Daily European Opening News - 19th May 2020.

5/19/2020 11:34:00 AM
  • Asian equity markets were higher across the board as the region took impetus from the global stock rally
  • Germany and France proposed a EUR 500bln recovery fund and to give grants–not loans–to member states
  • White House spokesperson called China's USD 2bln pledge to the WHO a "token" to distract from China's failure to warn the world of what was coming
  • BoE's Tenreyro said MPC has not ruled out any policy tool and that it is her personal view that negative rates have had a positive impact in Europe
  • In FX, DXY remains below 100, EUR/USD and GBP/USD have reclaimed 1.0900 and 1.2200 respectively
  • US President Trump said extending the PPP time frame for the funds to be used "should be easy" and that the administration is mulling an "explore America" tax credit
  • Commodities were mostly higher overnight in which oil prices extended on the prior day’s strength, while there also reports that China’s oil demand has nearly returned to pre-COVID levels and data began to show slight increases in US air travel.
Market sentiment looking Good
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