Morning wrap (22.03.2023)

6:42 AM March 22, 2023
  • US indices finished yesterday's session higher amid expectations that the Fed will tighten policy less aggressively in the evening. S&P 500 added 1.30%, Dow Jones moved 0.98% higher and Nasdaq rose 1.58%. Russell  outperformed and managed to finish 1.88% higher
  • Indices from Asia-Pacific traded higher today - Nikkei jumped 1.94%, S&P/ASX 200 moved 0.87% higher while Kospi and Nifty 50 rose 1.12% and 0.20% respectively

  • Indices from China traded 0.2-0.45% higher

  • DAX futures point to a lower opening of today's European cash session

  • ECB's Nagel said that policymakers have to be "even more stubborn" in inflation fight. In his opinion Eurozone banking system is resilient, not facing repeat of 2008

  • First Republic Bank could potentially receive government backing, according to Bloomberg 

  • API report pointed to a 3.262 million barrel build in US oil inventories (exp. -1.448 mb)

  • RBC analysts believe that OPEC would intervene if oil prices dropped substantially. 

  • Russia's Deputy Prime Minister Novak said that the country's current curtailed level of crude oil output would be in place through June 2023.

  • Commerzbank lowered its 2023 midyear Brent crude oil forecast to US$80 a barrel (from $95)

  • Cryptocurrencies are trading slightly higher today - Bitcoin gains 0.5%, Ethereum adds 0.4%

  • Energy commodities are lower - oil drops 1.0% while US natural gas prices fell over 2.6%

  • Precious metals little changed - silver rose 0.16%, gold trades 0.8% higher

  • AUD and NZD are the best performing major currencies while USD and CHF lag the most

Nikkei (JAP225) was one of the best performing Asian indices today. Index returned to crucial resistance at 27200 pts, which is marked with previous price reactions and 23.6% Fibonacci retracement of the upward wave launched in March 2020. Source: xStation5

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