Financial markets daily

Last session market review

Last day, the federal reserve issued a $2.3 trillion rescue plan, the dollar fell below the 100 mark, Wall Street stocks rose on the bubble, spot gold jumped more than 2 percent to $1,690. The highly anticipated OPEC+ meeting ended with oil prices plunging nearly 10 percent after a 10 percent jump as investors were disappointed by the proposed cut in output.

On Friday, focus on the U.S. CPI, the fed’s mester and quarles speech, and the G20 special meeting of energy ministers. Markets in Europe and the United States were closed for good Friday.

Fx: eur/usd 1.0928; The pound closed at 1.2460; The Australian dollar closed at 0.6340; The dollar closed at 108.49 yen; Us $1.3975; The dollar was last at 0.9657 Swiss francs.

Commodities: spot gold closed at $1682.25 an ounce; Comex gold ended at $1,752.80 an ounce; Spot silver settled at $14.95 an ounce; Comex silver ended at $15.205 an ounce; Brent crude settled at $36.68 a barrel; NYMEX crude closed at $22.76 a barrel.

In the currency market

Euro: the euro resumed its rally against the dollar, rising 0.65 percent to 1.0928. On the technical level, the pivot point of the currency pair is at 1.0907, the initial resistance to the upward movement of the exchange rate is at 1.0973, the further resistance is at 1.1018, and the key resistance is at 1.1084. The initial support of the exchange rate down at 1.0863, further support at 1.0797, more critical support at 1.0752.

Sterling: the pound/dollar rose for the third day in a row to close at 1.2460, up 0.63%. On the technical level, the pivot point of the currency pair is 1.2434, the initial resistance to the upward trend of the exchange rate is 1.2507, further resistance is 1.2556, and the key resistance is 1.2629. The initial support of the exchange rate down at 1.2385, further support at 1.2312, more critical support at 1.2262.

Yen: dollar/yen turned lower to end at 108.49, down 0.29%. On the technical level, the pivot point of the currency pair is 108.58, the initial resistance of the exchange rate upward is 108.96, the further resistance is 109.44, and the key resistance is 109.81. The initial support for the fall in the exchange rate is at 108.11, further support at 107.73, more critical support at 107.25.

The stock market

U.S. and European stocks ended a week of gains on Thursday after the federal reserve unveiled plans to provide $2.3 trillion in loans to small and medium-sized businesses to support a stalled economy. The dow Jones industrial average rose 285.80 points, or 1.2%, to 23,719.37. The s&p 500 gained 1.5% to close at 2,789.82; The nasdaq composite index closed up 0.8% at 8,153.58.

European stocks ended higher Thursday as investors digested the latest U.S. unemployment data and the federal reserve’s $2.3 trillion economic stimulus package. The pan-european stoxx 600 index rose temporarily 1.4 percent, with travel and leisure stocks up more than 4 percent, leading gains across all sectors. The index did not trade on Friday due to the Easter holiday and ended the week up more than 7 per cent. Germany’s DAX closed up 237.79 points, or 2.30 percent, at 10570.68. Britain’s ftse 100 index closed up 220.68 points, or 3.93 percent, at 5,842.71. France’s cac-40 index closed up 64.10 points, or 1.44 percent, at 4,506.85. Spain’s IBEX35 index closed up 120.20 points, or 1.73%, at 7,072.00. Italy’s ftse closed up 262.18 points, or 1.51%, at 17,643.00. Europe’s stoxx 50 index closed up 39.88 points, or 1.40 percent, at 2891.15.

The bond market

On Thursday, the yield on the benchmark 10-year Treasury note fell slightly to about 0.75%, while the yield on the 30-year note edged up to 1.37%. The fed bought a net $109.352 billion of mortgage-backed securities from April 2-8, and will buy $30 billion of treasuries each day from April 13-17.

Commodity markets

International spot gold Thursday morning trading at $1644.01 / oz, up as high as $1690.03 / oz, down as low as $1642.09 / oz, closed at $1682.25 / oz, up $37.86 or 2.3%. Spot gold is up 4 per cent so far this week.

COMEX gold futures for June delivery rose 4.1 percent to $1,752.80 an ounce, the highest close since October 2012.

At 22:00 Beijing time on Thursday (9 April), the OPEC + meeting was held on the line as scheduled. Although OPEC + production reached a draft agreement from all over the world, as a result of the meeting didn’t discuss the cut of 20 million barrels per day, the market confidence obviously hit, oil prices soared after diving in the tray, finally recorded down: American WTI crude oil futures ended down $2.33 May, or 9%, to $22.76 a barrel, hit $28.33 in trading. WTI crude, which closed last week up a record 32%, fell 54% last month and 66% in the first quarter. Brent crude for June delivery fell $1.36, or 4.1 percent, to $36.68 a barrel after hitting an intraday low of $36.38. The price of Brent crude rose 37 percent last week after falling 48 percent last month and 61 percent in the first quarter.

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