Morning wrap (24.04.2024)

6:43 AM 24 April 2024
  • Wednesday's session on equity markets promises to be positive. After yesterday's gains in Wall Street indices, the bullish trend was extended today by indices from Asian markets. 
  • The bullish trend on Wall Street was further supported yesterday by weak PMI data, which triggered a dovish reaction across all asset classes.
  • The reaction to Tesla's results is also not insignificant. Shares of Elon Musk's company, rose 13% after the close of the session, despite the fact that its results came in below estimates.
  • The key theme of the session in APAC markets was the inflation reading from Australia.
  • The AUD/USD pair rose above 0.6500 after higher-than-forecast inflation data for Q1 2024. CPI for Q1 came in at +1.0% q/q (0.8% expected) and 3.6% y/y (3.4% expected).
  • Such a macro reading, suggesting continued upward pressure on prices in the economy, may encourage the RBA to delay the interest rate cut cycle. 
  • In this numerous banking analysts suggest that the first such move may take place in September (even earlier July was suggested).
  • The US Senate passed a bill to provide $95 billion in aid to Ukraine, Israel and Taiwan. The funds will be distributed as follows: $60.8 billion for Ukraine, $26.4 billion for Israel, and $8 billion for Taiwan.
  • PBOC sets average USD/CNY fixing today at 7.1048 (vs. estimate of 7.2363)
  • New Zealand reported a trade surplus in March. Exports showed a welcome increase, but imports fell to their lowest level since mid-2021. 
  • In the natural gas market, there was a contract rollover, which lifted commodity prices 14.5% higher. 
  • Gold and crude oil are gaining about 0.2% this morning. Cryptocurrencies are doing slightly better; where Bitcoin is adding 0.5%, Ethereum 1.4% and Algorand over 35%.
  • The leader of the gains in the FX market today is the Australian dollar, which has broken out against the USD above the 0.6500 zone. source: xStation
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