Asian Stocks Higher On remdesivir Hopes 

remdesivir: a drug for treating the coronavirus
remdesivir: a drug for treating the coronavirus

Asian markets are trading higher for the third consecutive trading session as the risk appetite returns to markets. Positive headlines that Gilead’s coronavirus treatment remdesivir had passed the first clinical trials boosted investors’ sentiment. The upcoming opening of the economies around the globe and the return to normality also support investors’ sentiment. 

The Nikkei 225 finished 2.14% higher at 20,193, despite a sharp drop in April Consumer Confidence Index down to 21.6 in April, from 30.9 in March; The Shanghai Composite is 1.39% higher at 2861, while the Singapore Straits Times is 2.03% higher at 2,627. The Hang Seng is 0.28% higher at 24,643. Australian equities also finished higher at 5,461. 

Wall Street ended higher as the Fed left interest rates unchanged and reiterated that it would do whatever it takes to combat the coronavirus outbreak impact.  Dow Jones finished 2.21% higher at 24,633, and Nasdaq was 3.57% higher at 8,914.  

European markets rise in early trading; the German DAX is 0.11% higher at 10,807. CAC 40 index is 0.16% lower at 4,562, while the FTSE MIB in Milan is 0.67% higher at 17,798. In London, the FTSE 100 is 0.83% higher at 6,007.  

In commodities markets, crude oil continues higher for the second day in a row after better API data on oil inventories. Brent crude oil is 10.17% higher at $22.54 per barrel, while the WTI crude oil futures contract is 10.82% higher at 16.71. The gold price trades higher, adding 0.34% at 1,717. The gold first resistance stands at $1,741, the recent high, while the first support stands at $1,700. Silver price is 0.60% higher at $15.31. 

BTCUSD Daily Chart
BTCUSD Daily Chart

Cryptocurrencies bullish breakout continues today, Bitcoin’s (BTCUSD) price is 5.66% higher at $9,284, hitting the daily low at $8,684 and the daily high at $9,462. Bitcoin’s (BTCUSD) technical outlook is bullish now, as the price returned above the 200 and 100-day moving average. First support for BTCUSD seen at $8,684, the daily low. On the other side, initial resistance stands at $9,485 today’s top.

Ethereum is 3.29% higher, at $222.80. The initial resistance for Ethereum stands at 227.73 the daily high, while the first support stands at $214.56 the daily low. Ripple is 2.55% higher at 0.2326. Litecoin is 2.09% higher at 49.87.

In the Lookout: The German Retail Sales plunge 5.6% in March below the forecasts of -7.3%. 

Moody’s Investor Service, forecasts that Italy’s GDP will contract by 9.3% in 2020 while it expects to grow 6.1% in 2021.

Moody’s forecasts now that the North American crude price will be at  $30 per barrel for 2020 and $40 in 2021. 

Trading Perspective: In the forex markets, the EURUSD is 0.11% higher at 1.0881, USDCHF is 0.21% lower at 0.9713. GBPUSD is 0.06% higher at 1.2473; the AUDUSD is 0.14% higher at 0.6545. The Yen is weaker against the USD; the USDJPY is 0.16% higher at 106.67. 

GBPUSD Daily Chart
GBPUSD Daily Chart

Was this post helpful?