Morning wrap (22.03.2024)

7:39 AM 22 March 2024
  • Wall Street indices finished yesterday's trading at record highs, but off the daily highs. S&P 500 gained 0.32%, Dow Jones moved 0.68% higher and Nasdaq added 0.20%. Small-cap Russell 2000 traded over 1% higher
  • Indices from Asia-Pacific traded mixed today - Nikkei gained 0.1%, S&P/ASX 200 moved 0.1% lower, Kospi dropped 0.2% and Nifty 50 added 0.3%. Indices from China traded lower, with shares in Hong Kong plunging over 2%
  • DAX futures point to a slightly lower opening of the European cash session today
  • BoE Governor Bailey said that Bank of England does not need to wait for inflation to drop to 2% before cutting rates, but needs to have confidence that wages are heading in the right direction
  • Wall Street Journal reported that Chinese President Xi will meet with group of US business leaders on Wednesday next week
  • Vitol, world's largest independent oil trader, expects demand for crude to increase on the back of higher demand from shipping and aviation
  • BoJ Governor Ueda said that Bank of Japan would like to eventually decrease its Japanese government bonds holdings but fur time being, it will keep them at current levels and take a wait-and-see stance
  • Japanese headline CPI inflation accelerated from 2.2% to 2.8% YoY in February, while core CPI inflation (excluding food prices) accelerated from 2.0 to 2.8% YoY (exp. 2.8% YoY). On the other hand, the so-called core-core CPI (excluding food and energy prices) decelerated from 3.5% to 3.2% YoY
  • Cryptocurrencies trade higher, with Bitcoin adding 1.5% and trading back above $66,000 mark. Ethereum gains 1.3% while Dogecoin rallies over 4%
  • Energy commodities pull back, with WTI dropping around 0.5% and US natural gas prices trading 0.8% down
  • Precious metals pull back as USD remains strong - gold drops 0.3%, silver declines 1%, platinum moves 0.4% lower and palladium plunges 1.5%
  • JPY and USD are the best performing major currencies, while AUD and NZD lag the most
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