Today’s podcast comes on the back of uncertainty in the global markets. Equiti global analyst Gaurav Kashyap in Dubai and Mark Lee in London take us through their weekly outlook. We hope some of the insights will give our audience a better idea on how to navigate the financial markets in this turbulent time.
Gaurav notes that there is some good news on COVID19 treatment as a US firm has gotten approval from the FDA to proceed with COVID19 test-taking 15 minutes to get results and expected to hit shops in 2 weeks.
However, the analysts noted that the impact of COVID19 on the labour market will be clear later this week. The US weekly job claims will be released on Thursday and expected to surge due to halting of airlines, services industries. Last week saw the figure rising to a record 3.28 million jobless claims. On Friday the US non-farm payroll statistics will be released and expected to drop. The retail, education sectors to start feeling the impact soon. Overall unemployment rate expected to rise to 3.9% from 2.5%.
For Mark Lee he believes that the tracking of COVID19 cases and trends European and US markets will help stabilize assets.
Gaurav feels there are opportunities in gold futures for long term trading, expects to hit 1703 levels in the upcoming 2 weeks and $1580 -1600 in the same period.
