- US CPI inflation came in higher than expectations at 3.2% y/y and core inflation at 3.8% y/y. Core inflation is up 0.4% m/m, for the second month in a row, which is not consistent with the Fed reaching its inflation target by the forecast date.
- The inflation data tended to be ignored by Wall Street investors, who were fairly quick to start buying stocks again. The US500 is coming off potentially its highest close ever, and the US100 is driven by positive sentiment related to artificial intelligence
- Oracle reports solid financial results for the third quarter of fiscal 2024, with EPS coming in at $1.41, against expectations of $1.38. Revenue at $13.28 billion against expectations of $13.29 billion. The company shows strong growth in demand for its cloud solutions and points to solid growth in the next quarter. The company's shares gained 12% and hit new historic highs.
- Nvidia also gained, returning above $900 per share. Oracle indicates that a major partnership with Nvidia will soon be announced.
- Archer Daniels Midland gains almost 5% as company expects very limited negative effect of internal accounting investigation and higher than expected future earnings
- CPI in Germany remains at 2.5%, in line with the preliminary reading. On a monthly basis, it is up 0.4% m/m. DE40 goes out today to historic peaks near 18,000 points
- EURUSD is a very volatile pair today. At one point, the pair tested nearly 1.095, and later fell to 1.0900, and is currently trading around 1.092.
- Despite the gains on Wall Street, we are seeing a dynamic correction in the gold market. Gold is losing about 1.5% and is trading below $2155 per ounce. Also, Bitcoin is trading below $71,000 after re-testing the near-ATH levels of $73,000
- UK jobless claims are at 16.8k for February, lower than expectations at 20.3k, but above January levels at 3.1k. UK wages are weaker, a good indicator for inflation.
- Oil tried to rebound, despite Putin's negative comments about the OPEC+ agreement causing a drop in market share. OPEC+ collectively cuts more than 5 million brk per day. In the end, however, WTI crude fell again near the important support of $77.5, below the average of the 25 DMA and 200 DMA.
- OPEC maintains forecast for global demand growth this year at 2.2 million barrels per day, but maintains need to cut production in Q2 2024
- OPEC raises 2024 US economic-growth forecast to 1.9% from 1.6% and traders still see June as the most likely start of Fed rate cuts after inflation data.
- Avalanche cryptocurrency gains more than 14% after project informed about Web3 / MMORPG game using its dAPPs scheduled on Q4 2024 on PC
- US Federal Reserve to start tapering quantitative tightening program from June, said 14 of 26 strategists and inverted yield curve is no longer a reliable indicator for recession, said 22 of 34 strategists (US economic Poll)
- Fitch Ratings expects that US bank liquidity is likely to remain relatively stretched until there is a shift in Fed's monetary policy.
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