Daily Report

3 de Abril de 2020
Daily Report 03.04.2020
  • In yesterday's session, investors’ risk appetite rose moderately despite the release of recession-like economic data. Initial U.S. unemployment claims rose to 6,648k people in the week ended March 28 (3,341k in the previous week) and Fed officials recognized that the U.S. economy will likely experience a severe contraction.
  • In the geopolitical front, Donald Trump mediated on the Saudi Arabia and Russia oil price war and it is likely that OPEC will hold a meeting with its allies to curb production. Oil prices surged by 20% and the barrel of Brent reached $30.
  • In this context, stock indices edged up modestly (with the energy sector leading the gains), sovereign yields ticked up in Germany and in the U.S. and the euro weakened below $1.09.
  • In Spain, the impact of covid-19 on the labor market was severe in March and unemployment rose by 311k people (seasonally adjusted terms and mom).