Nasdaq
S&P 500 futures give up over 37 points as the turmoil in oil markets weigh on investors sentiment. Wall Street finished with heavy losses yesterday as traders watched the first-month crude oil futures price tumble to historic negative lows amid a shortage in storage facilities. Brent oil a broader benchmark of oil prices continue lower giving up over 18%. Many countries in Europe are making plans to reopen the economy in early May while the coronavirus battered Italy will announce the plans for the gradual reopening from a lockdown starting from May 4.
On the corporate earnings, IBM reported a 3.4% drop in revenue in the Q1 from a year ago while later on the day we expect the quarterly reports from Coca-Cola (KO) and Netflix (NFLX).
European markets are trading sharply lower by midday after the European Commissioner Thierry Breton said that the Schengen Area borders would probably remain closed until summer.
FTSE 100 is 1.92% lower at 5,701 despite better than expected employment data. UK Jobless claims rose by 12.2k in March after a 5.9k increase in February. DAX Index is 2.77% lower at 10,382 Germany’s ZEW survey for April came down at -91.5, the worst reading in a decade. The CAC 40 is 1.04% lower at 4,452., while the FTSE Mib index is 1.49% lower at 16,799.
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Cryptocurrencies are trading mixed as the consolidation phase continues. The uptrend on Bitcoin price intact but can it rally past $7,400.00 after getting rejected twice. Ethereum is 0.25% lower at 170.21, while Litecoin is 0.25% higher at 40.37. Ripple price bulls looking a break above 50-Day MA.
Brent crude oil price is over 19% lower at $20.95 while the WTI May delivery futures bounced from negative level and trades around $16 per barrel. The sharp drop in global oil demand amid a shortage in storage facilities will continue to drive crude oil price. Gold price is under heavy selling pressure in a move that reminds us of the mid-March sell-off; gold price is 1.63 lower at $1,665. Silver price is also under selling pressure giving up over 3% $14.75.
In the forex markets, Yen rises on risk aversion as crude oil and earnings disappoint. AUDUSD is 1.00% lower at 0.6272. NZDUSD is 1.29% lower at 0.5957. GBPUSD bears look to retest 1.2220 as latest jobs data send a warning. EURUSD is 0.21% lower at 1.0836.