- Yesterday's session on Wall Street ended with gains in the Nasdaq 100 and S&P 500 indices, which gained 1.56% and 1.01%, respectively. Nvidia shares rose more than 4% and traded another 2% higher today in pre-market; however, Apple clearly pulled away again, closing the session with a minimal decline
- Powell signaled that the Federal Reserve is now not far from a decision of rate cuts, moving closer to its 2% inflation target.
- The Fed chairman signaled that some banks are likely to fail due to losses on commercial real estate; however, he indicated that this is a problem for smaller banks, while larger banks are well capitalized
- The Fed's Mester expressed confidence that the rate cuts will not lead to an increase in inflation risks and will not accelerate growth in the economy
- U.S. consumer credit came in well above forecasts, indicating $19.49 billion versus $10 billion forecast and $1.56 billion previously
- The Asian session proceeded in a mostly very positive mood. China's Hang Seng gained nearly 1.4%, and Korea's KOSPI also did well, rising more than 1.1%. Japanese benchmarks fared slightly less well, with the Nikkei and Topix gaining in the 0.2-0.4% range
- Japanese household spending pointed to a -6.3% decline, compared to declines of -4.2% and -2.5% in the previous reading.
- Japanese Economy Watchers poll came in above expectations and indicated 51.3 versus 50.6 forecasts and 49.5 previously, and the leading, Japanese economy indicator came in -0.6 vs 1.9 previously
- European index futures point to a higher opening in the stock market, on the Old Continent
- Swedish apartment prices rose by 0.4% MoM in February and the average price of detached houses increased by 0.5%, according to Svensk Maklarstatistik
- Energy commodity contracts are trading slightly higher today. Gold futures are trading down 0.3%, while silver is trading 0.3% higher
- In the currency market, the Australian dollar (AUD) is doing well. According to Guangdong Energy, China will import 80 million metric tons of Australian coal in 2024 'returning to normal level'
- The dollar index is not seeing much volatility today, with EURUSD trading at 1.0947
- Bitcoin costs around $67,000; sentiment in the altcoin market is mostly positive, with Ethereum trading up 1% and Dogecoin gaining more than 5%. DYDX, Algorand and Phantom loses slighlty
- The main macro readings of the day that the markets are waiting for today are, of course, the NFP from the US (1:30 PM GMT), as well as less important data from German industry and the Eurozone GDP revision
- U.S. President Biden stressed that the U.S. will not leave Ukraine, and President Zelenski is scheduled to meet with Turkish president Erdoğan today to negotiate a grain deal across the Black Sea
This page uses cookies. Cookies are files stored in your browser and are used by most websites to help personalise your web experience. For more information see our Privacy Policy You can manage cookies by clicking "Settings". If you agree to our use of cookies, click "Accept all".
