Morning wrap (27.04.2021)

• US indices finished yesterday's trading mostly higher. Dow Jones dropped 0.18%, S&P 500 gained 0.22% and Nasdaq jumped 0.87%. Russell 2000 added 1.15%

• Downbeat moods dominate on stock exchanges in Asia today. Nikkei and S&P/ASX 200 drop around 0.3% each, Kospi trades almost 0.4% lower and indices from China decline

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

• Bank of Japan left interest rates unchanged and boosted real GDP forecast for fiscal 2021 to 4% (3.9% prior)

• Democratic Senator Manchin advises to split Biden's infrastructure deal into two smaller packages. Such a move could help gather bipartisan support

• UBS said it has lost $774 million on trades tied to Archegos Capital

• South Korean GDP increased 1.6% QoQ in Q1 2021 (exp. +1.1% QoQ)

• Chinese industrial profits increased 92.3% YoY in March. Solid data was driven by higher output, higher prices and low base effect from a year ago (lockdowns in China)

• Tesla reported slightly lower-than-expected Q1 revenue at $10.39 billion (exp. $10.41 billion) and better-than-expected EPS at $0.93 (exp. $0.80). Tesla had $438 million in Q1 net profit and around $100 million gain is said to be linked Bitcoin trading

• Precious metals trade mostly higher with palladium being a laggard. Oil and industrial metals advance

• AUD, CAD and USD are the best performing major currencies while CHF and JPY lag the most

Russell (US2000) outperformed other Wall Street indices yesterday. Index managed to finish trading slightly above 2,290-2,300 pts resistance zone and reached the highest level since the beginning of April. Source: xStation5