Wall Street stocks rose marginally on Friday despite dismal US economic data rising U.S.-China tensions. The Dow gained 0.25%, the S&P 500 advanced 0.39% while the Nasdaq Composite climbed 0.79%. U.S. monthly retail sales fell by 16.4% last month while core retail sales dropped 15.3%.
Today in Asia, stocks gained after the Federal Reserve governor said in the recent interview that the American economy might start to recover this year from the coronavirus pandemic. Japan’s Nikkei 225 added 0.48% even after Japan slipped into a recession in the first quarter. Gross domestic product shrank an annualized 3.4% in the three months through March. On the trade front, White House trade advisor Peter Navarro said that Beijing sent “hundreds of thousands of Chinese on aircraft to Milan, New York and around the world” to spread the COVID-19 virus after hiding it from the world for two months.
European stock markets opened on a positive note, supported by data showing the slowest rate of growth in new-virus cases since late February. Economies across the continent continue to lift lockdown restrictions, adding to optimism among investors. Besides, risk sentiment has improved amid rising oil prices on expectations of demand pickup and supply cuts.
In currencies, the dollar is marginally higher against major counterparts. EURUSD still struggles to overcome the 1.08 handle despite the risk-on tone prevails in the financial markets. USDJPY climbed to the 107.30 area but the pair is yet to confirm a breakout on a daily closing basis.
Elsewhere, Brent crude continues to climb on Monday as investors bet on a recovery in energy demand following the coronavirus crisis. The futures climbed to five-week highs around $34. Oil prices continue to recover, being supported by output cuts and signs of a gradual recovery in fuel demand as more countries ease restrictions imposed amid the coronavirus pandemic. Once above $34, Brent crude will target the $35 barrier.
