Morning Wrap (28.02.2024)

9:36 am 28 February 2024

  • Wall Street indices ended yesterday's session with slight gains - S&P 500 and Nasdaq 100 contracts were up between 0.10-0.20%. US500 contracts closed around 5080 points.

  • Most Asia-Pacific indices are recording a weaker session - Japan's Nikkei is down 0.10%, Australia's S&P/ASX 200 is 0.35% lower, and Chinese indices are losing between 1.10-1.60%.

  • Futures contracts for European indices also indicate a slightly lower opening for the cash session on the Old Continent.

  • In the forex market, there are no major changes in the first part of the day except for the Australian dollar (NZD), which is losing between 0.80-1.00% against most currencies following the Reserve Bank of New Zealand's (RBNZ) interest rate decision.

  • The Reserve Bank of New Zealand kept interest rates unchanged at 5.50%.

  • The decision matched the expectations of 22 out of 24 economists surveyed by Bloomberg. New forecasts from the bank indicate less chance of a rate hike this year, but no cuts until 2025.

  • At a press conference, Bank Chairman Adrian Orr said further hikes were discussed among board members. However, the board ultimately reached a firm consensus that the current level of interest rates is sufficient. Domestic inflation remains high, but prices are falling at the expected pace.

  • Adrian Orr noted that central banks might maintain interest rates at peak levels longer than financial markets expect. However, the base scenario is a soft landing for economies.

  • Eleven Chinese naval ships were detected near Taiwan, Taipei's defense ministry reported on Wednesday. This is another move by the Chinese military this year.

  • Barclays raised its target price for the S&P 500 index by the end of 2024 to 5300 points from the previous 4800 points.

  • Problems in the Chinese real estate market continue. Today, Chinese developer Country Garden Holdings announced that a liquidation petition has been filed against it. The proceedings are due to the non-repayment of a $205 million loan. The company disagrees with the petition filed by the creditor, Ever Credit Limited.

  • Cryptocurrencies continue to rise. Bitcoin remains above $57,000, gaining 0.15%, while Ethereum gains 0.45% to $3260 USD. Smaller projects are currently experiencing a pullback, with the total cryptocurrency capitalization excluding BTC and ETH flat at a value of $574 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.

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