approval by Congress of the well-expected $2 trillion stimulus bill to support the US economy from the pandemic outbreak. The US stock posted a historic one-day percentage gains of 12% on Tuesday, the biggest since 1933, while the Asian-Pacific markets settled this morning with 5% profits.
24th March 2020
Global financial markets rally on the Tuesday’s morning session cheering the synchronized monetary stimulus plans from global central banks and the emergency fiscal programs from the local governments. The U.S. Federal Reserve announced unprecedented QE measures to combat the COVID-19 pandemic. The Fed pledged for an open-ended asset purchase program under quantitative easing measures without limit. Other measures include maintaining credit flow for businesses and support into corporate bonds.
23rd March 2020
Global stock markets plunged at the first day of the week on ongoing pandemic fear and after US Congress failed to approve the coronavirus rescue package bill. The Dow Jones index fell 5% and hit “limit down” while the Asian-Pacific stock markets also dropped by another 4%. Safe havens Treasuries, Japanese Yen and Gold were the strongest across the board on a general risk aversion sentiment due to worries of a global economic slowdown caused by the pandemic.
20th March 2020
Crude oil prices jumped by 23% on Thursday, posting a historic U-turn from their multi-year low. Furthermore, the global stock markets and the US futures are also bouncing back from recent steep losses on hopes that the global stimulus packages will ease the economic impact from the pandemic. The risk-on mood was also supported on reports from China that there were no new infection cases in Hubei, the epicenter of the country’s coronavirus outbreak.
19th March 2020
Energy and financial stock markets experienced a massive sell-off on Wednesday as the investors worried for the economic implications of the pandemic in the global economy. The US dollar has been the largest winner across the market acting as the only safe-haven asset for the investors.
18th March 2020
Risk aversion sentiment dominated markets this morning once again as the global stock market erased early Asian gains. The US futures hit fresh “limit-down” as the Dow index fell by 1,000 points, while the major Asian-Pacific markets ended in deep red. Crude oil prices dropped to 17-year lows as WTI dropped near $26 as Saudis boost oil exports at a time of lower oil demand.
17th March 2020
US major stock markets fell by 13% on Monday, suffering their worst trading day since the “Black Monday” market crash in 1987. The massive sell-off was triggered after US President Donald Trump warned the economic disruption from the virus could last into the summer.