EU equity markets are marginally lower and US futures are above the flat line after a calm weekend for global equity markets, that’s despite the increased corona cases in the US and mounting death toll in Italy and Spain. Global equity markets are facing recession fears spurred by the massive US and Western Europe lockdown while global governments are trying to support markets with huge stimulus programs and relief for troubled companies and sectors. FX markets are supporting the dollar this morning, up 0.75% and trading at 99.26, that’s after a 5-day pullback from 2020 highs. Asian markets closed lower yet of the lows as investors brace for more volatility across all markets. Gold is trading at $1,638 per ounce this morning, down 1% while Silver is at $14.08, down 3%. Oil prices collapsed to the 20$ barrier, near 20-year lows and down 7% over the weekend as demand collapses over the biggest lockdown ever for motorists in the US and Western Europe as people stay in home and demand for gasoline plummeted more than 20% from last year. Saudi Arabia and Russia are not holding any talks despite pressure from US President Trump and looks like the next step will be another reg down in prices, maybe to the 17 area, the cash cost curve for production as all storage capacities are now full to the brink.
There is no important news on the agenda Monday, (all times GMT).
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Oil prices are at 20-year lows following the US and global motorist lockdown and prices dip below $20 this morning while any OPEc+ production agreement is not in sight yet.
The dollar index is higher this morning after a 5-day pullback as investors stay away from the Euro and JPY fearing more trouble globaly from the corona outbreak and recession fears loom.
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