Coronavirus Continues to Impact Markets

Analisi Giornaliera - 02/04/2020

Major Indices Down

markets-down


All major indices are still down over 30% since February 20. Crude is down by over 50% with both contracts trading with handles in the low 20s. As the curve for infections rises, we expect all market to continue selling off. The fear drives into the desire for cash, “risk-off”.

USDSGD Shows Strength


As the coronavirus peak subsides in Singapore, its currency has strengthened by nearly ¾ of a percent overnight. Currently at 1.43233. This could indicate that those powers, corporate or sovereign, when the worst finally moves behind them and assuming that they still have any cash available, might exploit the advantage of getting back on its feet early to capture lost ground. Possibly at the expense of rivals.

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Tadawul Signaling Accord


For the second day in a row, Riyadh is buying. This may indicate that a deal is in the offering between the US, Russia and Bin Salman to stabilise output and price for crude. Too early to tell but the movements this morning in Brent and WTI is showing signs and therefore the Tadawul is up. Traders here are more closely tied to the oil patch than others are.

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Crude Oil Finds a floor


Up by 10.7% over $2/b in the last 36 hours crude showed strength at the current 18 year lows. Inventory levels in the US released yesterday showed a whopping inventory surplus of over 13 mb.

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