Asian markets finished mixed on Tuesday as the crude oil price resumed its downtrend, and investors are booking some profits as the stocks are now almost 20% higher since the March lows. Wall Street ended higher for the fourth straight trading session and now is only 20% below the all-time highs.
The Dow Jones ended the session up 1.55% at 24,133, the S&P 500 added 1.47% to 2,878, and the Nasdaq Composite was 1.11% higher at 8,730. Many US states allowed certain businesses to reopen, Italy unveiled a plan for reopening its economy starting next week, and Spain allowed kids to leave their homes.
The Nikkei 225 finished 0.06% lower at 19,771; The Shanghai Composite is 0.19% lower at 2809, while the Singapore Straits Times is 0.07% lower at 2,548. The Hang Seng is 1.00% higher at 24,524. Australian equities is 0.08% lower at 5,317.
European markets rise in early trading; the German DAX is 1.67% higher at 10,837. CAC 40 index is 1.54% higher at 4,574, while the FTSE MIB in Milan is 2.68% higher at 17,846. In London, the FTSE 100 is 1.47% higher at 5,934.
In commodities markets, sellers returned to crude oil. The Brent crude oil price is down for the second day. Brent crude oil is 6.76% lower at $19.99 per barrel, while the WTI crude oil futures contract for June delivery is 16.43% lower at 10.67. The gold price is under selling pressure on profit-taking as it was approaching the yearly highs. Gold is 0.53% lower at 1,702. The gold first resistance stands at $1,741, the recent high, while the initial support stands at $1,692 the daily low. Silver is 0.97% lower at $14.98.
Cryptocurrencies are trading lower in early European day, Bitcoin’s (BTCUSD) price is 0.98% lower at $7,709, hitting the daily low at $7,658 and the daily high at $7,786. Bitcoin’s (BTCUSD) technical outlook is positive for the short term, as the price trades above the 520-day moving average, but the long term picture remains bearish as the price hovers below the 100- and 200-day moving average. The first support for Bitcoin is seen at $6,484, the low from April 16. On the other side, initial resistance stands at $7,798, the high from April 27.
Ethereum is 0.70% lower, at $195.52. The initial resistance for Ethereum stands at 200.11 the high from April 26, while the first support stands at $142.55, the low from April 6th trading session. Ripple is 0.11% lower at 0.1971. Litecoin is 1.12% lower at 44.01.
In the Lookout: The Bank of Japan, Governor Haruhiko Kuroda said that Japan’s financial system remains stable, and banks have sufficient capital buffers. Japanese Prime Minister said that the economy is in a situation he has not experienced before.
Germany’s IFO institute said in a report that it now sees the German economy to contract by 6.6% YoY in 2020.
Trading Perspective: In the forex markets, USDCHF is 0.27% higher at 0.9778. GBPUSD is 0.06% higher at 1.2433. The EURUSD is 0.01% lower at 1.0826; the AUDUSD is 0.15% higher at 0.6473. The Yen is stronger against the USD; the USDJPY is 0.11% lower at 107.12.