Although the global total of more than 1.34 million confirmed, including the United States more than 360,000, the market is expected to slow down the coronavirus outbreak, the United States staged a 1000 point rally. The pound fell on news of prime minister Boris Johnson’s transfer to intensive care. Despite the stock market rally, gold bulls exploded, with spot gold jumping more than $40 to around $1,660 and futures surging past the $1,700 mark. For the session, markets focused on the Japanese government’s declaration of emergency.
Outbreak update: more than 10,000 COVID 19 deaths in us UK PM admitted to ICU
Statistics from real-time data update site worldometers show that as of about 09:30 Beijing time on April 7, the global cumulative number of confirmed covid-19 cases has exceeded 1.34 million, with 1,346,428 confirmed cases and 74,692 deaths of more than 70,000.
The United States has more than 367,004 cases and 10,871 deaths, making it the third country with more than 10,000 deaths.
New York governor Andrew cuomo said Monday that hospitalizations for coronavirus patients declined and the rise in deaths leveled off, suggesting the state’s crisis may be stabilizing. Phil Murphy, New Jersey’s governor, said the state’s case curve was “starting to flatten out”.
U.S. stocks rose on expectations that the coronavirus outbreak could slow and peak in hard-hit New York and New Jersey.
The three major U.S. stock indexes surged, with the dow up 1627.50 points, or 7.73%, at 22679.99. The s&p 500 closed up 175.00 points, or 7.03%, at 2663.68. The nasdaq closed up 540.20 points, or 7.33%, at 7,913.24. All three indexes posted their biggest percentage gains since March 24.
The CBOE volatility index, or VIX, known as Wall Street’s fear gauge, fell to its lowest level in two weeks, but remained elevated.
Sam Stovall, chief investment strategist at CFRA Research in New York, said: “to see the market surge like it did today, even though the fundamentals are going to continue to slide, the market is looking away from the bottom and ‘in six months things will be better’. They looked down at the bottom and saw a lot of scary news, but basically said, ‘we’ll get through this. ‘”
Despite some positive signs, U.S. officials are bracing for a “peak week” of deaths from a novel coronavirus pandemic, with the cumulative number of deaths exceeding 10,000.
The us department of health and human services inspector general’s office released an investigation report on Thursday, showing that hospitals across the us are facing severe shortages of medical supplies. Some hospitals reported varying levels of shortages of everything from respirators and masks to disinfectants, protective clothing to toilet paper, even sheets and food. At the same time, some hospitals report rising costs but falling revenues, and a shortage of cash flow may affect their operations.
In addition to the outbreak in the United States, the news that British prime minister Johnson’s condition deteriorated and he was transferred to ICU also caused global concern.
A number 10 spokesman said Mr Johnson had been transferred to the intensive care unit of st Thomas’ hospital in London on the recommendation of the medical team as he became increasingly ill.
Johnson said he was quarantined at home March 27 after the announcement of a confirmed infection with a novel coronavirus. But after a week in isolation at home, he still had a fever that seemed to worsen and was hospitalized on April 5.
Johnson has asked British foreign secretary Dominic Raab to act as prime minister “if necessary,” a spokesman said.
“The American people are praying for his recovery,” President Donald Trump said at a White House news conference on Monday. He has been a very good friend. He was really special, strong, determined and didn’t give up.”
Familiar scene: the prime time market is seriously decoupling! Gold broke through 1700…
Gold futures market and the spot market recently re-emergence of years of rare price gap, futures premium reached $70.
Spot gold continued to rally above the 1600 level on Monday, peaking around $1,669, while gold futures surged to the critical 1700 level, near $1,715, the highest since December 2012.
In early Asian trading on Tuesday, spot gold rose sharply again, reaching $1,672 at one point, while futures hit an eight-year high of $1,742.
Analysts say the futures market is once again leading the spot market, which is decoupling from the physical gold shortage.
“The virus continues to spread with impunity, especially in the United States,” Commerzbank analyst Carsten Fritsch said in a report. The US President Donald trump has warned that people should prepare for a tough two weeks ahead. This will further delay the normalization of public life.”
“The economic impact is already very severe… In this context, it is not surprising that demand for gold is strong.”
“Physical demand continues to dominate the market, supporting gold prices. The amount of stimulus has effectively diluted the currency, so demand for gold has come from all directions.” “Said Phil Streible, chief market strategist at Blue Line Futures.
“We believe the foundation for a multi-year bull market is strengthening as monetary and fiscal stimulus bites and interest rates stay near zero,” analysts at TD Securities said in a note. This suggests that investors will continue to seek gold’s [store of value] as global real interest rates go into negative territory.”
This trading day, the market will be watching developments in Japan. Japanese prime minister shinzo Abe announced Monday evening that he will issue a declaration of emergency on Monday, which will cover the seven prefectures of Tokyo, chiba, saitama, kanagawa, Osaka, hyogo and fukuoka for one month. Abe also said the emergency was not a blockade of the city.
According to Japanese media, after issuing the declaration of emergency, the governor of the target region of Toyoko prefecture was able to temporarily open medical facilities. Compulsory use of the land and buildings required; Requiring owners to sell pharmaceuticals, masks, and food and to requisition them when necessary; Residents are required to actively avoid unnecessary and non-emergency outings; To demand or direct the discontinuation of the use of schools, welfare facilities, cinemas, and museums; To require or direct restrictions on the holding of music, sports, etc.