27th April 2020 Overnight Market Wrap

Key Points

U.S. stocks firm on Friday as pre-weekend position squaring dominates
U.S. Durable Goods fall 14.4% in March
Unconfirmed Rumor: North Korea’s Kim Jong-Un has died

Bias: Risk neutral

Commentary

U.S. stocks finished slightly firmer on Friday, with a bounce in tech and financial stocks leading the indexes firmer. An apparent base in oil prices saw short-coverers come in and support the market ahead of the weekend. On the data front, U.S. Durable Goods fell 14.4% in March.

The USD was broadly weaker on Friday, although moves were within tight ranges. Reports that North Korea’s Leader Kim Jung-Un is either brain dead, very sick or dead had little impact on trade, with most players awaiting confirmation.

Oil prices seemed to have found a floor, posting a small bounce on the day on Friday. Gold edged lower, amid light volume trade.

Bias

Expect a very quiet session in Asia today, with the Monday factor, combining with a lack of fresh cues from overnight trade and a complete lack of local data. No range extensions are expected. The BoJ will meet today, with the market expecting further measures from the Japanese Central Bank.

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