S&P 500 futures are trading sharply lower on the first day of the second quarter as the coronavirus deaths rise across the globe. President Trump, said yesterday that Americans must be prepared for a surge in coronavirus cases and the next two weeks will be very painful for Americans.
The economic data from Asia was mixed with better than expected manufacturing PMI from China, while in Japan, the Tankan survey showed significant deterioration.
On the data front, we await the manufacturing PMI and the ADP private-sector payrolls, that will give an idea about the coronavirus damage on the economy.
Nasdaq 100 futures are 2.75% lower at 7571, the Dow Jones futures are 3.41% lower at 21011, while the S&P 500 futures are 3.37% lower at 2483.
European Stocks Slide on Weak Manufacturing PMI’s
European indices giving up over 4% after Italy’s PMI fell to a record low of 40.3 from 48.7, Germany’s manufacturing PMI came down to 45.4. The aggregate EMU manufacturing PMI fell to 44.5 from 49.2 in February. The DAX Index is 3.89% lower at 9,549. The CAC 40 is 4.27% lower at 4,207. FTSE 100 is 3.75% lower at 5,459, while the FTSE Mib index is 2.31% lower at 16,657.
WTI crude oil price is 1.17% lower at $20.75 as there are some signs that Russia and the United States might start negotiations to stabilize oil markets. Brent crude oil is 1.53% lower at $25.35. Gold Price managed to rebound today and trades 0.94% higher at 1589. Silver price is 0.19% lower at $13.89.