Two 59%+ winners, four above 25% in Aug – How this AI model keeps picking winners
(Fixes day reference in paragraph 2 to 'Tuesday' from
'Wednesday.')
By David Randall
NEW YORK, April 8 (Reuters) - World equity markets moved
higher and oil prices stabilized on Wednesday on hopes the
coronavirus pandemic is peaking and that more government
stimulus measures could be on the way.
After U.S. stock markets closed on Tuesday, President Donald
Trump said the United States may be getting to the top of the
coronavirus curve, suggesting the number of cases and fatalities
may have peaked. The Trump administration asked Congress for an additional
$250 billion in emergency economic aid for small U.S. businesses
reeling from the impact of the outbreak. Broad gains in the U.S. helped push MSCI's index of global
equities .MIWD00000PUS up 1.26% after a rally in Japan and
modest declines in Europe.
In midday trading on Wall Street, the Dow Jones Industrial
Average .DJI rose 496.11 points, or 2.19%, to 23,149.97, the
S&P 500 .SPX gained 54.38 points, or 2.04%, to 2,713.79 and
the Nasdaq Composite .IXIC added 139.12 points, or 1.76%, to
8,026.38.
"After the market rallying, we are having some consolidation
as we are in a bottoming process, and you cannot have a V-shaped
recovery," said Francois Savary, chief investment officer at
Swiss wealth manager Prime Partners. "Trading is between 2200 to
2800 on the S&P 500 at the moment and we will stick to that for
the time being as we are in recovery phase."
Gains in the U.S. helped bolster other world markets after
euro zone finance ministers failed to agree during all-night
talks on more support for their coronavirus-hit economies.
Eurogroup chairman Mario Centeno said on Wednesday he was
suspending the discussions until Thursday. France has officially registered more than 10,000 deaths
from coronavirus infections, making it the fourth country to
cross that threshold after Italy, Spain and the United States.
Hospitalizations for COVID-19, the disease caused by the new
coronavirus, seemed to be leveling off in New York state, but
deaths across the United States jumped by a record of more than
1,800.
Wuhan, the Chinese city where the coronavirus emerged, ended
its more-than two-month lockdown on Wednesday, but new imported
cases in the far northern province of Heilongjiang surged to a
daily high of 25. Investors edged out of U.S. Treasuries, which have rallied
to record-low yields over the last month. Benchmark 10-year
notes US10YT=RR last fell 5/32 in price to yield 0.75%, from
0.734% late on Tuesday.
"While the virus' curve is flattening, the economic effects
of the corona crisis will linger for years in our view,"
Commonwealth Bank of Australia economist Joseph Capurso said in
a note.
"Economies will take time to re-open, some businesses will
not re-open, and unemployment will take years to return to
levels reported at the end of 2019."
Oil prices rose ahead of a meeting on Thursday between OPEC
members and allied producers that traders hope could lead to
output cuts to shore up prices.
Brent crude LCOc1 added 1.2% to $32.25 per barrel after
falling 3.6% on Tuesday. U.S. West Texas Intermediate (WTI)
crude CLc1 rose 3.3% to $24.40 a barrel. <^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^
Global currencies vs. dollar http://tmsnrt.rs/2egbfVh
MSCI All Country Wolrd Index Market Cap http://tmsnrt.rs/2EmTD6j
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