Morning wrap - (17.04.2024)

6:46 AM 17 April 2024
  • Asia-Pacific indexes mostly lost ground after a down session on Wall Street yesterday. Yields on two-year U.S. Treasury bonds rose to 5%, following comments from Fed Chairman Powell, who conveyed that recent data showed that the progress of lowering inflation in the U.S. has faded
  • The U.S. dollar is on a record 5-day streak since 2022, with 10-year bond yields trading at record levels in 2024, rising 6 basis points to 4.66% yesterday
  • China's Hang Seng and Japan's Nikkei retreated about 0.4%, and South Korea's KOSPI traded marginally lower. Australia's ASX 2000 gained 0.11%.
  • Exports, excluding oil, from the Singapore region fell far more sharply than forecasts and pointed to a -8.4% annual gain versus a 4.4% increase forecast and 4% previously
  • European index futures traded slightly higher ahead of the start of the cash session on the Old Continent; the DE40 gained 0.1% and the UK100 almost 0.2%
  • Dollar index contracts are gaining 0.03% today, with EURUSD trading at 1.061. Silver contracts are gaining more than 0.8%, although gold is down 0.2%
  • Brent crude settles at $89.5 per barrel; contracts lose 0.5% today. NATGAS gains less than 0.4%
  • Bitcoin has recovered some of its losses, and with 3 days to go before halving, its price is oscillating around $64,000, although the overall sentiment of the cryptocurrency market is weak; despite the prospect of launching spot ETFs in Hong Kong
  • Traders of US rate futures reduce expectations for the Fed to cut rates more than once this year.
  • Fed Barkin said that the CPI data has not “been supportive" of a soft landing, and it's smart for the Fed to take its time on the decision to cut rates.
  • Yesterday, Powell was hawkish, saying that 'if higher inflation persists, the Fed can maintain the current rate as long as needed' and 'recent data show lack of further progress on inflation'.
  • The Israeli military is said to have finalized its strategy for the response to the weekend attack by Iranian forces, people familiar with the matter told The Jerusalem Post on Tuesday.
  • The specific time of the military operation against Iran and its proxies remains undecided, but according to Israeli media IDF have agreed on the nature of the response
  • Today the most anticipated earnings reports on Wall Street are from the biggest US regional bank holding, US Bancorp, Citizens, Travelers and Abbot Laboratories but market especially await for tomorrow TSMC report
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