Top Things to Know in the Market on Tuesday, April 14th

• 2020-04-14
• Traiding Idea

The OPEC+ deal saved more than 2 million jobs in the United States

The vulnerability of America's shale patch became apparent with falling oil prices due to the Russia-Saudi Arabic price war. But the recent agreement to reduce OPEC+ production saved jobs in the U.S. oil industry, said Kirill Dmitriev, CEO of the Russian Direct Investment Fund (RDIF).

The U.S. president, who was involved in negotiations, tweeted that the deal "will save hundreds of thousands of energy jobs in the United States." 

But Kirill Dmitriev believes Trump's tweet was modest. "We believe that more than 2 million jobs in the U.S. will be saved as a result of President Trump's leadership on this," he said.

"The total number of jobs in the U.S. oil and gas industry is 10 million. But if you count other industries affected by this, you're talking about huge job numbers, adding that Russian jobs will also be saved. Without this deal, oil prices would have gone a lot below $10 a barrel," he added.

the gold price has jumped to its highest level in 7 years

On Tuesday, the global gold price jumped more than 2% to its highest level in more than seven years, with the negative impact of the Corona pandemic on the global economy and U.S corporate earnings.

Spot Gold surpassed the $ 1,700 pivot and climbed 2.06% to $ 1,723.62 an ounce, the highest level since December 2012.

U.S gold futures rose 2.64% to $ 1,778.10 an ounce, and hit their highest since February 2013.

"U.S. equities are having large fluctuations and people that can't stomach these kinds of moves are continuing to pile into gold," said Phil Streible, chief market strategist at Blue Line Futures.

European stock markets

Although the Coronavirus has damaged the global economy and investors are waiting for the publish of Company Financial Statements, global stock indices have risen.

In London, the FTSE 100 index dropped 1.97 % and closed at 5,842.66. French CAC 40 index rose 1.44 % and closed at 4,506.85 points.

Also, Germany's DAX 30 index surged 2.44 % to 10,564.74. In Spain, the IBEX 35 index climbed 1.71% to 7,070.60.

Asian stock markets

Asian stocks rose on Tuesday, despite reports of declining Chinese exports.

Japan's benchmark Nikkei 225 advanced 3.07% and closed at 19,627.83. The Hang Seng in Hong Kong was up 0.79% to 24,491.87.

China's Shanghai Composite gained 1.38% and ended at 3,804.89.

In Australia, the S&P/ASX 200 index surged 1.87% to 5,488.10. Among other major Asian indices, TOPIX (Tokyo Stock Price Index) was up.