Morning wrap (07.04.2021)

8:50 am 7 April 2021

  • US indices finished yesterday's trading lower. S&P 500 dropped 0.10%, Dow Jones slipped 0.29%, Nasdaq finished 0.05% lower and Russell 2000 moved 0.25% lower

  • Stocks in Asia traded mixed. Nikkei, S&P/ASX 200 and Kospi gained while indices from China moved lower

  • DAX futures point to a flat opening of the European session

  • Biden said that he will respect Fed's independence and won't tell central bankers what to do

  • Negotiations between Iran and other member countries of the nuclear agreement were constructive. Working groups will be made to continue cooperation

  • Japanese Prime Minister Suga said that snap elections before the end of third quarter are a possibility

  • Study from People's Bank of China shows that China should establish an onshore yuan futures market

  • API report pointed to 2.62 million barrel draw in oil inventories (exp. -1.1 mb)

  • Bitcoin trades near $57,500

  • Precious metals and industrial metals trade lower. Oil and agricultural goods gain

  • EUR and CHF are the best performing major currencies while CAD and AUD underperformed the most

New Covid-19 cases are slowly reapproaching peak from December 2020 and January 2021 as new variants spread faster. A 7-day moving average sits at around 590 thousand cases currently, compared to a record of slightly below 720 thousand cases in mid-January. Source: worldometers, XTB

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