Oil continues to fall, but European stock markets and New York futures trade higher

SÃO PAULO – European stock markets opened higher on Wednesday, with an eye on first-quarter corporate results to be released in today’s trading session. After two days of closing in negative territory due to the drop in oil prices, the markets are looking for signs in the companies’ results. New York futures advance this morning.

Delta Airlines, AT&T and Biogen are releasing first-quarter balance sheets today, CNBC reports.

Around 6:40 a.m., the Dow Jones and S&P 500 futures were up around 1.5%. The FTSE index on the UK Stock Exchange appreciated 1.6%, while the Dax index for Germany rose 1.5%.

The Japan Stock Exchange closed with a fall of 0.7%, but China closed the session with a gain of 0.6% (follow the behavior of the markets in real time in the InfoMoney Telegram)

The United States Senate on Tuesday approved a $ 484 billion package to help small and medium-sized businesses. The number of people affected by coronavirus in the United States continues to grow and exceeded 820,000 this morning, according to data from Johns Hopkins University. The death toll from the disease in the United States exceeded 43,000.

Worldwide, 2.5 million Covid-19 cases have been confirmed so far, with 176,000 deaths.

Brent oil prices, contracted for June, fell about 10% at dawn. Around 6:40 a.m., the drop was 7.5%, at $ 17.89 per barrel. WTI’s contract for June was also reduced, from 3.4%, to around US $ 11.33 per barrel.

But the July WTI seems to be recovering and advanced around 3%, towards $ 20, this morning. The scenario for the oil and gas sector, however, remains very negative.

“This week, investors realize that even if the pandemic situation improves in the short term, the impacts on the economy are growing at an alarming rate. With no demand for two months, energy prices plummet as oil stocks soar, “Jim Paulsen, chief strategist at Leuthold Group, told CNBC.

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