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Market Summary 21APR2020



1.Market Briefing

  • U.S. retailers and other business groups on Monday welcomed a move by the Trump administration to allow importers to defer for three months any tariff payments they owe the government, but said they needed more tariff relief to deal with the pandemic.
  • German Chancellor Angela Merkel signaled readiness on Monday to finance economic recovery in Europe from the coronavirus pandemic through a bigger European Union budget and the issuance of joint debt via the European Commission.
  • Italy's Treasury expects the economy to contract by around 8% this year, two sources close to the matter told Reuters, underscoring the negative impact of the nationwide lockdown imposed to fight the coronavirus outbreak.
  • Japan boosted its new economic stimulus package on Monday to a record $1.1 trillion to expand cash payouts to its citizens, as the fallout from the coronavirus pandemic threatens to push the world's third-largest economy deeper into recession.
  • Wall Street fell sharply on Monday after U.S. crude futures turned negative for the first time in history, underscoring the chaos the coronavirus pandemic has unleashed on the global economy.
  • Oil continues its seemingly impossible drop with some analysts predicting negative oil prices to be more common, as market players are seeing the two production heavyweights, Saudi Arabia and Russia, still trading blows in the physical market.
  • Gold prices stabilized around the $1,695 mark on Monday as concerns about the sustainability of the rally in equities started to dominate thinking ahead of a key week of corporate earnings.

2.Today’s News

Server Time HK Time Currency Description Expectation
04:30 09:30 AUD Monetary Policy Meeting Minutes -
08:00 13:00 AUD RBA Gov Lowe Speaks -