Bannockburn: stocks, gold stronger amid 'glimmer of hope'
A wide range of markets, including stocks and gold, are higher on a “glimmer of hope” in the world’s efforts to combat the spread of COVID-19, said Marc Chandler, managing director of Bannockburn Global Forex. Risk assets are underpinned by reports suggesting that some of the “hot spots” for the contagion appear to be leveling off, he said. “The curve seems to be flattening in Italy, Spain and France,” Chandler said, adding that there are “some early signs of leveling off” in New York, the hardest-hit U.S. state. Stock bourses rose in Asia and Europe. In the U.S., the futures for the Dow Jones Industrial Average are nearly 800 points higher in electronic trading ahead of the open on Wall Street. “Core bond yields are edging higher, and the U.S. 10-year benchmark yield is up around six basis points to 0.66%,” Chandler said. He later added, “Gold is moving higher with the risk assets today to extend its advance for a fourth session and is approaching $1,650.” As of 7:58 a.m. EDT, spot gold was $23.70 stronger at $1,645.50 an ounce. However, crude oil is one of the markets on the defensive.