Global markets futures are looking green across the globe this morning following the biggest rout the markets have experienced since the 2008 crisis yesterday. President Trump plan to work for a possible payroll tax relief plan on top of the $8.3 billion the government has already allocated to fight the corona virus last week may be the reason for the calm this morning. On top of that markets expect the EU and the Japanese government to join in for a global stimulus program. Markets in the US and EU saw the worst since the outbreak of the corona virus began, trading down 7% on average and closing at record lows for 2020, reaching bear market territory in Europe and trading 19% lower from all-time highs for the DJ. Australia, Japan and Mainland China markets are all positive this morning and US and EU futures point to a strong open as well. OIL prices are up 10% this morning following yesterday crash that sent prices lower as much as 30%, to 6-year lows 27.34$ per barrel. Two months back, on January 8th, Oil prices traded at $65 per barrel and the rout yesterday is good news for prices at the pump and very bad news for the OIL producing countries and Shell Oil producers in the US. FX markets contributed to the selloff in US equities yesterday after another 0.9% loss in the dollar index however the dollar in back in the green this morning, trading up 1.1% at 95.89 after trading below the 94.5 level yesterday. Gold prices pulled back overnight on the stronger dollar and are trading at $1,660 this morning, a 2% pullback from 2020 highs.
There is no important news on the agenda Tuesday, (all times GMT).
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Oil prices traded at 6-year lows losing 30% in the process yesterday, that’s following the failure of Russia and Saudi Arabia to reach a deal for OPEC+ in 2020.
The EURSXX50 index is trading in bear market territory as of yesterday 8% rout and retraced all of the gains since the late 2018 reversal.
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