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With the beginning of the week’s trading, stock futures in the United States continued the bullish movement of last week, when Dow Jones rose from 25800 at the time of writing, the Dow Jones has increased by more than 375 points, and the S&P 500 and Nasdaq futures are also trading at higher levels.
The US employment report for April will hit the markets at 12:30 GMT today and will reveal just how much economic damage the pandemic has inflicted on the American economy. This data is significant and is one of the key fundamentals for the Fed to determine the new course of monetary policy.
The latest drop in the Western Texas oil (WTI) in April has forced the Organisation of the Petroleum Exporters and its allies (OPEC+) to make a deal with several other countries including the United States and Russia, to start lowering production levels. The deal led by the allies and Russia agreed to cut output by 9.7m barrels a day in May and June, a record cut, in order to balance the mismatch between supply and demand.
The first quarter earning session will be very pivotal for investors. With not too many COVID-19 post economic data so far, the first direction will be the guidance of corporate executives which could be priceless. In a sense, while earnings and guidance will probably be gloomy overall, there might be huge contrasts between sectors.
The world’s biggest producer of crude found itself in an unusual situation in which its oil was less than worthless. Prices of the benchmark West Texas Intermediate (WTI) futures contracts crashed into negative territory for the first time in history.
Q1 of 2020 earnings season will be pivotal for investors. With very little COVID-19 economic data to refer to, guidance from corporate executives will be invaluable. While overall earnings and prospects will likely be gloomy, there might also be huge contrasts between sectors.
This will be a pivotal day for oil markets. The world’s largest oil producers will meet to discuss cutting their production to stabilise a devastated market due to collapsing demand. OPEC and Russia will sit down for talks on Thursday before the G20 energy ministers convene on Friday.
It’s a busy data week for the US. In addition to the non-farm payrolls report on Friday, the release of the latest ISM manufacturing and non-manufacturing PMIs is expected on Wednesday and Friday respectively.
Gold’s reputation as the ultimate safe haven asset has taken a beating lately, as the collapse in stock markets has forced investors to ‘sell everything’ in order to meet margin calls. Yet, that might be about to change.
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