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GLOBAL MARKETS-Stocks rise despite mixed earnings; lockdown easing eyed

Published 04/28/2020, 11:22 PM
Updated 04/28/2020, 11:30 PM
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* Petrocurrencies whipsawed with oil prices
* World FX rates in 2020 http://tmsnrt.rs/2egbfVh

(Updates prices, changes comment, adds dateline)
By Marc Jones and Rodrigo Campos
LONDON/NEW YORK, April 28 (Reuters) - Stock markets across
the globe moved in and out of losses on Tuesday, whipsawed by
Wall Street as mixed corporate earnings reports were not enough
to offset a wild ride in oil prices.
Plans to ease major economies out of coronavirus lockdowns
were continuing despite fresh warnings from scientists against
doing it too soon, while reassuring UBS earnings lifted European
banks nearly 4%, and 3M and Pfizer posted upbeat numbers.
U.S. crude futures rose as much as 7% and fell over 20% in
wild trading, while BP's quarterly profit tumbled by two-thirds
and its debt climbed to its highest on record. The energy major
kept its dividend despite warning of exceptional uncertainty and
its shares rose 1.1%.
Investors are now gearing up for one of the busiest weeks
for tech earnings, including reports from Microsoft MSFT.O ,
Alphabet GOOGL.O , Amazon AMZN.O and eBay EBAY.O .
"This is going to be an important test for the market as
lots of businesses moved online following the lockdown," said
Andrea Cicione, head of strategy at TS Lombard in London.
"If these big heavyweights in the tech space don't deliver
on the expectations, then of course the rally we've seen over
the past few weeks (will) have to be questioned."
The Dow Jones Industrial Average .DJI rose 2.47 points, or
0.01%, to 24,136.25, the S&P 500 .SPX lost 4.3 points, or
0.15%, to 2,874.18 and the Nasdaq Composite .IXIC dropped
85.59 points, or 0.98%, to 8,644.57.
The pan-European STOXX 600 index .STOXX rose 1.43% and
MSCI's gauge of stocks across the globe .MIWD00000PUS gained
0.31%.
Emerging market stocks rose 0.84%. MSCI's broadest index of
Asia-Pacific shares outside Japan .MIAPJ0000PUS closed 0.58%
higher, while Japan's Nikkei .N225 lost 0.06%.
Oil prices were mixed as optimism about the easing of
lockdowns reassured markets, but traders remained cautious as
storage capacities were filling up fast and amid concerns about
when demand will bounce back. O/R
U.S. crude CLc1 recently fell 5.09% to $12.13 per barrel
and Brent LCOc1 was at $20.22, up 1.15% on the day.
"Normally, a lower oil price disproportionately boosts
consumer sentiment. However, the storage problem is due to
reduced oil demand - if you are not putting petrol in your car,
you will not notice the price," UBS Chief Economist Paul Donovan
said.
"The good news is that the money saved by not buying petrol
now may be spent later in the economic bounceback."
Petrocurrencies were whiplashed too. Canada's dollar CAD=
and the Norwegian crown NOK= both recovered from early falls,
with the crown gaining as much as 1.5%.
Russia's rouble RUB= also bounced back as much as 0.6%,
while Brazil's battered real BRL= strengthened 1.3% along with
other emerging market currencies. EMRG/FRX
The dollar dropped against a basket of peers as rising
stocks reflected improving risk appetite.
The dollar index =USD fell 0.198%, with the euro EUR= up
0.06% to $1.0834.
The Japanese yen strengthened 0.33% versus the greenback at
106.89 per dollar, while Sterling GBP= was last trading at
$1.2434, up 0.05% on the day.
Sweden's central bank opted not to take its interest rates
back into negative territory on Tuesday, sending its currency
up1.5% and to its highest in over a month.
Markets are looking for any forward guidance from the U.S.
Federal Reserve, which meets later on Tuesday and is due to
issue a statement on Wednesday. The European Central Bank then
meets on Thursday. Analysts said it was unlikely that the Fed would make
further major policy moves, given the scope and depth of recent
action to counter the economic damage caused by the novel
coronavirus.
Benchmark 10-year notes US10YT=RR last rose 10/32 in price
to yield 0.6224%, from 0.654% late on Monday.
The 2-year note US2YT=RR last fell 14/32 in price to yield
0.2013%, from 0.23%.
Spot gold XAU= dropped 0.8% to $1,700.39 an ounce.


<^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^
Global assets http://tmsnrt.rs/2jvdmXl
Global currencies vs. dollar http://tmsnrt.rs/2egbfVh
Emerging markets http://tmsnrt.rs/2ihRugV
MSCI All Country Wolrd Index Market Cap http://tmsnrt.rs/2EmTD6j
Stocks and oil https://tmsnrt.rs/2zECIeH
^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^>

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