Weekly Market ReviewsHello traders, here's the weekly market reviews from March 27 to April 2, 2020. Visit financebrokerage.com for more market updates. Enjoy your weekends and keep safe always!#US #China #Covid19 #CrudeOil #WTI #BrentCrude #PMI #Economy #Europe #FTSE #SoftBank #WeWork
Posted by Finance Brokerage on Friday, April 3, 2020
Weekly News Summary for March 27 to April 2, 2019
Friday, March 27, 2020: US Surpasses China in Confirmed COVID-19 Cases
The US has outnumbered China in confirmed COVID-19 cases, with the total reaching nearly 86,000, despite having only one-quarter of the population, while the country’s death toll remained behind China’s and Italy’s at 1,200.
President Donald Trump stated that the figures were a credit to US testing and reiterated his priority of resuming operations immediately, as the people want to get back to work.
Monday, March 30, 2020: Oil Posts 17-year Low on Uncertain Demand Outlook
Oil prices registered a 17-year low on Monday, following Trump’s decision to push back the anticipated reopening of the US economy caused a more serious issue of near-term oversupply.
The West Texas Intermediate (WTI) crude futures fell by 4.6% to $20.52 a barrel after slipping as low as $19.92 earlier in the session, while Brent crude oil futures shed 4.8% to $26.62, pick up from an intra-day low of $25.16.
Tuesday, March 31, 2020: China PMI Registers Strong Improvement in March
China’s economy showed signs of improvement this month after facing record contraction in the first two months of 2020.
The country’s Purchasing Managers’ Index (PMI) was up at 52 in March from 35.7 in February, returning to the level that suggests economic growth.
Wednesday, April 1, 2020: Europe’s Factory Output Hits 7-year Low in March
Europe’s factory activity hit its lowest in seven years in March, triggering a negative mood across European stock markets in early trading.
The figures had been widely expected, although it still drove the Stoxx 600 index down by 2.7% and the UK’s FTSE 100 down by 3.1%.
Thursday, April 2, 2020: SoftBank Withdraws $3BN WeWork Share Buyout
SoftBank Group has withdrawn its plans to buy $3 billion worth of WeWork shares, prompting the risks of legal action from the shared office space provider’s board members.
SoftBank stated on Thursday that it scrapped the deal, which was agreed in 2019 after WeWork was unable to satisfy a set of conditions, although the Japanese company added that it remained fully committed to the US group’s success and its decision would not have any impact on WeWork’s business.
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