- European stocks flat on mixed economic data
- Stronger than expected inflation rate for the US
- FDA pauses Johnson & Johnson Covid-19 vaccine
European indices finished today's session flat amid mixed economic data. Investor's morale in Germany fell in April for the first time since last November, as private consumption expectations declined due to the concerns of a stricter lockdown. At the same time, China's foreign trade data showed that the recovery of the second largest economy country is moving forward, with imports rising the most in four years to an all-time high.
US indices are trading mixed, with the Dow Jones down more than 0.50% and the S&P 500 little changed after hitting a new intraday high while the Nasdaq rose almost 1% as the US consumer price inflation rate increased more than expected in March to the highest level since August 2018. However, upward potential was capped by news that FDA called for a pause in the use of Johnson & Johnson (JNJ.US) Covid-19 vaccine over blood clotting issues. The yield on the benchmark 10-year Treasury note continued to decline and reached 1.63% level after a solid auction for 30-year bonds.
WTI crude rose more than 0.75% and is trading slightly above $60.00 a barrel, while Brent is trading nearly 0.6% higher around $63.80 a barrel amid renewed tensions in the Middle East where the Houthi movement reportedly fired missiles on Saudi oil sites. Investors now await the weekly API report which will be published later in the day and EIA figures on Wednesday, with markets anticipating US stocks fell for the third straight week. Elsewhere gold rose nearly 0.9% to $ 1,747.00 / oz, while silver is trading 2.0 % higher, around $ 25.30 / oz as the dollar index fell to around a 3-week low.
WTI crude (OIL.WTI) failed to break above the upper limit of the triangle formation and pulled back slightly. Should downbeat moods prevail, support at $59.03 may come into play. On the other hand, if buyers will manage to finally break higher, then upward impulse could be extended towards resistance at $61.92. Source: xStation5
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