Premarket: S&P Futures & Nasdaq 100 Futures Relief Bounce

Dow Jones S&P 500
S&P 500

S&P 500 futures hit the limit up adding 5% at 2331 as the relief measures from the Fed and other central banks managed to calm markets, at least for now. The confirmed coronavirus cases have reached 380,000 and the death toll top 16700. In the U.S., the confirmed cases have reached 46500. Investors sentiment get a boost from reports that the infection curve is flattening in Italy, and the remdesivir drug seen as one of the promising potential treatments for the virus and received the orphan drug designation from the FDA.   

As of writing the Nasdaq futures are 4.21% higher at 7278. The Dow Jones futures are 4.31% higher at 19295. 

European Indices Sharply Higher   

European indices extended gains by midday. The DAX Index is 6.03% higher at 3,275. The Germany Markit Manufacturing PMI came in at 45.7 beating the forecasts of 39.6 in March, while the Composite PMI came in at 37.2, below the expectations of 40.6. The Services PMI came in at 34.5, below the forecasts of 42.3. Bundesbank said that the recession in Germany is inevitable, but the public finances are robust enough to combat the coronavirus outbreak crisis. The German government announced yesterday a €750 billion economic package to combat coronavirus spread impact. The CAC 40 is 4.25% higher at 4,079. The European Monetary Union Manufacturing PMI registered in at 44.8 topping the forecasts of 39 in March. FTSE 100 is 4.08% higher at 5,199, while the FTSE Mib index is 5.35% higher at 16,390. 

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Cryptocurrencies Higher For Second Day

Cryptocurrencies continue higher for the second day, the Bitcoin (BTCUSD) is 2.05% higher at $6618. Ripple is 0.61% higher at 0.1598. Ethereum is 1.18% higher at 138.15, while Litecoin is 1.02% higher at 39.53. 

 

Crude Oil Price Above $24

Crude oil price managed to rebound as the risk appetite returns to markets. The WTI crude oil is 2.14% higher at $23.85. Brent crude oil is 1.71% higher at $27.94. Gold price gains momentum and adds 2.41% higher at 1592. Silver price is 4.22% higher at $13.74. 

 

In the fx markets, The British pound is 1.51% higher against the greenback at 1.1712. US dollar index is 1.05% lower at 102.08, EURUSD is 0.93% higher at 1.0823. The Australian dollar is sharply higher on USD weakness, as of writing is 1.03% higher against the USD, while NZDUSD is 0.84% higher at 0.5764. The USDJPY pair is 0.31% lower at 110.85.   

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