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Based out of Auckland, New Zealand, we bring an institutional trading experience to the retail market.

After tanking many equities at the end of last week, the new coronavirus variant out of South Africa will likely be of primary interest to investors leading to the end of 2021. Nonetheless, the show must go on, and several vital data reports from the world’s major players are released this week.

*Please note; The author is working from UTC +13 when determining the timeline of data releases.

What Will Traders Be Watching This Week?

29 Nov – 04 Dec, 2021

Monday, November 29:

Quiet Monday.

Tuesday, November 30:

Freshly re-elected Federal Reserve Chair Jerome Powell is scheduled to speak (pre-recorded) on Tuesday morning. However, Powell won’t touch on US inflation, interest rates, and bond-buying issues. Investors might glean more critical information from the speeches of Fed representatives Richard Clarida (Vice-Chair), John Williams, and Michelle Bowman, who all speak Tuesday morning.

The Europeans Union’s Inflation Rate YoY for November is released Tuesday night. A rise from 4.1% the previous month to 4.5% is expected. Even so, It would be a shock for the European Central Bank to pull away from its ultra-accommodative stance in reaction.

Wednesday, December 01:

We are graced with another Fed Chair speech on Wednesday. This speech should be more closely watched than Tuesday’s.

Powell will testify before the US senate in a speech tilted Coronavirus and CARES Act. It will be interesting to see if Powell’s tone on the transitory nature of inflation has changed to match that of US Treasury Secretary Janet Yellen.

Thursday, December 02:

Closing the week will be employment data from the US. First up is the US ADP Employment Change for November. ADP employment is forecast to rise by more than 500K, marking a third straight month of such rises if actualised.

Friday, December 03:

Quiet Friday.

Saturday, December 04:

The November Unemployment Rate and Non-Farm Payroll (NFP) are released early Saturday morning. A value in the Mid-500K is expected for NFP, while Unemployment is expected to fall one percentage point to 4.5%.

With employment being a more significant factor for the Fed under Powell’s tenure than previous Chairs, a solid report should help strengthen investors current understanding of the Feds position and timeline on rate hikes and tapering.

APAC should be hogging most traders’ attention in the first half of the coming week. China and New Zealand take the spotlight up to Wednesday. A sprinkling of US and European data helps to round out the offerings.

*Please note; Author is working from UTC +13 when determining the timeline of data releases.

What Will Traders Be Watching This Week?

22 Nov – 26 Nov, 2021

Monday, November 22:

China opens the week and reveals its 1Y Loan Prime Rate. The People’s Bank of China (PBoC) has kept the 1Y Loan Prime Rate at 3.85% for the past 18 months. No change in the rate is expected on Monday. However, looking to a long-term change, China’s Premier Li Keqiang noted on Friday that China is facing “many challenges” in managing the downward pressure on its economic growth and rising commodity prices.

Tuesday, November 23:

New Zealand releases data on Retails Sales (Q3) in the lead up to the country’s Central Bank Interest Rate decision on Wednesday. Retail Sales in the last two quarters rose 3.3% and 2.8% respectively. A projected -0.5% is expected in Q3 as the country’s largest city has been in lockdown for the entire Q3 period.

European and Great Britain Markit PMI Composite data (NOV) is also released on Tuesday. Aggregating the data from the economies’ Manufacturing and Service sectors, the PMI is a broad indicator of economic expansion or retraction. Although still firmly within an expansionary range, a slight pullback in the PMI values is expected for both economies.

Traders

 

Wednesday, November 24:

US Markit PMI Composite data (NOV) is up next. Unlike Tuesday’s PMI data, US PMI is expected to lift ever so slightly from 58.4 to 58.8.

As mentioned above, the Reserve Bank of New Zealand (RBNZ) will be updating the market as to its Interest Rate decision. A 25 basis point hike to 0.75% is all but guaranteed at this point. Speculation of a 50 basis point hike has emerged in reaction to Inflation Expectation in the country, reaching 2.96% in two years. Although, such a significant hike is unlikely and deviates from RBNZ precedence.

 

Thursday, November 25:

Thursday is all about the United States. For October, durable Goods Orders, New Home Sales, and Personal Spending data are released in quick succession. Any beat or miss in the slightly optimistic forecasts for these data points should be pounced upon by traders.

The FOMC minutes are then released later in the morning. Fed representatives have been vocal about their stance on inflation, employment, and the need to keep a loose monetary policy for the short term, all last week. These notes should be reflected in the FOMC minutes.

Traders

Friday, November 26:

A quiet Friday closes the week. South Korea’s Interest Rate decision should be watched closely. A 25 basis point increase is possible, which would bump the Interest Rate to 1% from 0.75%. Analysts are split as to its likelihood as the South Korean Government has other tricks up its sleeve to curb rising prices (such as removing fuel taxes).

​#interestingfact: The S&P 500 has not had a 5%+ drawdown from a peak for the past ten months.

This timeframe equates to over 200 sessions. As this hot run continues, more and more analysts come out of the woodwork, predicting that it will shortly come to an end. Perhaps these analysts are correct, and the S&P 500 will hit a wall at 4,500, a value the index crossed for the first-time last Friday. Coincidently, it was also the time the S&P 500 hit its 8th 100-point day for 2021.

As it currently stands, the S&P 500 is at 4,528.79, up another 19 points on Monday trading.

Of course, this consistent rise of the SPX is out of the norm and, therefore, concerns investors. While we cannot control the unforeseeable, we can follow the market announcements coming out of the US (or other appropriate regions) that might keep us abreast of possible changes in market sentiment and direction.

Economic reports

It is an atypically quiet week on the US reports front. It is not until Wednesday that the big boy reports are released.

ADP Employment Change

united-states-adp-employment-change S&P 500

The precursor to the Non-farm Payroll, the ADP Employment Change report, is forecasting 500K jobs added to the US private sector economy in August. Bear in mind that this report's estimates were off by more than 70% (330K vs 695K expected) last month.

If the ADP Employment Change number comes in at 500K, it will signal a big turnaround for the private sector job placement, which has steadily declined since a record 882K jobs in May. This decline could be forgivable if the 20 million jobs lost in April 2020 had since been regained. However, as it stands, the US economy is still down a net 4 million jobs.

EURUSD NFP S&P 500

NFP creeps in on Friday

The consensus is that 750K jobs have been added to the US economy in August, more than 100K less than expected last month. But, as we all know, NFP beat the expectations of July by a significant number and injected a great deal of optimism in the USD (see EURUSD chart).

How did this big NFP beat translate on the S&P 500?

S&P 500 NFP

Click to enlarge

For the past four NFP job reports, we can observe a pattern.

When the NFP disappoints, the S&P 500 has a rough few days. This rough patch is clearly illustrated in May, where the NFP reported a paltry 266K jobs vs an expected 978K. What ensued on the following Monday was three days of selling, resulting in the S&P 500 falling from 4,233 to 4,058. The SPX didn't gain back those losses until the day before the next NFP was released.

When the NFP beats, the S&P 500 falls, but by far less than when it misses. This begs the question: What will it take for the S&P 500 to react positively? I think it is waiting for an NFP to report more than a million jobs, like last reported in August 2020 (July Job numbers). Otherwise, the Russel 2000 Index will be the biggest beneficiary of the positive, but not grand, NFP reports.

US Non Farm Payroll: Will stimulus checks stop people seeking jobs?

The Non Farm Payroll report detailing the number of jobs added to the US economy in March is released this Friday, 8.30 am (EDT). The FED is projecting an optimistic 680K new jobs, while the market consensus is that the payroll will report in at 655K. For context, the payroll value for the preceding month came in at 379K. Since February, the US economy has opened up a lot, explaining the considerable jump in the payroll value.

The US Non Farm Payroll is an important event on the economic calendar, and market makers around the world will be watching the announcement with a sharp eye.

US non

What happens if the payroll number comes in lower than projected?

This is an important question. The market doesn’t appreciate unpredictability, and a hint of weakness in the US economy could lead to some sharp corrections.

The Russell 2000 index has been on a tear for the past year, and a correction could be imminent. A poor March payroll value could be the catalyst for the correction event. Small to medium enterprises make up a decent portion of the US economy (over 50% last time I checked). The Russell 2000 is an index comprised of small to medium enterprises. Thus, the health of this sector is under intense scrutiny when payroll numbers are released. With such phenomenal success in the past year (up ~98%), the index is begging for something to slow it down.

What might cause a low payroll value?

Perhaps the US economy is not as resilient as the market thinks. Or maybe, and here I would like to posit a question: Might the stimulus checks dissuade the unemployed to seek work? It is not a crazy assumption, a little “right-wing” for my taste, but entirely unfathomable. It could be argued that a portion of those unemployed in the previous month have less incentive to find work when the government is providing Covid relief checks.

Mix in the possibility of the White House sending out another round of stimulus checks, and the impetus to find work is further diminished.

Week ahead - GDP, CPI & Unemployment

This week ahead, we have a plethora of data coming out across the world dictating the strength of "main street" and its contribution to the Coronavirus Pandemic's global recovery.

With that said, the Coronavirus continues to present itself as a factor pulling back the global economy's growth. With financial markers such as Brent Crude and WTI prices returning to pre-pandemic levels, evidence of life post Coronavirus slowing down is coming into sight. However, as shown, even the countries who handled the Coronavirus well indicate that we still have to grapple with the strengthening strains.

Case in point – I am currently writing this at home, as New Zealand, renowned for their Coronavirus Response, has placed their largest city, Auckland, back into a level 3 lockdown following three community transmission cases from the stronger UK Strain.

However, as we all know, financial markets do not sleep. Here is your week ahead.

Sunday, 14th Feb – Japan's GDP Figures Quarter over Quarter

Japan's GDP Figures

Japan has not had the best success regarding the fight against the Coronavirus. Initially praised for their no lockdown strategy, dependent on the mask-wearing, cleanliness culture Japanese citizens exhibit. Three waves of the Coronavirus later, each larger than the previous, and the Japanese Government depend on the vaccine to help save their citizens from further infections.

However, the Japanese economy is showing its strength, and analysts predict they may come out of the pandemic stronger than expected. Unemployment has stayed at a modest 2.9% due to Bank of Japan's corporate lending scheme, alongside bankruptcies falling by around 20% from a year earlier in recent months. Analysts predict GDP growth of 10.1% in the last quarter of 2020.

Tuesday. 16th Feb – Eurozone's GDP Quarter over Quarter and Year over Year

Last year today, the Coronavirus had started to hit the shores of many countries. A couple of months later, most of the Eurozone would have concluded that their lockdowns were adequate in eliminating most of the virus and that citizens may freely roam around Europe for the summer.

That decision would cost them many more lives and setback the road to recovery.

It is now 2021, and we're approaching the same period in which these decisions were made. However, now, Europe has been slowly rolling out the Coronavirus vaccine to citizens. However, the President of the European Commission, Ursula von der Leyen, has stated that the EU was late to rollout and authorize Coronavirus vaccines and are "still not where we want to be." However, a better than expected GDP print may mean stronger Euro, which may be detrimental to exports.

Wednesday, 17th Feb – United Kingdom's CPI Figures

With the United Kingdom slowly getting a grasp on the Coronavirus with the help of a vaccine, the new strain provides new challenges as British scientists state the U.K Coronavirus strain is "likely" 30% to 70% deadlier than the original. With that said. Boris Johnson is Optimistic that the Coronavirus Lockdown can be eased soon – however, as history shows, lockdown is only effective if there has not been community transmission for weeks. Analysts predict CPI to drop slightly to 0.5% from 0.6% year over year.

Wednesday, 17th Feb – U.S Retail Sales

Like the United Kingdom, the United States has been given a tailwind in the form of a vaccine. However, similar to the United Kingdom and Europe, the vaccine's distribution infrastructure has been criticized. With the U.S having many months to prepare for the eventuality of a vaccine. Cases are down from their all-time highs, although still above 100,000 for their daily average. Analysts predict U.S Retail Sales to rise to 0.7% this week ahead, up from -0.7% a month before.

Thursday, 18th & Friday, 19th Feb – Australia's Unemployment Rate for Jan and Retail Sales Month over Month.

Australia has recovered from a devastating 2nd wave by introducing a drastic lockdown near the middle of 2020. However, there have been many flare-ups around Australia, with one in Sydney and one currently in Melbourne, which has caused the local Government to implement a short lockdown. However, there has been evidence over the past couple of months of Australians using the money they have saved during the past lockdowns and spending it. With that said, analysts predict a slight fall in the unemployment rate to 6.5% from 6.6 in January, with retail sales expected to bounce to 2% from a negative 4.1%.

Busy week ahead. Trade safe, and stay safe.

Week ahead - Speeches, Retail sales, Unemployment and CPI's

Earnings season! As we end another quarter, public companies worldwide will start to open up their books to the market, showing us how well (or not well) they did during the Coronavirus. Here's your week ahead.

$2000 on a new iPhone, or $2000 in the markets?

Monday, 12th October – ECB President Speech

With the ECB signaling that they are ramping up measures to meet their mandate of 2% by slashing their already negative rates and broadening their lending requirements, Investors and Traders should expect extreme volatility in Euro currency pairs as Christine Lagarde further elaborates on these measures. Currently, Interest rates are at 0%, with real rates being in the negatives. Any more hints confirming a move for interest rates to go lower by Lagarde, and expect the Euro to weaken dramatically.

Monday, 13th and Tuesday, 13th October – Bank of England's Governor Bailey Speech, and ILO's Unemployment Rate

The UK was in a position to flatten squash the curve – but they blew it. Fully in their second wave, Prime Minister Boris Johnson has put the country in lockdown too late. Their first wave saw them get around 6,000 new cases per day at its peak. Now they get upwards of 12,000 cases per day. This puts Governor Bailey in a difficult position. He states that "we are by no means out of firepower, not out of luck in terms of policy tools." However, the second wave may deplete the firepower. However, Governor Bailey is for Boris Johnson and the European Union to agree, stating that he thinks "it is in the interest of both sides – lets be blunt – to get an agreement."

The UK publisher "The Mail" disclosed that representatives from Britain's largest lenders have talked to central Bank Officials to prepare for interest rates to plunge below zero. It is stated that Lloyds Bank and NatWest have drawn up plans to invest over 100 Million pounds into upgrading their computer systems to cope with the negative interest rates change.  Currently, the UK's interest rates sit at 0.1%.

On UK's unemployment rate – 3 months ago, The Guardian posted an article stating, "If a second wave of Covid can be avoided, the UK's Unemployment Rate is likely to rise to 11.7% by the end  of the year…" As we know, the second wave is in full swing meaning unemployment most definitely going to rise further than the 11.7% predicted. Market consensus expects the three month unemployment rate to be 4.3%, slightly higher than the 4.1% print the last time.

Tuesday, 13th October – United States CPI figures

The United States experienced a mostly expected curveball last week, with its President, Donald Trump, contracting the Coronavirus. With election season coming up, Trump has vowed to reopen the United States Economy as fast as possible in hopes for a Hail Mary. However, his reopening may have cost many American lives, as the Coronavirus continues to ravage the economy.  With that said, analysts predict CPI to increase slightly to 1.4%, from 1.3% print previously.

Wednesday, 14th and Thursday, 15th October – RBA's Governor Lowe Speech and Australia's Employment Change

Australia has done something that the UK has not been able to do - recover from a second wave. The outbreak in Victoria has largely been controlled, although they have continued to stay in lockdown. However, it seems like geopolitical issues have come to hinder their economy. China has reportedly sent out orders to several state-owned steelmakers and power plants to stop coal imports with immediate effect.

Alongside the government's 98 Billion dollar stimulus plan, the market is pricing in a 75% chance that the Reserve Bank of Australia will cut interest rates from 0.25% to 0.1%. This was from the RBA's deputy governor Guy Debelle hinting at imminent further easing. See moves in the Australian Dollar if Governor Lowe continues to give hints to crate cuts.

On Thursday, expect a drop of around 50,000 Jobs in Australia. This is a far cry from the 111k positive employment change in the previous print.

Friday, 16th October – US Sales figure and a Presidential Debate…… or not?

On the Commission on Presidential Debates' recommendation that Trump and Biden debate virtually due to Trump testing positive for the Coronavirus, Trump says no. Now both candidates are scrambling to find venues to reach their voters in the last stretch of the election. The debate on 22nd October, set to be held in Nashville, will likely be the final face-off between the two candidates before election day.

With people in the United States moving freely, it's a surprise that Retail Sales are predicted to be slightly down this month at 0.5% as suppose to 0.6% the month before. However, this may be due to the employment figures last week being worse than expected.

A busy week ahead as we approach earnings season, and crucial election periods creep up. We have the new iPhone release coming out on Wednesday (Tuesday in America), and banks the likes of Citibank and JP Morgan releasing earnings this week.  Stay safe, Trade safe.

Blessings on Wall Street, Blood on Main Street

Wall Street has been on a tear recently. Here is a graph that shows the juxtaposition between Wall Street and Main Street

NASDAQ (in blue) against Non-farm Payroll (in red) change year-to-date  

The red line shows the percentage number of non-farm payrolls lost during the Coronavirus. The blue line represents the NASDAQ. As 12% of non-farm payrolls or 20 million Americans were made redundant, the NASDAQ retracts all of its losses during the year and edges up a gain of 1.8% year to date. How is it that millions of Americans are losing their jobs, yet pension funds and 401k's are squeezing out gains from Wall Street like the Coronavirus didn't exist?

Investors don't distrust Wall Street

The end of March was where Investors felt the most pain. Coronavirus turned into this problem that China was facing into a pandemic that encompassed the reality of everyone. As such, retail and institutional investors fled their risky assets, which provided them prosperity over the 9-year bull run into less volatile assets. For some that were sitting on the sidelines, a glaring entry point arose to, as they say, "buy the dip." With the NASDAQ being weighed nearly 50% towards technology stocks, it is no wonder why it has edged a gain year to date. As we stay at home, reliance on technology is more prevalent than ever. However, this does not explain why they're up if so many people have lost their jobs?

Wall Street looks into the future; jobs look at the present.

Part of the answer lies in the fundamental nature of stocks: they are anticipatory assets. Investors all around the world look at stocks to what they thing future earnings will be. For example, we can likely all agree that Zoom has had an influx of new customers using their platform, therefore come earnings season they are expected to have good numbers.

Warren Buffet was not convinced.

Not everyone is looking at the drop in asset prices looking to buy. Most notably, Warren Buffet, who is known to be the "lender of last resort," remains on the sidelines as his war chest nears $140B. Furthermore, he has fully exited his stake in his airline positions, stating uncertainty.

Unfortunately, for many businesses, jobs are an expense liability that does not have the luxury of being deferred into the future – they have to pay their employees now. And in these unprecedented times, there is very little demand for many goods and services that businesses have to offer, so to reduce their expenses, they have no choice to lay off staff. A silver lining can be found, as 18.1m of the unemployed classify themselves as "temporary" – giving hope that employers will rehire them once the Coronavirus is behind them.

However, you probably already knew that. What is the real reason stocks are up?

Swift action from the central banks and policymakers hoping to boost Main Street through Wall Street

Government and central banks all around the world were quick to accommodate the potential economic fallout from the spread of the Coronavirus. With interest rates cut, quantitative easing implemented, and fiscal stimulus injected, the reaction was swift and more directed in comparison to the 2008 Financial Crisis. The question arises – why was it so quickly this time around? Consensus points to the idea that we could point our finger to Wall Street and blame them for the crash, but this time around, it isn't anyone's fault. Fiscal stimulus and quantitative easing are more natural to get behind if it is for the good of the people. 

The quick reaction from central banks and policymakers, alongside the easing up on lockdown restrictions across the world, breeds optimism for risky assets.  However, concerns for a second hit to the stock market, with "Goldman predicting a heft drop after a FOMO-driven rally," with the chance that stimulus is propping up failing businesses.

 Are you buying the bull market?

We recently did a live stream talking about Oil's potential comeback and the recent rally in the US equity markets. You can watch the recording below.

America’s Coronavirus response vs the rest: How are they stacking up?

30.3 Million – The number of jobless claims made in the United States since the start of the Coronavirus Pandemic. It’s an astounding number, primarily when charted on a graph that shows weekly jobless reports since 1967.

Source: St Louis. Fed

The question arises – is the jarring rise in filings for unemployment consistent around the world?

Figures from the St Louis. Fed, Federal Employment Agency of Germany, Government of UK, National Bureau of Statistics in China, and Upright Asset Management. Figures are from March 13th onwards. All $ figures following are in USD

United States
United States’ jobless claims represent 18.41% of their labour force. This is on the back a total of 1.03 million confirmed Coronavirus cases or just under 33% of the confirmed cases in the world. 

Relative to other countries, the US has had a muted and weak reaction towards the Coronavirus. Cases continue to pick up, with New York being the epicenter of the pandemic. The rhetoric out the Whitehouse has been of optimism for the future, as their deaths top 60,000. Jared Kushner, President Donald Trump’s senior adviser, touted the administration’s response to the Coronavirus as a “great success story.”

The Senate approved an unprecedented $2 Trillion Stimulus package, giving Americans and additional $1,200 to assist households as lockdowns continue.

Germany
Germany’s jobless, “Kurzarbeit” (short-time work subsidy) claims currently represent only 1.08% of their labour force. However, Hubertus Heil, the country’s labor minister, stated that there would be “many more” workers taking from the Kurzarbeit wage subsidies. Over 1.4m people received the funds during the peak of the global financial crisis of 2009.

Germany’s response to the Coronavirus has been strong. The extensive testing capacity of over 900,000 a week for a population of 83 million, strong leadership, and a robust public healthcare system all combine to a marvelous attempt in combatting the virus. Out of the 162k infected with the Coronavirus, around 6,500 have died, giving a fatality rate of just under 4%. This is in comparison with the United States fatality rate of 5.8%.

The Germany Government approved an $810B Stimulus package primarily to help all businesses maintain liquidity and keep employment throughout Germany. Alongside the short time work subsidy, Germany’s attempt to bolster the strength of business contrasts with the United States’ method of directly giving cash infusions to households.

United Kingdom
The United Kingdom’s universal credit claims represent a 2.08% of the labour force. The scheme helps individuals are low on income or out of work.

The UK has been hit with criticism with their reaction to the Coronavirus, with Prime Minister Boris Johnson stating that he “shook hands with everybody” at a hospital including coronavirus patients. This was three weeks before he caught the Coronavirus. This casual attitude has skeptics wondering whether the government was doing enough to combat the virus and whether it is too little, too late with over 26.7k deaths representing a 15.8% mortality rate, the highest in the world.  

The UK Government approved a $424b Stimulus package to help with household mortgages, airlines, retailers, and the hospitality industry. 

Canada
Canada’s jobless claims reached 2.13 million, or 11% of their labour force.  

Canada has shut down borders to who is not a citizen, a permanent resident, or a US citizen; however, the country is not in lockdown. Canada’s Prime Minister, Justin Trudeau, urged citizens to impose self-quarantine. This is on the back of 3,180 deaths, or just under a 6% fatality rate. As Canadian territories slowly loosen restrictions, it will be seen whether their relatively flexible reaction towards the Coronavirus will balance economic recovery and the safety of the population.

The government has pledged over $1.1T in support of Coronavirus related costs, half of which represents support to municipal governments for small businesses and households.

China
Officially, the number of unemployed citizens only represents 6.2% of the labour force (the labour force includes 290m migrant workers). However, an estimation by Liu Chenjie, chief economist at Upright Asset, stated that including migrant workers, the Coronavirus might have pushed 205 million workers into “frictional unemployment,” or 24.45% of the labour force.

Being ground zero for the Coronavirus, China implemented the first and strictest lockdown in Wuhan. With a population of 11 million, residents of Wuhan were the first to experience the suspension of public transport and roads, with stores that sell food and medicine remaining open. Fifty-nine days after the initial lockdown, Chinese authorities slowly lifted the lockdown but urged citizens to practice self-isolation when need be. China’s official numbers stand at 84,373 confirmed cases, with 4,643 deaths, representing a fatality rate of 5.5%. 

There has been plenty of criticism regarding China’s response to the Coronavirus. From not allowing foreign scientists access in the country and access to essential data, the silencing, and death of Dr. Li Wenliang, the doctor who first spoke out about the Coronavirus to the world alongside skepticism with their official coronavirus figures. But as the first country to be hit with the effects of the Coronavirus, they are also the first country to emerge from the height of it. Krish Sankar, a Senior Research Analyst at Cowen, states that Apple’s supply chains in China are 90% operational, giving a sense of movement and productivity in the country. 

China’s central bank, the Peoples Bank of China, has injected over $220B into the money markets to support liquidity and lending. However, the Chinese government has not issued any direct fiscal stimulus, unlike their western counterparts over concerns of inflation and increasing an already all-time high budget deficit.  

What’s next?
It will be a while till we get a solid look at the toll the Coronavirus has had on the world. However, reliable data on the economic and societal damage of the Coronavirus may come to light in the next couple of months, possibly giving us a better prediction of how the world will move forward with regards to this devastating pandemic. With nations slowly creeping out of lockdown with cautious optimism, we may soon experience a seismic shift in how we go on with our daily lives. However, as the past has told us, we will emerge out of this crisis victorious.

Anish Lal, an Senior Analyst at Blackbull markets gives a technical overview on the historic SP500 gains closing a tumultuous month on the back of the US's historical unemployment claims number. Watch the video here: