Synergy Capital Asset Management: Stock Market keeps soaring but Oil price keeps dropping
Stock market all over the world is starting to recover as governments observe reopening of their economies after being hit by the coronavirus pandemic. However, crude is still dropping slowly because of low demand and over supply globally.
– The Dow Jones Industrial Average futures are up 300 points, or 1.25%
– S&P 500 futures rose 1.12%
– Nasdaq Composite futures moved 1.17% higher
– The MSCI Asia Pacific Index climbed 0.7%.
– The Stoxx Europe 600 Index gained 1.6%.
Gold under commodities weakened by 0.3% to $1,709 per ounce, while, Iron ore dipped 0.8% to $80.70 per metric ton.
Crude keeps on dumping, this is still due to lock down and quarantine impose by governments all over the world which mean that people are staying at home to avoid the pandemic cause by the coronavirus. With this there is low demand on supply.
– West Texas Intermediate (WTI) crude sank 10.4% to $11.45 a barrel. A 20% loss in the middle of the week.
– Brent crude climbed 0.7% to $20.13 a barrel.
As for Bonds, The yield on 10-year Treasuries dipped less than one basis point to 0.66%. Global markets yield have mixed prices. Germany’s 10-year yield increased less than one basis point to -0.45%, Britain’s 10-year yield fell less than one basis point to 0.298%, while, New Zealand’s 10-year yield dipped 10 basis points to 0.925%.
Currencies worldwide quiet strengthened on today’s market.
– The euro rose 0.5% to $1.0882.
– The British pound gained 0.6% to $1.2507.
– The Japanese yen strengthened 0.6% to 106.63 per dollar.
– U.S. Dollar Index fluctuating around 99.81 to 100usd, which weakened a bit.
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