- Wall Street indices launched today's trading lower but managed to recover during the session
- S&P 500 trades 0.3% higher, Dow Jones gains 0.1%, Nasdaq jumps 0.5% and small-cap Russell 2000 adds 0.4%
- European stock market indices traded higher today - German DAX gained 0.5%, UK FTSE 100 traded flat, French CAC40 and Dutch AEX added 0.3%, while Italian FTSE MIB traded 0.4% higher
- Energy commodities traded mixed today - oil gained 0.4% while US natural gas prices were 0.1% down
- Precious metals benefitted from USD weakness, with gold gaining 0.6%
- Cryptocurrencies traded lower today but Bitcoin and Ethereum managed to buck the trend gaining 0.3% and 1.5%, respectively
- AUD and NZD are the best performing G10 currencies, while JPY and USD lag the most
- Fed Chair Powell repeated that it looks appropriate to cut rates this year but it is still uncertain when first rate cut should occur
- Fed Bostic said he is still expecting one rate cut this year. Bostic also said he does not expect inflation to return to 2% target until 2026
- ECB de Cos said that central scenario suggest the first rate cut to be in June
- OPEC+ JMMC did not recommend any oil policy changes at today's meeting. However, it was noted that compliance with oil output cuts needs to improve
- A 7.4 magnitude earthquake hit Taiwan today, triggering tsunami warnings in Japan and Philippines. This was the strongest tremor the island has seen in 25 years
- US services ISM index dropped from 52.6 to 51.4 in March (exp. 52.7), driven by a slump in Price Paid subindex
- ADP report showed a 184k increase in US employment in March (exp. 148k)
- Euro area CPI inflation decelerated from 2.6 to 2.4% YoY in March (exp. 2.5% YoY), while core measure decelerated from 3.1 to 2.9% YoY (exp. 3.0% YoY)
- Euro area unemployment rate for February came in at 6.5% (exp. 6.4%)
- Final US services PMI index came in at 51.7 - in-line with flash release
- DOE report showed an unexpected 3.21 million barrel build in US oil inventories (exp. -1.5 mb), as well as 4.26 million barrel drop in gasoline inventories (exp. -0.8 mb) and 1.27 million barrel decline in distillate inventories (exp. -0.5 mb)
The content of this report has been created by XTB S.A., with its registered office in Warsaw, at Prosta 67, 00-838 Warsaw, Poland, (KRS number 0000217580) and supervised by Polish Supervision Authority ( No. DDM-M-4021-57-1/2005). This material is a marketing communication within the meaning of Art. 24 (3) of Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU (MiFID II). Marketing communication is not an investment recommendation or information recommending or suggesting an investment strategy within the meaning of Regulation (EU) No 596/2014 of the European Parliament and of the Council of 16 April 2014 on market abuse (market abuse regulation) and repealing Directive 2003/6/EC of the European Parliament and of the Council and Commission Directives 2003/124/EC, 2003/125/EC and 2004/72/EC and Commission Delegated Regulation (EU) 2016/958 of 9 March 2016 supplementing Regulation (EU) No 596/2014 of the European Parliament and of the Council with regard to regulatory technical standards for the technical arrangements for objective presentation of investment recommendations or other information recommending or suggesting an investment strategy and for disclosure of particular interests or indications of conflicts of interest or any other advice, including in the area of investment advisory, within the meaning of the Trading in Financial Instruments Act of 29 July 2005 (i.e. Journal of Laws 2019, item 875, as amended). The marketing communication is prepared with the highest diligence, objectivity, presents the facts known to the author on the date of preparation and is devoid of any evaluation elements. The marketing communication is prepared without considering the client’s needs, his individual financial situation and does not present any investment strategy in any way. The marketing communication does not constitute an offer of sale, offering, subscription, invitation to purchase, advertisement or promotion of any financial instruments. XTB S.A. is not liable for any client’s actions or omissions, in particular for the acquisition or disposal of financial instruments, undertaken on the basis of the information contained in this marketing communication. In the event that the marketing communication contains any information about any results regarding the financial instruments indicated therein, these do not constitute any guarantee or forecast regarding the future results.
