Euro plunges with equity futures; Flat contracts in the United States: market close

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(Bloomberg) – The euro fell with European equity futures after EU finance chiefs failed to agree on a response to the coronavirus.

US stock futures fluctuated following a stormy session Tuesday when gains in the S&P 500 collapsed late in the day. Equities in Asia were mixed, with Japanese equities climbing and Hong Kong declining. Oil continued to tip before a key supplier meeting, and treasury bills remained stable.

As the S&P 500 briefly hit a 20% gain from its March low on Tuesday, the largest number of coronavirus deaths in the UK and New York reminded investors that the epidemic was far from contained. However, the number of new cases in New York has slowed and Italy has reported the fewest new infections since March 13. Several European countries have plans to ease the restrictions.

“As the quarter progresses, investors are beginning to understand that everything we are seeing comes in the form of aid and aid to simply topple the economy,” said on Bloomberg TV Bob Michele, global investment director at JPMorgan Asset Management. “It’s not a stimulus that starts the economy at a much higher rate than it is. “

Oil rose slightly after falling to the lowest level since the beginning of the month. Investors are wondering if the world’s largest producers will be able to reach an agreement that will cut production enough to compensate for an unprecedented loss of demand due to the coronavirus epidemic.

Elsewhere, the Australian dollar slipped after S&P Global Ratings reduced the country’s rating outlook from negative to stable. The kiwi fruit dropped slightly after the New Zealand central bank said it was ready to increase the size and scope of its asset purchase program.

These are the main movements on the markets:

Stocks

Futures on the S&P 500 rose 0.6% at 6:02 a.m. in London. The index lost 0.2% on Tuesday, Japan’s Topix index added 1.1%, the Shanghai Composite slipped 0.3%, and the Hong Kong Hang Seng lost 0.8%. Australia’s S & P / ASX 200 index gained 0.9%. The Kospi index added 0.3%. Euro Stoxx 50 futures slipped 0.3%.

Currencies

The yen was down at 108.90 for the dollar, down 0.1% .The offshore yuan was trading at 7.0768 for the dollar, down 0.1%. The euro slipped 0.2 % at $ 1.0866. The kiwi lost 0.4% to 59.51 cents US. The Aussie lost 0.7% to 61.28. American cents.

Obligations

The yield on 10-year Treasury bills increased by one basis point to 0.72%. Australia’s 10-year yield rose slightly to 0.95%.

Raw materials

Crude oil from West Texas rose 5.8% to $ 25.02 a barrel after falling Tuesday. Gold remained stable at $ 1,648 per ounce.

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