Weekly World Market forecast (April 27- 1May): Stocks, Futures Mixed as Reopenings Eyed; Oil Down, US oil prices sink as, Dowjones, Currency and Gold Down as Loosened Lockdown
Stocks, Futures Mixed as Reopenings Eyed; Oil Down: Markets Wrap
U.S. and European futures were mixed along with stocks in Asia on Tuesday as governments mulled reopening economies. Crude oil extended sharp losses from Monday.
Shares in Japan and Australia ended little changed, and South Korean and Hong Kong stocks climbed in a choppy Asian session. Chinese stocks fluctuated after a report the country would ease some initial public offering rules. S&P 500 futures retreated after the index closed at its highest since March 10. West Texas oil futures in New York slumped to around $11 a barrel. Treasury yields held Monday’s gains.
Investors will get a slew of corporate earnings and forecasts this week, with reports due from Online Shopping for Electronics, Apparel, Computers, Books, DVDs & more Inc., Barclays Plc and Samsung Electronics Co. Deutsche Bank AG unveiled a surprisingly good earnings report, though it warned about looming credit defaults. The European Commission plans to announce capital-relief measures Tuesday to help keep loans flowing.
These are the main moves in markets:
Stocks
S&P 500 futures fell 0.2% as of 3 p.m. in Tokyo. The S&P 500 advanced 1.4% at the close of trade in New York.Japan’s Topix Index was up 0.1%.Australia’s S&P/ASX 200 Index fell 0.1%.Kospi index rose 0.4%.Hong Kong’s Hang Seng Index climbed 0.9%.Shanghai Composite Index was flat.Euro Stoxx 50 futures rose 0.1%.
Currencies
The yen was at 107.19 per dollar, after appreciating 0.3%.The offshore yuan was little changed at 7.0916 per dollar.The euro traded at $1.0825.
Bonds
The yield on 10-year Treasuries fell one basis point to 0.65% after increasing six basis points on Monday.Australian 10-year yields rose one basis point to 0.92%.
Commodities
West Texas Intermediate crude fell 12% to $11.23 a barrel after tanking 24% Monday. Gold slid 1.2% to $1,693.72 an ounce.
US oil prices sink as coronavirus fuels storage fears
The rout in US oil prices gained momentum on Tuesday as concerns over storage capacity prompted fears the American crude benchmark could again plummet into negative territory. The West Texas Intermediate contract for June delivery fell 11.2 per cent to $11.33 per barrel in Asia trading hours. Extreme price swings have rocked global oil markets in recent sessions.
Dow Jones Futures Fall Amid Crashing Oil Prices; Key Earnings Results From Alphabet, AMD May Drive Stock Market Rally
COVID-19 News, Corporate Earnings, and Crude Oil to Test the Markets
At the time of writing, the Aussie Dollar was down by 0.11% to $0.6458, with the Kiwi Dollar down by 0.28% to $0.6030. Following Monday’s rally, a slide in crude oil prices from Monday tested support for the pair early on.
The Day Ahead:
For the EUR
It’s another quiet day ahead on the economic calendar. There are no material stats due out of the Eurozone to provide the EUR with direction.
The lack of stats will leave the EUR in the hands of COVID-19 news on the day and any chatter from Brussels on a more meaningful aid package.
At the time of writing, the EUR was up by 0.02% to $1.0831.
For the Pound
It’s also a particularly quiet day ahead on the economic calendar. There are no material stats to provide the Pound with direction.
The lack of stats will leave the Pound in the hands of market risk sentiment and the latest COVID-19 updates.
While the Pound is likely to find support in the event of a pickup in risk appetite, the chances of a more prolonged lockdown would be Pound negative.
Expect updates from the British government to influence on the day.
At the time of writing, the Pound was flat at $1.2431.
Across the Pond
It’s a relatively busy day ahead on the U.S economic calendar. Key stats include April consumer confidence figures and March trade data.
We would expect the Dollar to largely brush aside the numbers, however, with the markets anticipating a slide in consumer confidence. Lockdown measures and a surge in the unemployment rate are both already priced in.
Outside of the numbers, expect market risk sentiment to continue to be the key driver. Further plans to ease lockdown measures, supported by the downward trend in new COVID-19 cases, remain Dollar negative.
The Dollar Spot Index was up by 0.01% to 100.049 at the time of writing.
Gold Down as Loosened Lockdown Measures Increase Investors’ Risk Appetite
Gold was down on Wednesday in Asia with some countries announcing the loosening of months-long COVID-19 lockdown measures.
Gold futures fell 0.53% to $1,714.70 by 11:28 PM ET (04:28 AM GMT) as increased risk appetite caused investors to retreat from the yellow metal.
Investors will also be paying close attention as the U.S. Federal Reserve ends its meeting on Wednesday and the European Central Bank meets on Thursday.
Some investors were positive that gold would continue to uphold its safe-haven reputation.
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U.S. and European futures were mixed along with stocks in Asia on Tuesday as governments mulled reopening economies. Crude oil extended sharp losses from Monday.
Shares in Japan and Australia ended little changed, and South Korean and Hong Kong stocks climbed in a choppy Asian session. Chinese stocks fluctuated after a report the country would ease some initial public offering rules. S&P 500 futures retreated after the index closed at its highest since March 10. West Texas oil futures in New York slumped to around $11 a barrel. Treasury yields held Monday’s gains.
Investors will get a slew of corporate earnings and forecasts this week, with reports due from Online Shopping for Electronics, Apparel, Computers, Books, DVDs & more Inc., Barclays Plc and Samsung Electronics Co. Deutsche Bank AG unveiled a surprisingly good earnings report, though it warned about looming credit defaults. The European Commission plans to announce capital-relief measures Tuesday to help keep loans flowing.
These are the main moves in markets:
Stocks
S&P 500 futures fell 0.2% as of 3 p.m. in Tokyo. The S&P 500 advanced 1.4% at the close of trade in New York.Japan’s Topix Index was up 0.1%.Australia’s S&P/ASX 200 Index fell 0.1%.Kospi index rose 0.4%.Hong Kong’s Hang Seng Index climbed 0.9%.Shanghai Composite Index was flat.Euro Stoxx 50 futures rose 0.1%.
Currencies
The yen was at 107.19 per dollar, after appreciating 0.3%.The offshore yuan was little changed at 7.0916 per dollar.The euro traded at $1.0825.
Bonds
The yield on 10-year Treasuries fell one basis point to 0.65% after increasing six basis points on Monday.Australian 10-year yields rose one basis point to 0.92%.
Commodities
West Texas Intermediate crude fell 12% to $11.23 a barrel after tanking 24% Monday. Gold slid 1.2% to $1,693.72 an ounce.
US oil prices sink as coronavirus fuels storage fears
The rout in US oil prices gained momentum on Tuesday as concerns over storage capacity prompted fears the American crude benchmark could again plummet into negative territory. The West Texas Intermediate contract for June delivery fell 11.2 per cent to $11.33 per barrel in Asia trading hours. Extreme price swings have rocked global oil markets in recent sessions.
Dow Jones Futures Fall Amid Crashing Oil Prices; Key Earnings Results From Alphabet, AMD May Drive Stock Market Rally
COVID-19 News, Corporate Earnings, and Crude Oil to Test the Markets
At the time of writing, the Aussie Dollar was down by 0.11% to $0.6458, with the Kiwi Dollar down by 0.28% to $0.6030. Following Monday’s rally, a slide in crude oil prices from Monday tested support for the pair early on.
The Day Ahead:
For the EUR
It’s another quiet day ahead on the economic calendar. There are no material stats due out of the Eurozone to provide the EUR with direction.
The lack of stats will leave the EUR in the hands of COVID-19 news on the day and any chatter from Brussels on a more meaningful aid package.
At the time of writing, the EUR was up by 0.02% to $1.0831.
For the Pound
It’s also a particularly quiet day ahead on the economic calendar. There are no material stats to provide the Pound with direction.
The lack of stats will leave the Pound in the hands of market risk sentiment and the latest COVID-19 updates.
While the Pound is likely to find support in the event of a pickup in risk appetite, the chances of a more prolonged lockdown would be Pound negative.
Expect updates from the British government to influence on the day.
At the time of writing, the Pound was flat at $1.2431.
Across the Pond
It’s a relatively busy day ahead on the U.S economic calendar. Key stats include April consumer confidence figures and March trade data.
We would expect the Dollar to largely brush aside the numbers, however, with the markets anticipating a slide in consumer confidence. Lockdown measures and a surge in the unemployment rate are both already priced in.
Outside of the numbers, expect market risk sentiment to continue to be the key driver. Further plans to ease lockdown measures, supported by the downward trend in new COVID-19 cases, remain Dollar negative.
The Dollar Spot Index was up by 0.01% to 100.049 at the time of writing.
Gold Down as Loosened Lockdown Measures Increase Investors’ Risk Appetite
Gold was down on Wednesday in Asia with some countries announcing the loosening of months-long COVID-19 lockdown measures.
Gold futures fell 0.53% to $1,714.70 by 11:28 PM ET (04:28 AM GMT) as increased risk appetite caused investors to retreat from the yellow metal.
Investors will also be paying close attention as the U.S. Federal Reserve ends its meeting on Wednesday and the European Central Bank meets on Thursday.
Some investors were positive that gold would continue to uphold its safe-haven reputation.
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