Financial markets daily

Last session market review

Oil prices surged nearly 20 percent on April 23, extending the rebound as oil producers accelerated production cuts to counter falling demand. U.S. stocks were slightly pressured by reports of a failed clinical trial of Gilead’s new crown drug and the dollar bottomed out as uncertainty over the euro zone’s stimulus package weighed on the euro. Spot gold rallied strongly, briefly breaking the 1730 mark, as markets focused on a new stimulus package.

On Friday, watch the U.S. durable-goods and university of Michigan surveys of consumer sentiment and Germany’s IFO business climate index for April.

Fx: eur/usd 1.0776; The pound closed at $1.2343; The Australian dollar closed at 0.6370; The dollar closed at 107.57 yen; Us dollar/Canadian dollar closed at 1.4069; The dollar was last at 0.9758 Swiss francs.

Commodities: spot gold closed at $1,730.50 an ounce; Comex gold ended at $1745.40 an ounce; Spot silver settled at $15.24 an ounce; Comex silver ended at $15.375 an ounce; Brent crude settled at $20.37 a barrel; NYMEX crude settled at $16.50 a barrel.

In the currency market

Euro: the euro fell for a fourth day, or 0.42%, to 1.0776 as the dollar extended its gains. On the technical plane, the pivot point of the currency pair is at 1.0793, the initial resistance to the exchange rate rise is at 1.0829, the further resistance is at 1.0883, and the key resistance is at 1.0919. The initial support of the exchange rate down at 1.0739, further support at 1.0703, more critical support at 1.0649.

Sterling: the pound rose for a second day, closing 0.11% higher at $1.2343. On the technical level, the pivot point of the currency pair is 1.2355, the initial resistance to the upward trend of the exchange rate is 1.2402, further resistance is 1.2461, and the key resistance is 1.2509. The initial support of the exchange rate down at 1.2296, further support at 1.2249, more critical support at 1.2190.

Yen: dollar/yen fell for a second day, closing 0.16% lower at 107.57. On the technical level, the pivot point of the currency pair is 107.67, the initial resistance to the upward trend of the exchange rate is 107.98, the further resistance is 108.36, and the key resistance is 108.68. The initial support of the falling exchange rate is at 107.29, further support at 107.97, more critical support at 106.60.

The stock market

U.S. and European stocks: fresh headlines, oil prices, and corporate earnings remain the focus of investors, with European stocks closing higher Thursday. The pan-European Stoxx 600 closed up 1 percent after a volatile session, while oil and gas stocks surged 3 percent after oil prices appeared to stabilize. Germany’s DAX closed up 101.13 points, or 0.97%, at 10516.16. Britain’s FTSE 100 closed up 55.22 points, or 0.96 percent, at 5,825.85. France’s CAC-40 index closed up 39.20 points, or 0.89 percent, at 4,451.00. Spain’s IBEX35 index closed up 30.20 points, or 0.45%, at 6,750.00. Italy’s FTSE closed up 242.22 points, or 1.44 percent, at 17007.50. The Stoxx Europe 50 index closed up 20.05 points, or 0.71 percent, at 2,854.95.

On Thursday, stocks closed in a volatile session: the dow jones industrial average closed up 39.40 points, or 0.17%, at 23,515.26. The dow briefly fell more than 400 points; The s&p 500 fell 1.50 points, or 0.05 percent, to 2,797.80. The NASDAQ fell 0.60 points, or 0.01%, to close at 8,494.75, just below the break-even point. The s&p 500 and the dow both fell more than 4% on Monday and Tuesday. On Wednesday, the rally in oil prices helped stocks recoup some of the losses they suffered earlier in the week, with the s&p 500 and dow jones industrial average rebounding about 2%.

The bond market

After investors quickly digested the latest data on last week’s jobless claims, Treasury yields were flat: the yield on the benchmark 10-year Treasury note edged up to 0.62 per cent, while the yield on the 30-year note was slightly lower at 1.21 per cent.

Commodity markets

International spot gold Thursday morning trading at $1,712.31 an ounce, the highest rose to $1,738.27 an ounce, the lowest touched $1,704.93 an ounce, closed at $1,730.50, up $16.02, or 0.93%.

COMEX gold futures for June delivery closed up $7.10 at $1,755.40 an ounce, after hitting an intraday high of $1,751.60.

U.S. WTI crude for June delivery rose $2.72, or 19.7%, to $16.50 a barrel. At one point, it was up more than 75% from Tuesday’s close, but still well below the $44 it was at the start of the year. Brent crude for June delivery rose 96 cents, or 5 percent, to $20.37 a barrel after hitting an intraday high of $22.44.

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