Asian Markets are weak on U.S. Jobless claim & Gilead Sciences Covid 19 Drug News.

Nifty

Key Points for Asian Markets Weakness

  • U.S. weekly Jobless claim jumped another 4.4 million- totaling 25 million Americans lost their jobs due to covid 19 Pandemic.
  • Gilead Sciences Drug Remdesivir has failed to cure patients with severe COVID-19 in a clinical trial conducted in China.
  • U.S. Stimulus package of $ 484 billion bill cleared by the House of Representatives.
  • Most of U.S markets pared its early gains and closed with small losses.
  • Asian Markets are trading in Red territory this morning.
  • SGX Nifty is showing a deep cut for our markets.

This morning Asian Markets are showing weakness due to high unemployment rate in U.S. due to corona virus pandemic. This has resulted in job loss of 25 million Americans since the outbreak of the disease.

Last week, the U. S. markets had gained on the news ” Gilead Sciences drug name Remdesivir is curing the Covid-19 patients”. Yesterday WHO report suggest that the drug has flopped to cure the patients.

Asian Markets

The report revealed that the death rate is similar at 13.9 percent for Remdesivir drug versus 12.8 percent in the control group.

This has resulted in the sharp drop in US markets on Thursday trading. As stocks pared all the gains in early trading.

  • Dow Jones Industrial Average gained by 39.44 points, or 0.17 %, close at 23515.26. At one point of time, it was at 23875.
  • The S&P 500 closed flat with loss of 1.51 points, or 0.054%, ends at 2797.8.
  • Nasdaq Composite Index  closed with a loss of 0.63 point, or 0.0074%, close at 8494.75.

Asian Markets Weakness

This Morning Asian Markets are ignoring a positive news “U.S. Stimulus package of $ 484 billion bill cleared by the House of Representatives“. The bill will now need to be signed by President Donald Trump that can happen any time this week.

Asian Screen

IndicesCurrent ValuePrev. Close% Change
Nikkei (Apr 24)19272.4219429.44-0.81%
Straits Times (Apr 24)2523.722542.37-0.73%
Hang Seng  (Apr 24)23942.8923977.32-0.14%
Kospi (Apr 24)1906.571914.73-0.43%
Jakarta Composite (Apr 24)4561.874593.55-0.69%
Shanghai Composite (Apr 24)2824.882838.5-0.48%
SGX Nifty (Apr 24)9207.59306.5-1.06%
Time 8.50 A.M

How to trade this Morning?

This morning SGX Nifty is showing a negative start of Indian market at around 9200 level. We recommend you not to short this market as news flow from the Governments all around the world is positive.

Today strategy is to go long on any sign of strength in Nifty future with a target of 9250 level and stop loss at 9100 level. Trade near this stop loss

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