Markets Wrap: Global Oil Sinks; Stocks Set to Rising in Asia After US Gains

US stocks overnight posted a new fresh high on the back of stronger economic data. Non-farm payrolls increase by 916,000 in March exceeded expectation of a 647,000 increase. The unemployment rate fell from 6.2% to 6%. According to ZERO Markets’ Metatrader 4 platform, all three major equity indexes rose by 1.13% to 1.67%. 

Indices futures in Japan, Australia, and China all pointing higher. While Hong Kong will remain closed.  

Commodity traders were caught off guard as oil prices plunged as the looming Iranian supply weighed down hopes for a quick decline in oil inventories. The Zero Markets’ MT4 showed WTI futures plunged around 4.5% to near $58.95 per barrel. 

The greenback was weaker against major forex currency in fx trading on Monday. EUR/USD rose from lows near 1.1734 to highs around $1.1819. AUD/USD rose from lows near to h$0.76 highs around $0.766 reversing the downward trend from last week.

Bill Hwang’s Archegos Capital Management saw another wave of block trade being disposed through Credit Suisse on Monday as a result of the leverage trading with the lack of sufficient margins. The blocks included Farfetch Ltd., Vipshop Holdings Ltd., and ViacomCBS Inc. All three companies were lower in postmarket trading. 

Key events this week:

  • Australia’s Reserve Bank policy decision (Tuesday)
  •  US Federal Reserve Minutes (Wednesday)
  •  China’s consumer and producer prices data (Friday)
  •  IMF panel on the global economy (Friday) 

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