MARKET OPEN: Dismal US data bodes ill for first day of May trading

Fri, 01 May 2020

The domestic market faces a tough start to May after weak US data underscored the economic hit from covid-19 and helped push Wall Street into the red. Investors had been looking through weak data this week on optimism that the covid-19 pandemic was getting under control and that a drug could help accelerate the recovery. However, data overnight put that to rest. US Labor Department figures showed initial claims for US unemployment benefits totalled a seasonally adjusted 3.8 million for the week ended April 25, taking the total number si...

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