S&P 500 futures recover yesterday losses on positive news that Gilead treatment shows positive results and despite the dismal economic data from the USA. The US GDP data for the first quarter of 2020 came in at -4.8% below the expectations of -4.0%. That was the first negative quarter since Q1 2014 and signalled the start of the recession. The Personal consumption slumped -7.6% below the expectations of -3.6%. The Core PCE rose 1.8%, topping the market expectations of 1.7%. The GDP price index rose 1.3% also above the expectations of 1.0%.
The Nasdaq futures are 1.44% higher at 8,845; the S&P futures are 1.38% higher at 2,906. The Dow Jones futures are 1.54% higher at 24,422.
European Stocks Turn Higher As Wall Street Futures Rise
European markets turn higher by midday as the Wall Street futures turned sharply higher, ahead of the ECB meeting tomorrow. FTSE 100 is 1.53% higher at 6,049. DAX Index is 1.21% higher at 10,926 after Germany Annual CPI falls to 0.8% in April above the expectations of 0.6%. The CAC 40 is 0.59% higher at 4,596. The FTSE Mib is 0.85% higher at 17,827.
Brent crude oil price is 2.35% higher at $20.46 while the WTI June delivery futures rallies to $14.98 per barrel adding over 14%. Gold price retreat as investors sentiment improves while the Silver price is 1.52% higher at $15.27.
In the foreign exchange markets, South African rand rally gains steam as SA starts reopening. EUR/USD is 0.43% higher at 1.0864. USDCHF is 0.25% lower at 0.9726. NZDUSD is 0.62% higher at 0.6093. AUDUSD is 0.53% higher at 0.6524. Japanese yen is stronger again against the greenback. EUR to GBP forms falling wedge at major support.