stocks mixed

Stocks Rise On U.S. Economy Reopening, Gold Slides 

Asian markets ended higher on Friday as hopes for a coronavirus treatment and a gradual reopening of the U.S. economy boosts sentiment. Investors shrug off weak economic data from China. China reported that the economy contracted by 6.8% for the first time since 1992, in the first quarter of the year, compared to a 6% expansion in the final quarter of 2019.

The industrial output fell by 1.1% in March compared to a year earlier. Retail sales were down 15.8% in March versus the expectations for a 10% drop, while investments slide 16.1% year-on-year compared to forecasts of a 15% drop.

The Nikkei 225 finished 3.15% higher in 19897; the Shanghai Composite closed up 0.66% at 2838, while the Singapore Straits Times ended 0.09% higher at 2614. The Hang Seng was 1.56% higher at 24380. Australian equities finished 1.31% higher at 5487.  

European markets rise in early trading; the German DAX is 4.20% higher at 10,733. CAC 40 index is 4.27% higher at 4,535, while the FTSE MIB in Milan is 3.16% higher at 17,299. In London, the FTSE 100 is 3.62% higher at 5,831.  

 U.S. economy
XAUUSD Daily Chart

In commodities markets, the crude oil price trades above $25 per barrel amid growing hopes for the reopening of the U.S. economy. The Brent oil is 0.78% higher at $28.46 per barrel. The gold price slumps today amid risk-on sentiment and is 1.94% lower at 1683. The gold first resistance stands at $1,741, the recent high, while the initial support stands at $1,616, the 50-day moving average. Silver (XAGUSD) is 2.3% lower at $15.10.    

Cryptocurrencies retreat today after yesterday’s rally, Bitcoin (BTCUSD) price is 0.26% lower at $7,041, hitting the daily low at $7,007 and the daily high at $7,203. Bitcoin (BTCUSD) technical outlook is bearish, as the price hovers below the major daily moving averages. Only a break above the 7,500 might cancel the recent negative momentum. The first support for BTCUSD stands now at $6,135 the low from April 1. On the other side, initial resistance stands at $7,456, the high from the previous week.

ETHUSD is 1.04% lower, at $170.59, with capitalization at 18.93 billion. The initial resistance for Ethereum stands at 176.55 the high from last week, while the first support stands at $142.55, the low from April 6th trading session. Ripple – XRPUSD is 1.11% lower at 0.1885. Litecoin (LTCUSD) is 0.96% lower at 42.19. The crypto market capitalization stands now at $203.35 billion.

BTCUSD Daily Chart
BTCUSD Daily Chart

In the Lookout: Japan Industrial Production came in at -0.3% below the expectations of 0.4% in February. The Industrial Production declined to -5.7% in February from the previous -4.7%. Japan Tertiary Industry Index came in at -0.5% in line with forecasts. The Japan Capacity Utilization came in at -1.8% below the forecasts of -0.8% in February. 

Trading Perspective: In the fx markets, GBPUSD is 0.08% higher at 1.2463. The EURUSD is 0.01% lower at 1.0837; the Australian dollar is 0.31% higher at 0.6347 against the greenback. The Yen is stronger against the USD; the USDJPY is 0.16% lower at 107.73. NZDUSD trades 0.70% higher at 0.6003.