Premarket: S&P 500 Futures Surge On Coronavirus Optimism

Summary:
• S&P 500 futures extend gains for the second day in a row as investors anticipate that the lockdown soon will be over as the confirmed cases and deaths in

S&P 500 futures extend gains for the second day in a row as investors anticipate that the lockdown soon will be over as the confirmed cases and deaths in Europe drops for the fourth straight day. Sentiment also boosted by rumours that there are plans for one more stimulus package that could amount at least one trillion. 

On the forex calendar, it is a quiet day as we only expect the JOLTS Job Openings with analysts expectations at 6.841M. 

Nasdaq 100 futures are 2.95% higher at 8270, the Dow Jones futures are 3.67% higher at 23302, while the S&P 500 futures are 3.13% higher at 2727, approaching the 2800 mark which corresponds the halfway of the sharp decline since the February highs. 

European Stocks Rally

European indices extend gains by midday amid signs that the lockdown measures are succeeding in getting the coronavirus outbreak under control. The DAX Index is 4.02% higher at 10,480 supported by stronger than expected industrial production numbers. The CAC 40 is 3.12% higher at 4,481. The France Current Account came down to €-3.8B in February from the previous €-2.8B. FTSE 100 is 3.00% higher at 5,750, while the FTSE Mib index is 4.21% higher at 17,755. 

Download our Q2 Market Global Market Outlook

Cryptocurrencies Approach Critical Resistance

 Cryptocurrencies are trading slightly higher as the positive momentum accelerates. Bitcoin price stalls at 50-day moving average, and is 0.58% higher at $7394. Ethereum is 0.69% higher at 172.83, while Litecoin is 3.10% higher at 46.57. Ripple price breaks above the 50-day moving average, and is 2.28% higher at 0.2027. 

Crude Oil Price Retreat

 WTI crude oil price is 1.53% higher at $26.48 as there are signs that Russia and Saudi Arabia started negotiations on crude oil production output. Brent crude oil is 1.08% higher at $33.61. Gold price struggle for direction as unease optimism returns, as of writing gold price is 0.40% lower at 1653. Silver price is 1.04% higher at $15.11.  

In the forex markets, USDJPY eyes 108.10 as Abe launches $1 trillion stimulus. AUDUSD is 1.68% higher at 0.6188. NZDUSD is 1.09% higher at 0.5992. EURGBP hits resistance at 50-Day moving average as bulls plot next move.