- Yesterday's session on Wall Street ended with gains in the Nasdaq 100 and S&P 500 indices, which gained 1.56% and 1.01%, respectively. Nvidia shares rose more than 4% and traded another 2% higher today in pre-market; however, Apple clearly pulled away again, closing the session with a minimal decline
- Powell signaled that the Federal Reserve is now not far from a decision of rate cuts, moving closer to its 2% inflation target.
- The Fed chairman signaled that some banks are likely to fail due to losses on commercial real estate; however, he indicated that this is a problem for smaller banks, while larger banks are well capitalized
- The Fed's Mester expressed confidence that the rate cuts will not lead to an increase in inflation risks and will not accelerate growth in the economy
- U.S. consumer credit came in well above forecasts, indicating $19.49 billion versus $10 billion forecast and $1.56 billion previously
- The Asian session proceeded in a mostly very positive mood. China's Hang Seng gained nearly 1.4%, and Korea's KOSPI also did well, rising more than 1.1%. Japanese benchmarks fared slightly less well, with the Nikkei and Topix gaining in the 0.2-0.4% range
- Japanese household spending pointed to a -6.3% decline, compared to declines of -4.2% and -2.5% in the previous reading.
- Japanese Economy Watchers poll came in above expectations and indicated 51.3 versus 50.6 forecasts and 49.5 previously, and the leading, Japanese economy indicator came in -0.6 vs 1.9 previously
- European index futures point to a higher opening in the stock market, on the Old Continent
- Swedish apartment prices rose by 0.4% MoM in February and the average price of detached houses increased by 0.5%, according to Svensk Maklarstatistik
- Energy commodity contracts are trading slightly higher today. Gold futures are trading down 0.3%, while silver is trading 0.3% higher
- In the currency market, the Australian dollar (AUD) is doing well. According to Guangdong Energy, China will import 80 million metric tons of Australian coal in 2024 'returning to normal level'
- The dollar index is not seeing much volatility today, with EURUSD trading at 1.0947
- Bitcoin costs around $67,000; sentiment in the altcoin market is mostly positive, with Ethereum trading up 1% and Dogecoin gaining more than 5%. DYDX, Algorand and Phantom loses slighlty
- The main macro readings of the day that the markets are waiting for today are, of course, the NFP from the US (1:30 PM GMT), as well as less important data from German industry and the Eurozone GDP revision
- U.S. President Biden stressed that the U.S. will not leave Ukraine, and President Zelenski is scheduled to meet with Turkish president Erdoğan today to negotiate a grain deal across the Black Sea
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