Currently viewing Global edition

'Risks now lie to the upside' on markets

US futures were bleak but elsewhere was mixed as markets face another week of COVID-19 turmoil.
'Risks now lie to the upside' on markets 'Risks now lie to the upside' on markets 'Risks now lie to the upside' on markets 'Risks now lie to the upside' on markets 'Risks now lie to the upside' on markets

Newcrest Mining’s Telfer gold operations in Western Australia

Staff reporter

The number of new confirmed cases jumped by more than 26,000 yesterday to 292,142 globally and the death toll rose by 1,600 to 12,784, according to the World Health Organisation.

Marex Spectron global head of market analytics Guy Wolf said global macro indices had collapsed to a post-GFC low, however "risks now lie to the upside not the downside".

"Global equity markets are seeing out-performance in Asia in recognition of the fact they are ahead in the recovery cycle but what matters is that there IS a recovery cycle," he said on Friday.

The S&P 500 closed down 4.3%, London's FTSE 100 had managed a 0.76% gain while Hong Kong's Hang Seng had closed up 5.05% on Friday.

Over the past 30 days, the spot gold price has ranged from about US$1,702 an ounce to $1,446/oz and was last worth about $1,497/oz.

Base metals were mixed on the London Metal Exchange, which has suspended ring-trading and is shifting all business to electronic pricing from today.

The New York Stock Exchange is also switching to electronic trading from today and has temporarily closed its trading floors in response to the pandemic.

Among the majors, Glencore (LSE: GLEN) gained 1.9% in London on Friday and Barrick Gold (TSX: ABX) lost 2.3% in Toronto.

Gold miners were on the rise in morning Australian trade, with Newcrest Mining (ASX: NCM) up 5% at the time of writing.