27-4-2020 10:41:3327-4-2020 10:37:2127-4-2020 10:32:1727-4-2020 10:13:5427-4-2020 10:09:2127-4-2020 10:04:29Shares surged in Europe and the US as governments around the globe moved towards comprehensive fiscal responses to the Covid-19 outbreak. Details emerged of negotiations between the White House and Congress that indicate a $1.2 trillion package. Bond yields lifted across the board, with US ten-year yields climbing a highly unusual 0.36%.

However another slump in oil prices and a lift in spot gold suggests commodity markets are unconvinced. The US S&P 500 volatility index fell almost 7%, but at 76% is still reflecting conditions seen only once before – during the Global Financial Crisis.

Unsurprisingly commodity currencies are under pressure. USD/CAD traded through two big figures overnight, taking the Canadian dollar to its lowest level in four years. The Australian dollar traded below 60 US cents for the first time since 2003.

Share future indicate opening gains in Japan and Hong Kong, although Australian futures are 0.5% lower after yesterday’s 5.8% gains. The rapidly evolving global outlook means Japanese trade data for February, due this morning, is unlikely to significantly impact trading.

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