European markets are higher this morning as more lockdown restrictions are lifted.
- On Friday: European stocks ended higher reacting positively to news on U.S.- China trade front, and data showing a slightly smaller than expected increase in U.S. job losses in the month of April.
- US stocks saw some further upside over the course of the trading day. The major averages added to the gains posted in the previous session, with the tech-heavy Nasdaq reaching its best closing level in well over two months.
- Asian stocks moved mostly higher as trade-war fears receded and investors awaited the latest U.S. jobs report to gauge the economic impact of the coronavirus-induced lockdown.
- Investors will continue to monitor the impact of COVID-19 on the global economy, with focus turning to US and China retail trade, industrial output and inflation data; UK, Germany and Netherlands first quarter GDP figures; Eurozone industrial production; Japan current account and producer prices; Australia employment figures, business and consumer morale; and India inflation and industrial activity. Central banks in New Zealand and Mexico will be deciding on monetary policy.
- The number of confirmed cases of coronavirus around the world surpassed 4 million, of which more than 280 thousand died and over 1.3 million recovered. In the US, the epicentre of the disease, the number of infections surpassed 1.3 million, more than one-third of the global total. Across the Atlantic, Spain, the worst-affected European country, registered 223,578 cases, followed by the UK (220,449) and Italy (219,070). The US is the country with more deaths caused by the virus (78,932), followed by the UK (31,930) and Italy (30,560).
- The dollar index was little changed at 99.8 against a basket of currencies on Friday after data showed the US economy lost a record 20.5 million jobs in April, less than market expectations of a 22 million cut, while the unemployment rate hit an all-time high of 14.7%, below forecasts of 16%. Risk appetite was broadly higher on the day as more countries plan to reopen their economies and trade tensions between Washington and Beijing eased after representatives from both countries held a phone call and discussed the Phase 1 trade deal.
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