Chinese data lifts FTSE

Chinese official manufacturing data for March, the period when Chinese factories started reopening after the worst of the coronavirus and after movement restrictions started gradually being lifted, showed a far better reading than most market watchers hoped for. The reading of 52, up from only 35 in February, has moved above the 50 line which demarcates contraction from expansion. It also provided the light at the end of the tunnel for Europe, now in the full grip of the pandemic, indicating that the economic bounce back post the virus could be relatively quick.

On the FTSE Melrose Industries is trading up nearly 20% followed by tobacco and betting companies. Supermarkets have recently been the flavour of the day and Tuesday they are also trading higher after data showed that panic buying and stocking up before the virus fully has started expanding in the UK increased retailers’ sales by 20%.

But the pound has lost a little bit of ground to the euro and the dollar as traders hold back on buying sterling, expecting that the health situation in the UK will become worse over the next 10 days.

WTI crude recovers after drop to pre 2000 lows

WTI is recovering after flirting with the $20 line, a level not seen since the turning of the millennium, and a level causing President Trump to call on Vladimir Putin to change his sales strategy over the next month. However, with WTI crude hitting various stop loss levels on its way down, technical trading is likely to have more effect in the short term than any fundamental changes.

From time to time, StoneX Financial Pty Ltd (“we”, “our”) website may contain links to other sites and/or resources provided by third parties. These links and/or resources are provided for your information only and we have no control over the contents of those materials, and in no way endorse their content. Any analysis, opinion, commentary or research-based material on our website is for information and educational purposes only and is not, in any circumstances, intended to be an offer, recommendation or solicitation to buy or sell. You should always seek independent advice as to your suitability to speculate in any related markets and your ability to assume the associated risks, if you are at all unsure. No representation or warranty is made, express or implied, that the materials on our website are complete or accurate. We are not under any obligation to update any such material.

As such, we (and/or our associated companies) will not be responsible or liable for any loss or damage incurred by you or any third party arising out of, or in connection with, any use of the information on our website (other than with regards to any duty or liability that we are unable to limit or exclude by law or under the applicable regulatory system) and any such liability is hereby expressly disclaimed.

FOREX.com is a trading name of StoneX Financial Pty Ltd.

The material provided herein is general in nature and does not take into account your objectives, financial situation or needs.

While every care has been taken in preparing this material, we do not provide any representation or warranty (express or implied) with respect to its completeness or accuracy. This is not an invitation or an offer to invest nor is it a recommendation to buy or sell investments.

StoneX recommends you to seek independent financial and legal advice before making any financial investment decision. Trading CFDs and FX on margin carries a higher level of risk, and may not be suitable for all investors. The possibility exists that you could lose more than your initial investment and CFD investors do not own or have any rights to the underlying assets.

It is important you consider our Financial Services Guide and Product Disclosure Statement (PDS) available at www.forex.com/en-au/terms-and-policies/, before deciding to acquire or hold our products. As a part of our market risk management, we may take the opposite side of your trade. Our Target Market Determination (TMD) is also available at www.forex.com/en-au/terms-and-policies/.

StoneX Financial Pty Ltd, Suite 42.01, 264 George Street, Sydney, NSW 2000 (ACN 141 774 727, AFSL 345646) is the CFD issuer and our products are traded off exchange.

Delayed London Stock Exchange (LSE) Data

The London Stock Exchange (LSE) market data displayed or referenced on this website is provided on a delayed basis and is not in real time. The delay period may vary but is typically at least 15 minutes. This data is intended for information purposes only and should not be relied upon for trading, investment, or other financial decisions. We do not guarantee the completeness, reliability, or suitability of the data for any particular purpose. Users should consult real-time data sources and obtain professional advice before making any financial decisions.