Global markets are pointing to a higher open this morning and Asian markets closed the trading day higher following a more positive sentiment globally towards the corona virus spread and some nations already looking into lockout exit policies. The Nasdaq supported by strength in tech bellwethers AMZN, NFLX and TSLA led the US markets higher and the NIKKEI traded higher 3.13% overnight. Earnings season and numbers from financial stocks as well as more COVID-19 news are likely to dominate the agenda near term as investors look for recession proof stocks and move away from riskier assets. Gold traded yesterday to 2020 highs and is up another 2.2% this morning, trading at $1,725 as investors look for “safety” and look away from currencies that are being all devaluated by the stimulus programs. The dollar index is at 99.23 and down 0.11% this morning as investors look into the commodities and stay away from the dollar near term. Oil was down another 1.6% yesterday, and trading at $22.73 per barrel this morning after another projected cut in US shell production, making this week cut the biggest ever, yet the global collapse in demand due to the global lockdown still means production cuts are not matching the demand contraction, of about 30%.
G7 meetings via satellite, (all day), is the important news on the agenda Tuesday, (all times GMT).
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Gold is trading at 7-year highs this morning as investors flee the FX markets in favor of “safety” following the expand in global stimulus programs.
The Nasdaq supported by strength in tech bellwethers AMZN, NFLX and TSLA led the US markets higher yesterday and will be in focus for investors today following the start of earnings season in the US.
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