Global equity markets futures point to a positive open after the biggest rout in equities since “Black Monday” OCT 1987 selloff. US Futures are up more than 3% while the EURSXX50 is trading at 2,532 this morning, up 3.3% and the FTSE is up more than 3% as well. The corona virus spread and the actual halt in travel and leisure and dinning as well as a drop in other retail activities are now a major hazard for economies worldwide on the way to a significant economic contraction and many investors fear a recession is coming. The EURSXX50 traded yesterday at 2012 levels and the Dow Jones traded at January 2017 levels. The dollar reversed higher overnight after the zero rate Fed move over the weekend and is trading at 98.3 this morning, while the JPY and CHF are still the “go to” place for investors looking for a “safe heaven” given the big selloff in metals yesterday. Gold is trading at $1,480 this morning, down 15% from 2020 highs while Silver is after a 30% pullback and Platinum and Palladium went thru a sharp selloff as well over the past 10 days. Oil is in no bid territory as well, trading at 2020 lows of $28.5 per barrel, at 5-year lows. The sharp downturn in demand will likely push prices lower as US motorist as staying home and cheaper prices at the pump will make no difference this time.
German ZEW Economic Sentiment at 10:00 am, EU Economic Summit, (All Day) and US Retail Sales at 1:30 pm are the important news on the agenda Tuesday, (all times GMT).
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Metals lost their “safe heaven” status after a series of selloff days leading to a near 15% pullback in Gold as investors took profits of the table leaving fixed markets and the JPY as the only places for “safety”..
The Nasdaq futures are positive this morning after the biggest all-time rout yesterday in the leading global technology index.
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