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.