Nasdaq 100 futures point to a positive opening in cash markets as the coronavirus infection, and the death rate drops as the restrictive measures provide some comfort to investors. Some states are coordinating to manage to re-open their economies. Fed said that it would reduce the repo operations frequency starting by May. Better than expected exports data from China also helps investors sentiment. China’s exports fell 6.6% in March from the same period a year earlier, beating the expectations of -15%. The Imports eased 0.9% also above the expectations for a 9.5% drop. China Trade Balance in US Dollar came in at $19.9B, topping the expectations of $18B in March.
On the earnings front, Johnson & Johnson beat market estimates in Q1 earnings and revenues but cut the full-year earnings guidance from $8.95 – $9.10 EPS to $7.50 – $7.90 EPS. JPMorgan posted first-quarter profit below consensus estimates; the bank posted earnings per share of 78 cents, the expectations were for $1.84.
Nasdaq 100 futures are 1.38% higher at 8442, the Dow Jones futures are 1.29% higher at 23600, while the S&P 500 futures are 1.15% higher at 2791.
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European Stocks Trading Mixed
European markets are trading mixed by midday after some countries planning to ease the lockdown measures. The DAX Index is 1.05% higher at 10,675. The CAC 40 is 0.01% lower at 4,506. FTSE 100 is 0.71% lower at 5,800, while the FTSE Mib index is 0.24% higher at 17,663.
Cryptocurrencies Mixed Before the U.S. Open
Cryptocurrencies are trading mixed; Ripple price retreat below the 50-day MA. Ethereum is 0.09% lower at 156.89, while Litecoin is 0.97% lower at 41.00. Bitcoin price consolidates around 6,800 mark, as of writing is 0.43% lower at 6832.
Crude Oil Price Lower Despite Production Cuts Agreement
WTI crude oil price is 3.57% lower at $21.65, Brent crude oil is 1.13% lower at $31.49. Gold price on the other hand trades at seven year highs; as of writing gold price is 0.73% higher at 1724. Silver price is 1.75% higher at $15.59.
In the forex markets, GBPJPY bounces off support at previous lows and could rally another 500 Pips. USDJPY is 0.38% lower at 107.35. AUDUSD is 0.26% higher at 0.6398. NZDUSD is 0.04% higher at 0.6090. GBPUSD at monthly highs as sentiment improves. USDCAD is 0.07% higher at 1.3917.
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