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Market Summary 20APR2020



1.Market Briefing

  • Consultancy firm McKinsey predicts Unemployment in Europe could nearly double in the coming months, with up to 59 million jobs at risk from permanent cutbacks.
  • China’s economy shrank in the March quarter for the first time since current records began almost three decades ago. GDP fell 6.8% in January-March, reversing a 6% expansion in the fourth quarter of 2019.
  • U.S. stocks edged higher after the close on Friday, as gains in the Oil & Gas, Financials and Industrials sectors led shares higher. The Dow Jones rose 2.99% to hit a new 1-month high, while the S&P rose 2.68%.
  • Europe will need at least another 500 billion euros from European Union institutions to finance its economic recovery after the coronavirus pandemic, on top of the agree half-a-trillion package.
  • Oil ended the day down 8% on the day and 18.5% on the week despite a near 10-million barrels per day production cut agreed by OPEC and other world producers.
  • Gold was down 2% closing at 1681.82 following expectations about U.S. businesses coming back from the Covid-19 sparking pre-weekend profit-taking.

2.Today’s News

Server Time HK Time Currency Description Expectation
01:45 06:45 NZD CPI q/q 0.4%
12:00 17:00 EUR Trade Balance 19.2B
15:30 20:30 CAD Wholesale Sales m/m -0.2%