Coronavirus outbreaks appear to be under control for the time being while economies around the world keep moving forward in measures for the ‘new normal’ and lack of confidence. Macro data coming in from Asia and news surrounding the discovery of a medical remedy alleviate concerns of the past few days, and the comeback hits Wall Street.
With these ingredients he settled a cocktail of optimism that led to a vigorous rebound in the price of oil. Just one month after the collapse that condemned the Texas barrel (WTI) to negative prices, the futures for delivery in June expire at $ 30 per barrel after two months below this level.
The renewed optimism of the market translated into increases of 3.9% for the Dow Jones, which peeked at 24,500 points. The S&P 500 It gained 3.6% and exceeded 2,900 points. The technological Nasdaq added 2.4% and peeked at 9,200 points.
Important bullish gap that takes us to the highs of last week
The key data of the session came from Japan, whose second estimate of GDP for the first quarter significantly improves the initial forecast and also the forecasts of the experts. The country has released a contraction of 3.4% compared to 4.6% expected and 7.3% from the previous reading.
Further, Singapore it has reported an increase in non-oil exports of 9.7% compared to -5% awaited the consensus of economists.
Oil and antiviral barrels
With all this, just one month after the oil collapse, the scene seems to be avoided with its new expiration. To the relief of investors in ETFs and other derivatives, the decongestion of US reserves and the rebound – albeit weak – in demand leads West Texas Intermediate to $ 32.5, a two-month high with a rise of 10.5%.
Moderna added an energetic 20% before the news of new advances in the study phases for an upcoming vaccine against infection. The American is one of the ones that has most profitable its research efforts against Covid-19.
Investors also paid attention to PorscheBecause the car company has announced that this summer it will launch its new 911 Targa 4 and 911 Targa 4S models in various markets, including the Spanish one. These sports have a propeller of up to 450 horsepower. Its shares rose 7.3%.
BlackRock enters ArcelorMittal
In the industrial sector, the focus was on ArcelorMittal, as the American manager BlackRock (2%) revealed a 5.11% stake in the share capital of the Luxembourg-based metal company and listed on the New York Stock Exchange, among other places.
This move, which spurred the 7.2% increases in value, occurs just in the preamble to a capital increase with which the steelmaker hopes to strengthen its financial capacity against the weak cows of the coronavirus crisis.