European Shares Seen Opening Higher In Cautious Trade

European stocks may open slightly higher on Wednesday after the U.S. Senate
unanimously approved 484 billion dollars in fresh relief for the economy and hospitals hammered by the coronavirus pandemic.

In another development, the U.K. government announced that the human trial of a potential Covid-19 candidate vaccine being developed by researchers at University of Oxford will begin from Thursday.

Asian markets edged lower this morning after data showed the U.S. recorded
2,751 casualties in the past 24 hours, in the process crossing 45,000 casualties overall. There are 25.57 lakh confirmed cases worldwide and almost 1.77 lakh deaths from the Covid-19 outbreak.

The U.S. state of Missouri has sued China’s leadership over Covid-19, seeking damages over what it described as deliberate deception and insufficient action to stop the pandemic.

The World Health Organization (WHO) said that all available evidence suggests the novel coronavirus has an animal origin and was not manipulated or produced in a laboratory.

Gold prices held steady in Asian trading as the dollar held broad gains against rivals. Oil prices extended losses even as the Trump administration vowed to stem job losses and rescue the oil industry with stimulus funds and other measures.

Consumer and producer price figures from the U.K. are due later in the session, headlining a light day for the European economic news.

The EU will release flash euro area consumer confidence survey data, with economists expecting the corresponding index to fall to -19.6 in April from -11.6 in March.

U.S. stocks fell sharply overnight to extend losses from the previous session as both benchmark Brent and U.S. oil futures for June delivery plunged to around two-decade low and the latest earnings reports from big companies provided the latest evidence of the damage wrought by the coronavirus pandemic.

The Dow Jones Industrial Average tumbled 2.7 percent, the tech-heavy Nasdaq Composite lost 3.5 percent and the S&P 500 shed 3.1 percent.

European markets slumped on Tuesday as oil’s collapse deepened and U.S. President Donald Trump announced that he would soon suspend immigration into the country.

The pan European Stoxx 600 gave up 3.4 percent. The German DAX nosedived 4 percent, France’s CAC 40 index slumped 3.8 percent and the U.K.’s FTSE 100 declined 3 percent.

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