Markets Ignore Jobs Data as Chinese Exports Rise
Stock markets registered decent gains as the Chinese export data was much better than expectations of market experts. After having a look at Chinese export and import data, market participants are confident that Chinese economy could recover much faster than earlier estimates and this would help the world economy come out of the troubles caused by COVID-19 pandemic.
Technology stocks have been gaining ground in the last few trading sessions, helping the indices. Another sector offering support is pharmaceutical sector. While energy and finance stocks have been dragging major indices, some other sectors have witnessed recovery. With crude oil price quickly scaling high of USD 35 per barrel in the recent trading sessions, we can expect energy companies to gain further ground.
The markets are still dealing with volatility but the panic has reduced. European indices have also witnessed improvement in the recent trading session, mainly as many economies across Europe have eased lockdowns. Market experts are looking forward to second quarter earnings and this will give a better idea about the impact of coronavirus.
While the number of jobless across the United States has been rising, investors are more concerned about the economic activity picking up. As the jobs data was quite a big concern, the US dollar has declined compared to other major currencies. We can expect further decline for US dollar as it has been strong after COVID lockdowns. During the next few weeks, we could see USD returning back to its earlier valuations. Gold prices jumped by nearly 2 percent yesterday as investors continue shifting money from stocks to safe assets.
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