- Wall Street indices launched today's cash session higher, but upbeat moods did not last long. Gains were erased during the session and now major US indices trade lower on the day
- S&P 500 and small-cap Russell 2000 drop 0.4% each, Dow Jones trades 0.1% lower and Nasdaq slumped 0.8%
- Major European stock market indices traded higher today - German DAX gained 0.1%, UK FTSE 100 moved 0.3% higher, French CAC40 jumped 0.6%, Italian FTSE MIB added 0.7% and Spanish Ibex rallied 1%
- NZD and AUD are the best performing G10 currencies, while USD and GBP lag the most
- Big moves could be spotted on agricultural markets today, with coffee jumping over 4% and cocoa moving 5% higher
- Cryptocurrencies continued to move lower, with Bitcoin dropping below $60,000 mark for the first time since March 5, 2024
- Industrial metals are trading higher after US President Joe Biden called for higher tariffs on Chinese steel and aluminium
- Bloomberg reports that US intends to reimpose oil sanctions on Venezuela, following a 6-month reprieve, unless Venezuela's president Maduro takes steps to honour an agreement to allow fairer vote in upcoming elections
- ECB Cipollone said that while inflation is coming down pretty quickly, services inflation has been sticky. He said that he expects inflation to stays at this level more or less for the rest of the year
- ECB Centeno said that disinflation is strong enough to cope with shocks and that its about time to change monetary policy
- ECB Nagel said that likelihood of a June cut has increased, but it is not completely clear if inflation rate will reach 2% target next year
- BoE Governor Bailey said that the effect of the Middle East conflict has been smaller than feared and that oil prices haven't jumped as much as expected
- BoE Greene said that while cutting inflation to target is a bumpy ride, BoE is closer to the target than it was a few months ago
- DOE report showed a 2.74 million barrel increase in US oil inventories (exp. +1.4 mb), a 1.15 million barrel drop in gasoline inventories (exp. -1.0 mb) and a 2.76 million barrel plunge in distillate inventories (exp. -0.3 mb)
- Final euro area CPI inflation for March came in at 2.4% YoY, in-line with flash release. Core CPI at 2.9% YoY also matched preliminary data
- UK CPI inflation slowed from 3.4% to 3.2% YoY (exp. 3.1% YoY), while core CPI inflation slowed from 4.5% to 4.2% YoY (exp. 4.1% YoY)
- New Zealand's CPI inflation decelerated from 4.7% YoY in Q4 2023 to 4.0% YoY in Q1 2024 (exp. 4.0% YoY). On a quarterly basis, CPI inflation reached 0.6% QoQ (exp. 0.6% QoQ)
- Japanese exports increased 7.3% YoY in March (exp. 7.0% YoY), while imports were 4.9% YoY lower (exp. -4.7% YoY). Trade surplus for March reached 366.5 billion JPY (exp. 300 billion JPY)
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