6th May 2020 Overnight Market Wrap

6th May 2020 Overnight Market Wrap

 Key Points

  • Stocks finish firmer, but off session highs. Other markets mixed
  • Fed Chairman Clarida: “V” recovery was around the corner
  • U.S. Non-Manufacturing PMI firmer than expected

Bias: Risk neutral


U.S. stocks finished firmer, but off session highs overnight, supported by comments from Fed Chairman Clarida that a “V” recovery was around the corner. After hours trade saw a significantly worse than expected earnings result from Disney

Currencies saw the Big Dollar shadow moves in 10-year notes, with yields sliding on the day. Markets were again quiet over the global session, with volatility not returning amid recent public holidays.

Oil prices posted another bounce overnight, supported by expectations that production cuts and a recovery in demand will support prices.


Expect another quiet day in Asia today, with Japan again out on holidays. Data today sees Australian Retail Sales and a slew of European PMI numbers. Tonight sees U.S. ADP Non-Farm Payrolls

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