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Comments by Japanese economy minister, Yasutoshi Nishimura
ForexLive

Spain reports highest daily fatalities related to the coronavirus
Adding to the less comforting news is that the number of confirmed cases has risen to 94,417 from 85,195 yesterday. That marks a ~11% increase, which breaks the slowing trend in the previous two days of ~8% yesterday and ~9% the day before.

More to come..
ForexLive

Latest data released by Eurostat – 31 March 2020
– +1.2%
– Prior +1.2%
ForexLive
The headline figure slumped as expected, owing to a drop in energy prices over the past few weeks. However, the core reading is also seen weakening and that isn’t quite good news as inflation pressures continue to go nowhere.

China tweaks its reporting for case counts again
There has been a big debate among local opinions as to whether or not China should start reporting these numbers as the current reporting could offer a false sense of calm, creating an environment where the virus may start spreading again.

Retail sales value dropped by 44% year-on-year last month
ForexLive
The 44% y/y plunge in retail sales value is the most on record, with retail sales volume also taking a plunge of nearly 47% y/y in the month of February.

Comments by RKI chief, Lothar Wieler
– This optimism is still justified
– Any change in the virus trend will be clearer after Easter
– Says that actual mortality rate from the virus in Germany is ~0.8%
ForexLive

Latest data released by the Federal Employment Agency – 31 March 2020
– -10k; revised -8k
– Unemployment rate 5.0% vs 5.1% expected
– Prior 5.0%
ForexLive

NHK reports with the figure
mentioned
The 78 cases reported today will exceed the Sunday figure and will mark the biggest daily increase in confirmed cases in Tokyo, bringing the total tally to 521 cases.

Global Markets:

• Asian Stock Markets : Nikkei down 0.88%, Shanghai Composite up 0.11%, Hang Seng up 1.32%, ASX down 2.02%
• Commodities : Gold at $1637.30 (-0.36%), Silver at $14.33 (+1.42%), Brent Oil at $26.83 (+1.55%), WTI Oil at $21.19 (+5.48%)
• Rates : US 10-year yield at 0.710, UK 10-year yield at 0.393, Germany 10-year yield at -0.467

News & Data:

• (GBP) Current Account -5.6B vs -7.0B expected
• (CNY) Non-Manufacturing PMI 52.3 vs 42.1 expected
• (CNY) Manufacturing PMI 52 vs 44.9 expected
• (NZD) ANZ Business Confidence -63.5 vs -19.4 previous
• Social distancing creates $8 trillion in economic benefits, study says
• BOJ Fix for Bank Funding Sparks Turmoil in Japan’s Repo Market

Markets Update:

Asian stock markets with the exception of Japan are in positive territory on Tuesday following the overnight gains on Wall Street and as data from China that showed the country’s manufacturing sector moved back into expansion in March.

The announcement of additional stimulus measures by the Australian government and upbeat economic data from Japan also boosted sentiment. The latest survey from the National Bureau of Statistics said that the manufacturing sector in China moved back into expansion in March, with a manufacturing PMI score of 52.0 – beating forecasts for 45.0. That’s up sharply from 35.7 in February, and it moves back above the boom-or-bust line of 50 that separates expansion from contraction.

Mainland Chinese stocks were higher by the afternoon, with the Shanghai composite up 0.1% while the Shenzhen composite added 0.5%. Hong Kong’s Hang Seng index also gained 1.3%. Investor sentiment in Australia received a boost after the Australian government announced a third stimulus package worth A$130 billion to deal with the economic impact of the coronavirus pandemic. In South Korea, where stocks led gains among the region’s major markets, the Kospi rose 2.2%.

Oil prices steadied, after diving to the lowest in almost 18 years on Monday as lockdowns for the virus squeezed demand even as Saudi Arabia and Russia vied to pump more product.

In the gold market all the talk has been of a rush of demand for the physical product amid shortages in coins and small bars. Flows into gold-backed ETFs have ballooned by $13 billion so far this year, the most since 2004.

Upcoming Events:

• 06:00 AM GMT – (GBP) Current Account
• 12:30 PM GMT – (CAD) GDP m/m
• 01:45 PM GMT – (USD) Chicago PMI
• 02:00 PM GMT – (USD) CB Consumer Confidence

European indices are up by roughly 2% to start the session
ForexLive
The DAX is now up by over 2% on the day as stocks extend gains to start the morning session. There is little headlines driving the moves right now as the market continues to take an extended breather after last week’s action.

A more positive start to the day
– Eurostoxx +1.3%
– Germany DAX +1.5%
– France CAC 40 +1.3%
– UK FTSE +1.1%
– Spain IBEX +1.1%
ForexLive
Decent gains across the board with US futures also sitting about 0.5% higher to start the session. The market mood is a bit more mixed with bonds also staying bid so far, 10-year Treasury