Daily summary: Global equity markets tumble

• Stock markets extend Q1 losses
• Trump warns of “very painful two weeks”
• Oil prices continue to fall on oversupply worries

European indices finished today’s session in red after disappointing macroeconomic data releases from the Eurozone and ongoing concerns regarding the impact of the coronavirus on the global economy. DAX dropped 3.9 %, CAC 40  lost 4.3% and FTSE 100 fell 3.8%

 

US indices followed their European counterparts and continue yesterday’s declines. Daw Jones slumped 4.05%, S&P500 slipped 4.25 % and NASDAQ lost 3.89%.. The sharpest declines are recorded by airline companies after the International Air Travel Association warned that most airlines would run out of money within two to three months if the current situation continued.

 

Gold prices managed to partially recover recent losses after U.S. President Donald Trump warned that next few weeks will be difficult and that total death toll from coronavirus could reach up to 240,000. Gold is trading around $1,600 an ounce. Other precious metals traded mixed, silver was trading flat at $14.15 an ounce, while platinum went down 0.8% at $723.49.

Due to the prevailing anxiety in the markets, the US dollar continued to gain today against most of other major currencies.

 

Demand for safe heaven assets could have been bigger if today’s major economic releases came out in line with expectations. However  ADP report for March and ISM Manufacturing PMI both came above expectations. Investors should remember that today’s readings are in some ways not very reliable  as  they are not covering the full data for March, that is, before the record rise in initial jobless claims last week, therefore not fully reflecting the impact of the coronavirus on the US economy.

 

Oil prices went down today due to oversupply concerns after latest data showed crude oil inventories  rose by 13.8 million barrels, which is the biggest jump in 3 years. The US crude went down to $20 a barrel and the Brent crude fell nearly 5% below $ 25.00 a barrel. In the first quarter of the year oil futures dropped almost 66% and are currently trading at their eighteen year lows as the coronavirus outbreak and a price war between Saudi Arabia and Russia slashed demand for fuel.

 

US unemployment claims will be the main macroeconomic release scheduled for tomorrow that will probably show a record rise in unemployment. Investors will also get to know CPI inflation data from the Switzerland and factory orders from the US. Of course, news regarding the spread of coronavirus should have the biggest impact on the market as fears of a severe recession worldwide mount.

EUR/USD made a move below the major support at 1.10 and continues to trade near the bottom of its daily trading range at 1.0920. If the bearish bias remain on the market then the currency pair might test the next level of support located at 1.09. On the other hand, breaking above the aforementioned support at 1.10  will invalidate the bearish scenario. Source: xStation5.

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