Daily Alert – Wednesday 11th March 2020: Recovery in equities and oil peters out
Yesterday saw a recovery in global equity indices and oil. However this improvement has not rolled over into today. Trump’s “stimulus” press conference was a damp squib, with the president himself not attending and with no details forthcoming.
The Bank of England today made an emergency 50bp rate cut in an unscheduled intervention.
With Japan about to declare a state of emergency due to COVID-19 and further spreading of the virus around the world and in the US, sentiment is fragile.
I placed two trades on WTI long which have both been taken out at breakeven this morning.
I will watch with interest the ECB rate decision tomorrow. They currently have a rate of 0% so any rate move into negative territory or a ramping up of QE could move the market significantly.
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