S&P 500 Futures and Nasdaq futures are higher by about 0.5% this morning after yesterday rally in US equity markets while most of EU is trading a flat session awaiting the ECB Press conference later on today and Asian markets traded higher as well overnight. Investors will eye the ECB press conference expecting more stimulus and updates on the effects and impact of the coronavirus on the EU economy. FX markets trading a flat session this morning, the dollar index is down 0.04% at 99.54 this morning, down 5-days in a row. Gold and Silver are trading higher on the weaker dollar and the rally in commodities, Silver prices are up 2.8% to $15.57 while Gold is up $15, trading at $1,728, up 0.9%. OIL Inventories showed minor rise in fuel demand, sending WTI up 13.5% this morning and trading at $17.03 pre barrel. Investors now expect demand to steadily climb and prices to fluctuate between $15-$20 per barrel near term. US crude inventories grew by 9 million barrels to a record 527 million barrels, according to a IEA report yesterday.
The ECB monetary statement and Press Conference starting at 12:45 pm and US Chicago PMI at 2:45 pm are the important news on the agenda Thursday, (all times GMT).
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OIL climbs another 14% this morning on signs of demand rebound and a lower than expected Inventories number posted by IEA yesterday.
Nasdaq futures are pointing higher this morning as investors applaud the array of better than expected earnings, while DAX is flat ahead of the ECB press conference later on today.
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