Desktop Broker TV

Market wraps 30th April 2020

Morning Bell - Jessica Amir

The Australian share market looks like it will re-enter a bull market this morning following a stellar night on overseas and commodity markets, as the world is closer to a vaccine for COVID-19. The Aussie futures are eyeing a lift of 2% at the open, so if the ASX200 does see that rally, the local market would have collectively gained 21% from its March lows which means we’ll be back in bull territory, as a bull market is defined as a gain of 20%. 

Global markets rallied for three important reasons:

US biotech tech company, Gilead revealed its trial cured over 50% of the patients with severe COVID-19, with a five-day dose of it's drug Remdesivir. 
COVID-19 cases are slowing in the U.S
The US Federal Reserve pledge to keep rates as close to near zero to help the US economy.

Today, investors will be watching: ANZ (ASX:ANZ), Fortescue Metals Group (ASX:FMG), GPT Property Group (ASX:GPT), Mirvac (ASX:MGR), Qantas (ASX:QAN) and Woolworths (ASX:WOW).

This evening, all eyes will be on weekly jobless claims.