(03 April 2020)DAILY MARKET BRIEF 1:Eyes on US NFPs after tragic jobless claims data.
<p>Eyes on US NFPs after tragic jobless claims data. UK’s services PMI could be revised lower.</p>
<p>The US jobless claims shot up by 6.6 million last week, as businesses stopped due to the coronavirus shutdowns leaving millions of Americans seeking for benefits. This was the double of last week’s claims and this week’s expectations.</p>
<p>As predicted, the US dollar gained following the largest jump in US jobless claims on record; the Dow and the S&P500 ended a volatile session up by 2%. Nasdaq gained 1.72%.</p>
<p>Energy stocks (+9%) led gains in New York, as oil soared 35% after Donald Trump twitted that he expects Saudi and Russia to curb production by as much as 15 million barrels to halt the meltdown in oil. His tweet didn’t mention if this amount would be per day, or over an extended period. And given the very significant number, we wouldn’t be surprised to see investors disappointed by a much smaller action, if there is any in the first place.</p>
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