Morning Wrap (04.03.2024)

7:36 AM 4 March 2024
  • Indices from Asia and the Pacific are mostly recording a weaker session despite the high closing of indices in the USA on Friday.

  • The Japanese Nikkei gains 0.50%, the Australian S&P/ASX 200 loses 0.10%, and indices from China are declining between 0.25-0.60%.

  • Futures contracts for European indices also indicate a slightly lower opening for the cash session in Europe.

  • In the forex market, no major changes are observed in the first part of the day, with most exchange rates on the forex market fluctuating within +-0.25%. The most losing currencies in the first part of the day are NZD, JPY, and NOK.

  • The spokesperson for the National People's Congress of China (NPC) said that the country will introduce new regulations to continue economic reform. He added that the area of interest also includes reforms of financial institutions to stimulate the sector of private enterprises.

  • Building permits for January in Australia fell below expectations, with a drop in inventories in Q4. According to data published today by the Australian Bureau of Statistics (ABS), the total number of approved dwellings fell by 1.0% in January after a 10.1% decrease in December.

  • Bank of America published a note on the American benchmark stock index S&P 500. The bank expects further increases in the index this year, with forecasts up to 5400 points from 5000 previously.

  • Ahead of this week's ECB meeting, Goldman Sachs expects a cut in June or from April. The bank then expects cuts at every meeting for the rest of the year from that point.

  • The euphoria in the cryptocurrency market continues over the weekend. At the time of publication, Bitcoin gains 0.70% to the level of 63,600 USD, Ethereum tries to test the level of 3,500 USD. Meanwhile, Altcoins gain 0.55%, and their total capitalization is now 650 billion USD.

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