Daily summary: Quiet start to week as earnings season ramps up

7:06 PM April 26, 2021
  • New Covid-19 infections in India hit a record peak
  • EU to allow vaccinated US tourists to visit this year
  • Tesla (TSLA.US) reports earnings after market close

European indices finished today's session higher as hopes of a revival in travel demand supported tourism-related stocks after European Commission President Ursula von der Leyen told the New York Times that the EU is likely to allow fully-vaccinated U.S. travelers into the bloc, however no precise details were provided. Also the European Union confirmed today its taking legal action against AstraZeneca over shortfalls in the deliveries of its coronavirus vaccine. Meanwhile, automakers stock came under pressure after the FT reported that Volkswagen is expecting a bigger output hit in the second quarter due to an ongoing chip shortage. Elsewhere, concerns about India's economic recovery mounted after the country's health authorities reported a global record for a rise in daily COVID-19 cases for a fifth-straight day, with several countries across the globe offering medical support amid an acceleration of the mass vaccination. On the data front, German Ifo Institute’s survey showed that business morale came in below analysts’ expectations. DAX 30 rose 0.1%, CAC40% added 0.28% and FTSE 1000 finished 0.35% higher.

US indices are trading slightly higher ahead of this week's results from heavyweight technology companies, fresh US economic data and Fed monetary policy decision. Tesla will announce its quarterly figures today after the market close. Companies that constitute about 40% of the S&P 500's market cap report from Tuesday through Thursday, including Microsoft Corp, Google parent Alphabet Inc, Apple Inc and Facebook Inc. Meanwhile, the White House is expected to release more details regarding the American Families Plan worth approximately $1 trillion in the near future.

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Both WTI crude and Brent are trading near the flatline as rising coronavirus infections in some parts of Asia including India and Japan capped gains. Also Reuters reported that traders adjusted positions ahead of a planned increase in OPEC+ oil output from May. Elsewhere gold rose 0.15% to $ 1,780.00 / oz, while silver is trading 0.77 % higher, around $ 26.20 / oz amid a slightly weaker dollar and falling Treasury yields.

The USDJPY pair fell sharply last week, however sellers failed to break above the local support at 107.50 which coincides with a long term trendline. If buyers will manage to defend this level then another upward impulse towards resistance at 109.93 could be launched. On the other hand, should break lower occurs, then downward move may accelerate towards support at 106.21. Source: xStation5

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