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Top 5 Things to Know in the Market on Tuesday | March 24th 2020

Top 5 Things to Know in the Market on Tuesday | March 24th 2020

  • Update Time : Tuesday, March 24, 2020
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Top 5 Things to Know in the Market on Tuesday | March 24th 2020
Top 5 Things to Know in the Market on Tuesday | March 24th 2020

MarketDeal24.Com – The coronavirus pandemic is negatively impacting almost all the countries of the globe. Where it has so far infected around 392,159 people and claimed the lives of another 17,138. The ‘Phase 3’ financial stimulus package by the United States government remains deadlocked due to contentions over corporate access to government bailout finance. Capital markets located across different parts of globe are rebounding on top of backstop steps announced by the Federal Reserve on Monday. The outbreak in Italy, the worst-hit in Europe is showing a tentative sign of easing. UK, on the other hand, is going for a full lockdown and a state of emergency has been declared across the entire Kingdom of Thaniland. Prices of the crude oil seems to have recovered some lost ground on hopes that an agreement between United States and Saudi Arabia will stabilize the market.

Here are five most important things listed that are going to define the theme of the day.

Senate Deal Blocked Again

The financial package declared in the US Senate, the upper house of Congress, got blocked as lawmakers from the Democratic Party objected to its scope and their perceived ease of federal aid to big corporations. The worth of the package was $2 trillion USD.

House of Representatives Speaker Nancy Pelosi on Monday declared a rival rescue package worth $2.5 trillion that aims handouts to families and small businesses ventures.

The number of confirmed coronavirus cases in the U.S. continues to soar, passing 46,000 mark according to report from John Hopkins, while over 500 have died so far.

Light at The End of Italy’s Tunnel

Italy, the worst-hit country in Europe and currently the epicenter of the coronavirus outbreak in the world, has reported a second consecutive day of plunge in new cases, prompting hopes that it can be near to the inflection point.

Italian government bond and capital markets regained some lost ground sharply after a report saying that Germany was willing to approve a loan from the European Stability Mechanism (ESM) to combat the virus, with little or no conditionality as regards its fiscal policy.

The German Minister for Economic Affairs however, has declined the proposal of a joint debt issuance by Euro Zone. The Eurogroup will gather later and is widely expected to discuss demands for such steps from countries as Italy, Spain, and Portugal.

Market Bounce Hugely

Capital markets located across differents parts of the United States are supposed to open sharply higher after their Asian and European counterparts saw the market recovering some lost ground. Almost unlimited backstop measures declared by the US central bank is considered as a trigger.

The European benchmark Stoxx 600 was up by 5.0%, while Japan’s Nikkei had closed up by 7.0%. China’s CSI 300 shot up by 2.4%.

Worst Ever PMIs

The ground survey conducted by IHS Markit is painting a different picture than most capital markets today. Those survey looks extremely negative or pessimistic.

The eurozone composite Purchasing Managers Index reported by IHSMarkit dipped to a lower-than-expected 31.4 points in March, from 51.6 points in February. The analogous number for the U.K. fell to 37.1 points, well below the 45.1 points predicted.

Crude Bounces on Hopes of US-Saudi Agreement

The crude oil prices are gaining some lost ground on hopes a possible deal between the United States and Saudi Arabia to stabilize the energy market. By 6:45 AM ET, U.S. crude futures were up 6.4% at $24.86, while the international benchmark Brent crude was up 4.6% at $28.27 a barrel.

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