Global Fundamental Analysis 28/04/2020

OPENING CALL: The Australian share market is expected to open higher. The SPI200 futures contract expected to open 5 points up.

The economic fallout from coronavirus restrictions helped cut investment in shipbuilding to its lowest level in 11 years in the first quarter, with work at Asian shipyards nearly halted and owners holding back on orders as global demand for goods nosedived.

Apple is pushing back the production ramp-up of its flagship iPhones coming later this year by about a month, as the coronavirus pandemic weakens global consumer demand and disrupts manufacturing across Asia.


Overnight Summary




Australian Market


US Market

U.S. stocks rose, with investors betting that stimulus measures and the easing of coronavirus-lockdown measures around the world could help kick-start economic activity. The Dow Jones Industrial Average gained 354 points, or 1.5%, to 24129 as of the 4 p.m. close of trading. The S&P 500 added 1.5% and the Nasdaq Composite advanced 1.1%.
In the U.S., some states allowed retailers, salons and other businesses to reopen over the weekend as new infections appeared to slow.



Gold prices ended lower, with a cautiously optimistic tone for stocks denting haven-related demand for the yellow metal.  Gold for June delivery on Comex fell $11.80, or 0.7%, to settle at $1,723.80 an ounce, after posting a 2.2% weekly gain, and its fourth weekly rise in five weeks on Friday, according to FactSet data.


Oil Futures

U.S. benchmark oil prices ended 25% lower at $12.78 a barrel, ending a four-day streak of gains as a looming storage crisis leads investors including the U.S. Oil Fund, a
large, exchange-traded fund, to announce it will be exiting its long positions in the front-month WTI crude contract.



The dollar weakened 0.2% against the yen and slightly against the euro, and the WSJ Dollar Index fell 0.3%.


European Markets

European sharemarkets closed higher on Monday. Shares of Lufthansa rose by 10.5% after Germany’s transport minister said he was in favour of protecting the airline. Deutsche Bank (+12.7%) beat first quarter earnings expectations, but warned it might miss its capital requirement target this year. The pan-European STOXX 600
rose by 1.8%.

The German Dax index rose 3.1%. The UK FTSE index lifted by 1.6% with London-listed shares of Rio Tinto up by 0.3% and BHP shares 2.3% higher.


Asian Markets

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Source - database | Page ID - 22103

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