The main US equity benchmarks climbed today in the hope of better days to come. After the worst quarter since 2008, stocks are still struggling to gain as companies worldwide are cutting dividends and more areas of the world are severely increasing restrictions on movement to stop the spread of the coronavirus.
In France and Spain, the number of casualties rose while the Italians and Germans are looking to extend lockdown measures.
The United States saw an increase in cases again today as New York and New Jersey deaths have doubled in the last 3 days.
The market is clouded by a huge amount of uncertainty and this keeps contributing to the volatility and downwards trend we've seen in the last few days.
Asian stocks slip
As President Trump warns of horrors to come, markets in Hong Kong, Sydney, Shanghai and Seoul fell for the second day in a row.
"Difficult days are ahead for our nation," U.S. President Donald Trump told reporters at the White House on Wednesday.
"We're going to have a couple of weeks, starting pretty much now, but especially a few days from now, that are going to be horrific."
Australia's S&P/ASX200 fell by 2.6% which was led by falls in stocks of banks after the central bank in New Zealand announced a suspension of bank dividends, which therefore hit Australian banks.
Oil price rally
Brent rallied by more than 12% today with hopes of a supply deal among the major producers led by the Saudis and Russians so that a price collapse can be avoided.
After US President Trump said that he spoke with the leaders recently about a deal to end the price war, the price of oil rallied.
However, he mentioned that a deal might be expected in the "next few days".
“I think that they will work it out over the next few days . . . Both know what they have to do,” Mr Trump told a White House press conference on Wednesday.
Brent oil rose to a high of $27.88 a barrel while WTI which managed to hit $21,89, ended up trading at $21.89.
Financial Events to watch for today
14:30 Natural Gas Storage