Market News

Trump has made a national speech in Asian session , but helplessly disappointed the market. Now, WTI futures plunged 5-6% to 31 USD per barrel, and the three major US index futures fell more than 4%. According to CME FedWatch,  in March meeting, the probability of the Federal Reserve cutting the interest rate by 100 basis points to 0% -0.25%, rise to more than 90%, which was about 50% earlier.
Investors keep paying attention to the oil market. Russia stated on Tuesday that the possibility of joint measures with OPEC to stabilize the oil market could not be ruled out. Novak, the Energy Minister of Russia, stated on Wednesday (11th) that Russia will participate in the March OPEC + meeting and continue to communicate with OPEC. Oil prices rose in early trading session on Wednesday. However, Saudi Aramco reported that the company received a instruction from the Ministry of Energy requesting to increase its maximum sustainable production capacity by 13 million barrels per day. Oil price is now dropping back in European session.  
Some major central banks, such as Australia, Canada, and the United States, have made the first move. Today Wednesday(March 11)before the European session, the Bank of England also joined the team to cut interest rate by 50 basis points.
US President Trump said that "significant" measures will be taken to boost the economy, which is the main reason for the decline in gold price. In response to the impact of the new coronavirus pneumonia epidemic on the economy, it is basically expected that countries around the world will loosen their policies.
Generally, the market remains pessimistic in the coming weeks, as the epidemic continues and there are no signs of control, leading those risky assets being bearish. At present, investors are expecting that central banks and governments around the world will soon launch stimulus policies to calm the panic financial markets.
On Tuesday in the Asian session, the stock market generally rose slightly as the market expected policymakers to adopt a stimulus policy to assure some panic selling. The benchmark 10-year U.S. Treasury yield has doubled to 0.68%, and oil prices have risen more than 6%, making people hope that at least in the short term, the market has found a bottom.
Gold price has fallen since reaching the high of several years. In the earlier session, due to risk aversion sentiment this week, most likely caused by the news and decision from Saudi Arabia and Russia, gold price has been pushed up to above $1,700 level,  reaching a high of $1,703.40.
Oil prices fell on Thursday as there was no sign of a slowdown in the new crown virus epidemic, heightening concerns about the global economy, and prompting investors to sell more high-risk assets such as stocks and crude oil, and shift funds to safe-haven assets.