Nasdaq 100 futures trade higher in premarket ahead of the Initial Jobless claims later on the day. Morgan Stanley reported earnings of 1.01 per share compared with the 1.14, with the revenue at 9.49 billion below the consensus of 9.73 billion. The firms trading desks generated about $700 million more revenue than expected. U.S. banks reported earnings with mixed results. Goldman Sachs (GS), Bank of America (BAC), and Citigroup (C) posted a sharp drop in profits. Bank of America and JPMorgan warned of significant loan losses and defaults as the economic damage from the coronavirus outbreak keeps financial companies’ futures uncertain. Fed’s Neel Kashkari noted that large U.S. banks need to raise $200 billion from private investors and stop paying dividends so they can support the U.S. economy.
Investors await the initial jobless claims with expectations for another 5 million people applied for unemployment benefits the previous week.
Nasdaq 100 futures are 0.59% higher at 8642, the Dow Jones futures are 0.03% higher at 23403, while the S&P 500 futures are 0.18% higher at 2780.
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European Stocks Higher
European markets are trading lower by midday; the DAX Index is 0.90% higher at 10,470. The CAC 40 is 0.22% higher at 4,361. FTSE 100 is 0.29% higher at 5,613, while the FTSE Mib index is 1.127% higher at 16,907.
Cryptocurrencies Jump
Cryptocurrencies are trading sharply higher; Bitcoin price bullish momentum above 7,000, as of writing is 5.72% higher at 7002. Ripple price is 4.86 higher at 0.1894. Ethereum is 10.94% higher at 169.70, while Litecoin is 7.58% higher at 42.28.
Crude Oil Price Breaks Above $20
WTI crude oil price is 1.66% higher at $20.15 while the Brent crude oil is 3.08% lower at $28.83 per barrel. Gold price is 1.29% higher at 1737. Silver price is 0.99% higher at $15.55.
In the forex markets, EUR to GBP exchange rate battles 0.8688 amid lockdown headlines. The USDJPY is 0.02% higher at 107.44. AUDUSD is 0.19% higher at 0.6330. NZDUSD is 0.06% higher at 0.5997. The GBPUSD trend remains downwards as traders target 1.2300.
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