Daily summary: Global indexes rebound as oil prices jump

• EU stocks finished higher
• Wall Street rose on stimulus hopes
• Oil rebound on US-Iran Tensions

 

European indices closed higher today, as oil prices rebounded from recent lows. Investors attention will focus on tomorrow’s EU at which European leaders will be discuss measures to support economies affected by the coronavirus pandemic. No one expects that final decision will be taken tomorrow as some member states cannot agree on several key issues. It might take until the summer or longer to agree on any plan to finance economic recovery.   BioNTech announced that it will soon start testing four potential vaccines against coronavirus on humans. DAX 30  rose 1.6%, CAC 40  gained 1.3%, IBEX 35 added 1.3% FTSE MIB rose 1.9%  and FTSE 100% advanced 2.3%.

 

US indices are trading higher on Wednesday due to signs of a further stimulus package for small businesses which will help them to overcome the economic downturn caused by the coronavirus and collapse on the oil market.  U.S. Senate approved a relief package of $484 billion and passed it to the House of Representatives. Dow Jones rose 1.8%, S&P500 gained 2.0% and Nasdaq is trading 2.3 % higher.

 

Today President Trump tweeted he has instructed the US Navy to shoot down any Iranian gunboats that harass US ships at sea. The June contract for WTI soared more than 60% and was trading $16 a barrel during today’s session, before erasing some gains.  Also Saudi Arabia announced that is willing to take to take additional steps in order to stabilize the market. Currently oil prices remained at levels last time observed around 1999 as investors remain concerned about storage problems and a collapse in global demand caused by the coronavirus pandemic. Recent information’s showed, that US main delivery point for oil in Cushing, Oklahoma was 70% full in the middle of this month.

According to EIA Petroleum Status Report, US oil inventories increased by 15.022 million barrels in the week ended April 17th 2020, after surging by a record 19.248 million in the previous week and compared with market expectations of a 15.150 million advance. Gasoline inventories rose by 1.017 million in the week, below analysts’ expectations of 3.578 million increase.

Gold price move higher today together with other riskier assets, rather than safe havens and is trading around $1714/oz. Silver futures managed to erase some of the yesterday losses and advanced 1.8%.

 

US jobless claims will be the main macroeconomic release scheduled for tomorrow. Analysts estimates range as high as 5.5 million. Investors will also get to know various PMI readings from US and Europe. On the earnings front Intel Corp, Union Pacific, Volvo, Heineken, Credit Suisse will report their quarterly earnings. According to IBES data from Refinitiv, analysts have drastically cut their S&P 500 earnings expectations for the first and second quarters. Market volatility is set to continue as fears of a severe recession worldwide mount.

USDJPY – currency pair is trading in a sideways move since mid April and what is essentially a non-tradable market. This is because range is tightening, similar to the EUR/USD pair. Breaking out of the triangle formation should initiate stronger price movement on this currency pair. Levels worth paying attention to: support at 106.90 and resistance at 108.74. Source:xStation5

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