Shares in the United States on Thursday closed on a positive note with the technology sector lifting market sentiment led by Netflix and Amazon.
The Dow closed the day 0.14% while the Nasdaq 100 jumped 1.93% and the S&P 500 rising 0.58% higher.
Major US corporates began reporting their earnings this week even as the Federal Reserve warned that the economic activity suffered a “sharp” reduction due to the COVID-19 outbreak.
On Thursday, US Department of Labor announced initial jobless claims for the week ending 11 April fell by 1.37 million to 5.25 million bringing the total number of US Citizens who have lost jobs to about 22 million in the just four weeks as a result of the coronavirus crisis. Initial jobless claims hit an all-time high at 6.8 million in the week ended March 27 even as Morgan Stanley estimates that the figures will gradually begin to fall in the coming weeks as firms factor in the impact on business operations.
Commodities & Metals
The spot price of gold in pounds, euros and Swiss francs this week hit a new all-time high as investors focused on safe havens amid coronavirus fears.
The UK and the EU on Wednesday resumed Brexit talks after halting the discussions due to COVID19 outbreak.
However, IMF MD Kristalina Georgieva on Thursday urged the UK to seek an extension of the post-Brexit transition period to reduce uncertainties caused by the pandemic.
“My advice would be to seek ways in which this element of uncertainty is reduced in the interests of everybody, of the UK, of the EU, of the whole world,” Georgieva told BBC.
Media reports, however, suggest that the UK will say no to EU if Brussels proposes extending the Brexit transition period which is currently scheduled to end on December 31.
After declaring a nationwide state of emergency, Japan announced it will give $930 to each of its citizens to help them overcome the current crisis. The total package is about $11 Billion