US markets closed significantly higher on Friday, as the DJ30, SPX500 and NSDQ100 all gained more than 9%. Over the weekend, the Federal Reserve announced two measures to try and prevent a coronavirus recession: Lowering interest rates to 0% and a $700 billion quantitative easing (QE) program. However, Wall Street futures still point to large losses when markets open today, as all three major indices hit “limit down”, indicating they may open 5% lower.
Today’s highlights: Global markets remain lower
- G7 leaders to discuss coronavirus today: Financial leaders from Canada, Italy, France, Germany, Japan, the UK and the US will hold a call today, discussing potential measures to battle the ongoing financial impact of the coronavirus. To stay updated on the most recent market developments regarding the coronavirus scare, check out eToro’s Ongoing Updates blog post.
- Asian markets open lower: The global pandemic is still impacting markets in the East, as both the HKG50 and China50 indices were seen more than 4% lower at time of writing, while the JPN225 index was down less than 0.5%.
- Oil continues to fall: The ongoing price war between OPEC and non-OPEC member, coupled with fears of lower demand due to the coronavirus, continued to weigh on oil markets, as prices were down more than 2% this morning.
- Crypto market show declines: Cryptocurrencies showed little movements over the weekend, however, over the past 24 hours, registered more losses. At time of writing, Bitcoin was down more than 4%, trading around the $5,000 mark, with 6 other top 10 cryptos falling 4% or more, 3 of which falling more than 8%.
- Nike and Apple close retail stores in the US: The sports apparel giant and the tech leader both recently announced that they will close all stores in the US in light of the coronavirus scare. Starbucks has announced a “to-go only” policy, baring sitting in any of its cafes across the US.
- Europe opens lower: The UK100 fell 122 points, the GER30 tumbled 307 points and the FRA40 opened 138 points lower.
Stocks earnings releases on 16/03/2020
Stocks earnings releases on 17/03/2020
Earnings season continues: To follow upcoming earnings reports, go to eToro’s Earnings Reports Calendar. Please note that maximum leverage for CFD stocks will be limited to X5 one day ahead of earnings report releases. X10 leverage will be available again soon after the report is published.