France and Germany Announce EUR 500 Billion Rescue Package for EU
UNITED STATES US stocks were sharply higher on Monday following progress in the Morderna coronavirus vaccine trials and more upbeat remarks by Fed Chair Jerome Powell over the growth prospects of the US economy. The rally pushed stocks into positive territory for the month with the DOW up 3.85% while the S&P and the NASDAQ…
Read MoreEquities Start the Week on Bullish Note Amid Increasing Relaxation of COVID-19 Restrictions
US futures and European and Asian equities are in the green this morning after a challenging week for the equities markets which ended the week in the red. The positive sentiment this morning is backed by the reopening of businesses amongst most major economies. Similarly, oil continues its ascent on the back of pricing of…
Read MoreChinese Retail Data and OPEC+ Fall in Oil Production in May
UNITED STATES The weaker tone of the week has continued yesterday for Asia and European sessions, culminating with an almost 2% S%P fall shortly after the US open, as the US jobless claims data posted another miss (2.98mn vs 2.5mn estimated). The risk off mode did not survive the US session however, as the equities…
Read MoreEconomic Recovery “May Take Some Time to Gather Momentum”
UNITED STATES Stock market dropped on Wednesday as Fed Chairman Jay Powell warned investors on Wednesday that an economic recovery “may take some time to gather momentum”. He also mentioned that additional policy measures may be deployed in order to shorten the period of low productivity. S&P lost 1.7%, Nasdaq closed lower by 1.6%. The…
Read MoreUK Suffers Its Worst Ever Recession in Over Three Centuries
UNITED STATES The UST held on to its gains, while the S&P 500 closed 2% lower owing to comments from the Federal Reserve Chiefs and remarks from a top U.S infectious disease official about reopening the country. It is worth nothing that most equity markets are coming under immense renewed pressure as some investors continue…
Read MoreSaudi Arabia and Allies Announce Additional June Oil Production Cuts
UNITED STATES The S&P and NASDAQ remained in the green for a third successive day while the DOW closed lower in a mixed start to the week for US stocks. The DOW closed 0.44% lower while the NASDAQ rose 0.77% as the S&P managed to just close in the green at 0.01%. Yield on 10Y…
Read MoreItaly BTPs Continue Rally as Moody’s Skips Ratings Review
Asian equity markets trade in the green and the US and European futures are pointing higher today on the back of the reopening of the global economy as more and more economies are lifting lockdown measures. UK PM Johnson was the most recent of major economies to ease measures after the number of deaths recorded…
Read MoreGerman ConCourt Threatens to Stop Bundesbank from Further ECB QE Programmes
UNITED STATES US stocks closed in the green on Tuesday as oil prices rose with the reopening of major economies after the COVID-19 lockdowns. The NASDAQ led gains, up 1.13% while the S&P and the DOW rose 0.90% and 0.56% higher respectively. Yield on 10Y USTs closed higher at 0.6619%. UNITED KINGDOM The COVID-19 death…
Read MoreTurkish Inflation Cools for the First Time Since October
COVID-19 UPDATE The UK crossed the 55,000 mark on Tuesday with Prime Minister Boris Johnson now in intensive care as his condition has further deteriorated since testing positive on March 27. Japan declared a one-month state of emergency but will not conform to the restrictions seen across Europe with “basic economic activity” continuing unaffected. Austria,…
Read MoreUK Sovereign Credit Downgraded as Coronavirus Hits Key Government Personnel
COVID-19 UPDATE It took just 7 days for confirmed cases to double last week with over 700,000 infected as at Sunday when there were just over 330,000 last Sunday. Governments globally have enacted lockdowns with the latest being Moscow in Russia as well such cities as Lagos and Abuja in Nigeria. The rate of new…
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