Futures indicate higher opening of US market after Mondays plunge | IFCM UAE
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Futures indicate higher opening of US market after Mondays plunge - 10.3.2020

Dollar weakening halts

US stock market suffered their biggest one-day percentage declines since 2008 on Monday in a session that started with plunge in oil and Asian indexes. Stocks closed off lows as President Trump proposed cuts to payroll taxes to alleviate coronavirus impact. The S&P 500 fell 7.6% to 2746.56. Dow Jones industrial sank 7.8% to 23851.02. The Nasdaq slumped 7.3% to 7950.68. The dollar weakening continued at faster pace yesterday: the live dollar index data show the ICE US Dollar index, a measure of the dollar’s strength against a basket of six rival currencies, fell 1.0% to 95.09 but is higher currently. Futures on stock indexes point to higher openings today.

European stocks end in bear territory

European stocks ended in bear territory on Monday. The EUR/USD accelerated its climbing with GBP/USD gaining fifth session in a row continuing yesterday. Both pairs are lower currently. The Stoxx Europe 600 index lost 7% led by energy shares, ending down more than 20% from its recent high . The DAX 30 slumped 7.9% to 10625.02. France’s CAC 40 dropped 8.4% and UK’s FTSE 100 sank 7.7% to 5965.77.

Asian indexes recover led by Australia’s All Ordinaries Index

Asian stock indices are mostly higher today following Monday’s plunge. Nikkei recovered 0.9% to 19867.12 as yen’s climbing against the dollar reversed. Markets in China are rising: the Shanghai Composite Index is up 1.7 % and Hong Kong’s Hang Seng Index is 2.0% higher. Australia’s All Ordinaries Index rebounded 3.1% as Australian dollar continued its slide against the greenback.

AU200 rebounding toward MA(200) 3/10/2020 Market Overview IFC Markets chart

Brent rebounds

Brent futures prices are rebounding today after Monday’s sharp drop. Prices ended sharply lower yesterday as traders bet Saudi Arabia entered a war with Russia for market share over the weekend as it cut its export prices for crude. May Brent crude closed 24.1% lower at $34.36 a barrel on Monday.

Gold slips as Dollar weakening reverses

Gold prices are edging lower today. April gold rose 0.2% to 1675.70 an ounce on Monday.

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