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DAILY MARKET REPORT

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“Nurses are the real heroes of this epidemic”, Dr Marco Vergano, Turin Italy. To all doctors and nurses who are risking their life to cure coronavirus patients, we salute and thank you all!

EQUITIES

European shares rose on Tuesday, following a sharp sell-off in the previous session triggered by panic over the hold that the coronavirus has over Europe and the resulting damage to business activity and company finances globally.

OIL

Oil and gas companies around the world are planning to slash spending in the face of a plunge in oil prices caused by the spread of the coronavirus and a push by Saudi Arabia and Russia to flood the market with supply. Saudi Arabia’s national oil company Aramco said it planned to cut capital spending for 2020 to between $25 billion and $30 billion, compared with $32.8 billion in 2019.

CURRENCIES

The Japanese yen has weakened against the US dollar as risk currencies gained some bids amid choppy trading and high volatility in global financial markets over hopes of further stimulus measures to protect against economic recession. While the Euro showing signs of weakness over the rapid rise in the number of coronavirus cases across the Eurozone.

GOLD

Gold prices fell almost 2% on Tuesday, extending losses from the previous session’s meltdown. On Monday the yellow metal slipped to their lowest level since late November to $1,456.80.

Economic Outlook

The Philippine Stocks, bond and currency trading closed until further notice, becoming the first country to shut financial markets in response to the widening coronavirus pandemic. The closures take effect on Tuesday (March 17).

U.S. President Donald Trump on Monday said economic disruptions from the spread of the coronavirus and measures taken against it could lead to a recession.

During the US session, eyes will remain on the US Retail Sales figures. The data is due at 12:30 GMT, and the core retail sales are expected to drop to 0.1% vs. 0.3% beforehand.

Coronavirus Update: In US the White House has advised people not to gather in groups of more than 10, as US cases passed 4,400, with at least 87 fatalities. In Indonesia, the world’s fourth most populous nation has just reported another 26 cases, bringing its total to 172.

Technical Outlook

GOLD: The precious metal dropped again below the $1,500 on Tuesday. Currently the price trading below $1570 and the next important level to watch yesterday’s low $1452. On the other side break above $1500 will open $1520.

Quote of the day: When you make a trade you must have the patience to wait for opportunities to exit right or to make a profit.            

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