Our markets analyst @SaniKhan gives us his #Top5ThingsToKnowToday in financial markets, including:
-1. Oil continues to slide and nosedive
After the lowest ever month for the demand, concerns are now in full swings as to what will happen when June Contract of Oil are settled. Some analysts are anticipating a similar situation in US that close to Canada which offered oil for free. These analysts believe, US Oil could witness make new low of negative 100 at the Closure of June Contracts.
- WTI by 20%, after the contract plunged 25% on Monday Apr 27, 2020.
2. S&P 500, Dow are up with the hopes reopening hope
Wall Street has recovered more than 30% from its March lows in the anticipation of reopening. Still, the benchmark S&P 500 index (SPX) remains 17% away from a record high hit in February. Analysts have warned of further declines.
3. A Contraction of 4% in US GDP is expected
Lockdown crushed economic activity and threw millions of Americans out of work. Focus is now on the first-quarter GDP figures, due on Wednesday Apr 29, 2020. Economists are expecting a contraction of 4% in the US GDP.4. Exports to Gulf States rise by 36%
A press release of Ministry of Commerce, GoP stated that rice, meat and vegetable exports to gulf countries recorded an impressive gain of 57% during Jul-19 and Apr-20. The pandemic has proven to be an opportunity for export of these commodities to UAE, KSA and QATAR. Pakistan and Iran which trade on bilateral basis also recorded an increase of 8%5. The cost of Imported Mobile Phones to go down
The Government is working on reducing the tax on the imported mobile phones and is considering to reduce the customs duty on the goods and kits of mobile phones to encourage local manufacturing.www.insidefinancialmarkets.com