Asian Stocks

Asian Stocks Higher, Crude Oil Stabilize

Crude oil rebounds
Crude oil rebounds

Asian markets are trading higher on Thursday as the rebound in crude oil price calmed markets. A relief package from the U.S. government and better than expected corporate earnings also help sentiment. President Trump had given U.S. Navy the green light to destroy any Iranian gunboats that pose a threat to American ships at sea.

The confirmed COVID-19 cases in the U.S. was nearing 850,000, and the death toll has reached 4,340. The Dow Jones ended the session up 1.99% at 23,475, the S&P 500 added 2.29% to 2,799, and the Nasdaq Composite was 2.81% firmer at 8,495.

The Nikkei 225 finished 1.24% higher at 19,373; The Shanghai Composite closed up 0.15% at 2848, while the Singapore Straits Times is 0.29% higher at 2,557. The Hang Seng was 0.40% higher at 23,982. Australian equities ended 0.38% higher at 5,241. 

European markets rise in early trading; the German DAX is 0.79% higher at 10,333. CAC 40 index is 0.46% higher at 4,378, while the FTSE MIB in Milan is 1.21% higher at 16,652. In London, the FTSE 100 is 1.49% higher at 5,725.  

In commodities markets, the Brent crude oil price continues to rebound for the second day. Brent crude oil is 8.04% higher at $22.43 per barrel, while the WTI crude oil is 10.09% higher at 15.17. The gold price consolidates after yesterday’s gains and is 0.09% higher at 1715. The gold first resistance stands at $1,741 the recent high, while the initial support stands at $1,700. Silver is 1.72% higher at $15.26. 

Cryptocurrencies are trading mixed by European midday, Bitcoin’s (BTCUSD) price is 0.44% higher at $7,175, hitting the daily low at $7,016, and the daily high at $7,185. Bitcoin’s (BTCUSD) technical outlook is bearish, as the price trades below the major daily moving averages. Only a move above the 7,500 might cancel the recent bearish momentum. First support for Bitcoin seen at $6,484 the low from April 16. On the other side, initial resistance stands at $7,328 the high from April 18.

Ethereum is 0.25% higher, at $183.69. The initial resistance for Ethereum stands at 187.13 the daily top, while the first support stands at $142.55 the low from April 6th trading session. Ripple is 1.26% higher at 0.1903. Litecoin is 0.14% higher at 41.96.

In the Lookout: Swiss government sees a contraction of 6.7% in 2020 compared to -1.5% previously. 

Germany May GfK consumer confidence came down to -23.4 below the expectations of -1.8. 

The Japan Manufacturing PMI for April came in at 43.7 below the previous reading of 44.8. The Services PMI came in at 22.8 also below the previous reading of 33.8. 

The People’s Bank of China has set the Yuan reference exchange rate at 7.0887 versus yesterday’s fix at 7.0903.

Trading Perspective: In the forex markets, USDCHF is 0.24% higher at 0.9738. GBPUSD is 0.09% higher at 1.2343. The EURUSD is 0.28% lower at 1.0792; the AUDUSD is 0.88% higher at 0.6375. The Yen is stronger against the USD; the USDJPY is 0.35% lower at 107.34. 

EURUSD Daily Chart

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