Morning Wrap (04.03.2024)

9:36 am 4 March 2024

  • Indices from Asia and the Pacific are mostly recording a weaker session despite the high closing of indices in the USA on Friday.

  • The Japanese Nikkei gains 0.50%, the Australian S&P/ASX 200 loses 0.10%, and indices from China are declining between 0.25-0.60%.

  • Futures contracts for European indices also indicate a slightly lower opening for the cash session in Europe.

  • In the forex market, no major changes are observed in the first part of the day, with most exchange rates on the forex market fluctuating within +-0.25%. The most losing currencies in the first part of the day are NZD, JPY, and NOK.

  • The spokesperson for the National People's Congress of China (NPC) said that the country will introduce new regulations to continue economic reform. He added that the area of interest also includes reforms of financial institutions to stimulate the sector of private enterprises.

  • Building permits for January in Australia fell below expectations, with a drop in inventories in Q4. According to data published today by the Australian Bureau of Statistics (ABS), the total number of approved dwellings fell by 1.0% in January after a 10.1% decrease in December.

  • Bank of America published a note on the American benchmark stock index S&P 500. The bank expects further increases in the index this year, with forecasts up to 5400 points from 5000 previously.

  • Ahead of this week's ECB meeting, Goldman Sachs expects a cut in June or from April. The bank then expects cuts at every meeting for the rest of the year from that point.

  • The euphoria in the cryptocurrency market continues over the weekend. At the time of publication, Bitcoin gains 0.70% to the level of 63,600 USD, Ethereum tries to test the level of 3,500 USD. Meanwhile, Altcoins gain 0.55%, and their total capitalization is now 650 billion USD.

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.

Share:
Back

Join over 1 600 000 XTB Group Clients from around the world.