EU equity markets and US futures are in the red this morning as death toll and fears from the spread of the corona virus in the US sent US equity markets sharply lower yesterday. EU markets are 3% lower on average this morning while US futures point to a 2.5% Nasdaq loss. US Markets closed the worst month on record since 1987 and EU markets posted their worst quarter since 2012. The DOW lost 23% of its value and the Nasdaq 14% for the first quarter of 2020. The volatility increase is likely to stay on the table as well, as investors look for the end of the crisis with no clear time-table in sight and recession fear looming for global markets in the back mirror. The dollar continued higher yesterday versus majors and emerging markets as investors fear the slowdown in the US will translate into bankruptcies and high unemployment in emerging markets. The dollar index is at 99.65 this morning, up 0.7%. The strength in the dollar sent other “safe heavens” currencies, the CHF and JPY lower, while Gold is at $1,606 this morning and Silver at $14.16, both marginally higher. Oil trades above the $20 level this morning ahead of the Inventories number today in the afternoon, a potential trigger for more downside as inventories are at all-time highs and demand likely to plummet further near term.
US ADP Non-Farm at 12:30 pm, US ISM Manufacturing index at 2:00 pm and US Oil Inventories at 3:30 pm are the important news on the agenda Wednesday, (all times GMT).
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The EURSXX50 closed the worst quarter for EU markets since 2012, down 23.03% and investors fear the bottom is not in sight yet for the troubled Spanish and Italian markets.
The dollar index is higher this morning as investors stay away from the growth currencies and emerging markets fearing more trouble globaly from the corona outbreak and recession fears loom.
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