Morning Wrap (09.04.2024)

Asia-Pacific indices are recording a good growth session. The most gains are seen in the index in Singapore +0.85% (SG20cash) and Japan +0.65% (Jap225). Chinese indices are showing changes between +/-0.45%, while the Australian S&P/ASX 200 gains 0.05%.

Wall Street indices closed slightly lower yesterday. Both SP500 (US500) and Nasdaq100 (US100) lost 0.05%.

Futures contracts for European indices indicate a mixed opening of the cash session on the Old Continent, suggesting minor changes of around +/-0.04%.

In the forex market, in the first part of the day, movements are particularly noticeable on the Australian Dollar (AUD) and New Zealand Dollar (NZD), which gain around 0.1-0.2%. Meanwhile, JPY remains weak, losing about 0.1-0.2% against most currencies.

USDJPY gains 0.06% and remains just below the last barrier at the level of 151.900. The consolidation below this level has been ongoing for at least 2 weeks, indicating a potential upward breakout.

Speaking in parliament, the Governor of the Bank of Japan, Kazuo Ueda, said that the central bank must consider further tightening of policy if inflation continues to accelerate, signaling a chance for another interest rate hike this year, in line with market expectations.

Business conditions and confidence in Australia remained unchanged in March, according to a survey conducted by National Australian Bank. Business conditions dropped by one point to +9, while business confidence rose by one point to +1, staying below the average.

Cryptocurrencies are having a calmer session after yesterday's dynamic growth. Bitcoin loses 0.50% remaining around $71,200. Ethereum performs best, gaining 0.10% to $3,700. The total market capitalization of Altcoins excluding BTC and ETH is $750 billion, losing 0.20% today.