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    Euro rises despite а stronger dollar

    Risk mood turns more measured, euro threatens parity again

    Investors stay nervous as tensions escalate

    Investors start the week on a cautious note

    Equity markets mixed ahead of the weekend

    Markets struggle for direction ahead of the weekend

    Stocks climb marginally, pressuring the greenback

    Investors welcome cooling inflation, dollar sags

    Yellen failed to spook global markets

    Risk-off tone dominates global markets

    Stocks making recovery attempts, markets remain unstable

    Stock markets little changed amid cautious trades

    A mixed start to the week in the global markets

    Markets mixed after strong US jobs data

    Stock markets rebound on strong corporate earnings

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    Risk sentiment turns positive, but caution persists

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  • FUNDAMENTALS
    Euro rises despite а stronger dollar

    Risk mood turns more measured, euro threatens parity again

    Investors stay nervous as tensions escalate

    Investors start the week on a cautious note

    Equity markets mixed ahead of the weekend

    Markets struggle for direction ahead of the weekend

    Stocks climb marginally, pressuring the greenback

    Investors welcome cooling inflation, dollar sags

    Yellen failed to spook global markets

    Risk-off tone dominates global markets

    Stocks making recovery attempts, markets remain unstable

    Stock markets little changed amid cautious trades

    A mixed start to the week in the global markets

    Markets mixed after strong US jobs data

    Stock markets rebound on strong corporate earnings

    Markets look tepid ahead of NFP data

    Investor sentiment looks neutral at the start of the week

    Risk sentiment turns positive, but caution persists

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Home » Global market sentiment deteriorates after a rally

Global market sentiment deteriorates after a rally

EU leaders will hold a virtual summit to discuss their response to the coronavirus outbreak

by Stephen Soo
March 26, 2020 12:46
in Fundamental analysis
0
EU leaders will hold a virtual summit to discuss their response to the coronavirus outbreak

Wall Street stocks finished mixed overnight, as investor optimism started to wane after a decent relief-rally fueled by aggressive supportive measures announced by the US authorities. The S&P 500 and Dow Jones Industrial Average still ended up more than 1% and 2%, respectively, while the Nasdaq Composite dropped 0.45%, giving up earlier gains. 

Initially, investors cheered the reports that the Senate appeared near a vote on a $2 trillion package but later, stocks had to trim gains amid some doubts about how quickly the bill might pass. 

In Asia, equities were mostly negative, as skepticism over the efficiency of the measures in the United States started to emerge. As a result, Tokyo’s Nikkei 225 fell 4.5% and Hong Kong’s Hang Seng was down 0.5% while the Shanghai Composite Index dipped 0.2%.

European markets opened lower on Thursday, as global market sentiment continued to deteriorate. Later in the day, EU leaders will hold a virtual summit to discuss their response to the coronavirus outbreak. The comments and statements from this front may support stocks by the end of the session. 

In currencies, the greenback extends the decline against major counterparts despite risk aversion has reemerged. EURUSD surged past the 1.09 handle and is nearing the initial resistance around 1.10, where the 50-DMA lies. GBPUSD struggles around 1.1980 on the way towards the 1.20 mark. USDJPY slipped below 110.00 after several failed attempts to break above the 111.70 resistance area.

In other markets, oil prices have settled below $30, with Brent crude struggles for direction amid massive stimulus measures across the globe. On the other hand, concerns over a decline in global energy demand and rising production continue to weigh on traders’ sentiment, preventing the prices from a sustainable recovery. In the short term, Brent will likely stay under the selling pressure and may even get back below $28 should risk sentiment deteriorate further. 

Meanwhile, bitcoin has settled around $6,600 after yesterday’s rejection from two-week highs just below the $7,000 handle. Despite the bearish pressure in the cryptocurrency market has eased recently, investors remain cautious and prefer to take profit on short-term rallies. On the downside, the immediate support arrives at $6,300.

Tags: BITCOINBRENTDOW JONESEUEURUSDGBPUSDNasdaqNikkeiOilUSDJPY
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Stephen Soo

Stephen Soo

Stephen's specialty is fundamental analysis. He graduated from the Booth School of Business, the University of Chicago. Stephen currently cooperates with several news agencies, and on FWNews he publishes macroeconomic news and reviews on brokerage companies.

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