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Global virus infections tops 2. 5 million with more than 175,000 deaths. U. S. Cases climbed 5 . Their biggest increase since april 10. Its get you started when it comes to the state of trading in asia. We are setting up for this wednesdays session. Sophie kamaruddin in hong kong for us. Sophie we are seeing mckay futures edge slightly higher with s p eminis expecting more eruptions in the region after asia was led lower by india on tuesday. Earnings adding to that drag. The yen just Holding Steady in the face of a stronger dollar, which is trading at a twoweek high and gold just resuming gains with spot prices up 11 this year and bank of america is bullish on bullion, raising its cold 18 month target to 3000 an ounce. Moving onto oil now, wti for june back above 13 a barrel after slipping below 10 in the new york session, which was pricing weakness in the front month contract. They are allowing for negative options to be lifted f ....
Reduce the burden on medical inststitutioions and to prproter health. A abe declared a state of emergency for tokyo and six otheher prefecectures two weeks but expanded the declaration to the entire countntry last week. Since then the number of people venturing outside has dropped but t some Tourist Spots contin to be packed with visitors, including the city of kamakura, its a seaside town located just outside tokyo. Abe says its important to reduce the trend, especially with the string of holidays set to start next week. The minister in chaharge of coronavirus measures says h he wants the companies to abide by the governments request to shutter their doors. Translator weve received multiple reports that some businesses are not following the request. There are also cases of people traveling to other prefectures to visit facilities that are still open. Japan does not have laws to force businesses to close, but nishimura says he may ....
The s p 500 are lower. Wti trading at 5. 31. We have a lot to discuss about the oil markets. The 40s and staying there. The dollar index inching ever higher. Sticking with the oil markets, we had that etf halted earlier today, as it was tapped out. Lets take a deeper dive in the oil market with taylor riggs. Taylor as you mentioned, a risk off tone across the board even as we look across asset. High yield of debt is down, so is copper. 10 year yields down to 56 basis points or so. The lowest yields going back to march. The dollar is stronger, treasuries are stronger. Dollar is ruling in this time of stress. Something else going on in the oil markets, on the uso etf, it was briefly halted for volatility trading. It is now reopened but we are still down. It does reflect the changes we have seen in the wti contract. It has been plummeting along with the price of oil. If you look at the chart im showing in my terminal, something wonky is going on in the etf market, given there is such a ru ....
And the pandemic could double the number of people going hungry around the world. And finding ways to stay in business how small shopkeepers in iraq is survival in the coronavirus restrictions. Now with the pandemic throwing world all markets into turmoil donald trump says his government will bail out the u. S. Industry the president told his energy and treasury secretaries to formulate a plan to make Funds Available to ensure the survival of american oil and Gas Companies well that follows an unprecedented collapse in u. S. Prices because of a plot in supply the u. S. Futures market dive deep into negative territory for the 1st time ever on monday the lowest the price of the benchmark u. S. W. T. R. Blend sank to minus 37. 00 a barrel the International Benchmark brant crude is trading at around 20. 00 a barrel ....
A lot of investors and traders like to see that broadbased movement. We have a nice risk on move. It is not clear this is not simply a bear market rally. It is too early to say. Today the bulls are out once again. David that is reasonably cheerful. Now i have to ask you about oil because it has fallen out of bed. Abigail we have oil down more than 25 . The crude oil crash continues. This is an important point relative to stocks. On the year, stocks are down 10 . Oil is down 80 . Both are considered to be risk asset tells. Oil you can make that case is more closely tied to the economy. Because you have oil solo, some of it has to do with the Technical Training factors. At the end of the day, it reflects a demand shock we are seeing. Unless oil comes back, it is hard to see the economy looking all that strong me time soon. With thetock investors case folks are looking ahead to 2021. If you have oil down that sharply it is hard t ....