- The European session closed with sharp losses, with the Euro Stoxx 50 down more than 2%. Germany’s DAX fell nearly 3% on the day and is now down close to 7% year-to-date. Investors remain concerned about the outlook for Europe’s economy, amid growth fears and persistently high energy prices weighing on both consumers and energy-intensive industries.
- Wall Street opened with moderate losses but is gradually rebounding and returning to positive territory, supported by a pullback in Brent crude (OIL) from around $111 to just below $104 per barrel. The U.S. dollar index (USDIDX) is down nearly 0.8%, while bond yields have also declined.
- Weekly jobless claims in the U.S. fell to 205K, below the 215K forecast and 213K previously. At the same time, the Philadelphia Fed Manufacturing Index unexpectedly rose in February to above 18, compared to expectations of a decline to 8 from 16.3 previously. Meanwhile, continuing claims—seen as a proxy for labor demand and the ease of finding a new job—increased by 10K to 1.857 million.
- The precious metals market has seen a sharp sell-off. Gold is down nearly 9% on a weekly basis, heading for its worst week since 1983. Silver dropped more than 10% earlier today but rebounded after testing key support near its 200-day moving average and is now trading about 5% lower.
- Shares of Chinese tech giant Alibaba are down nearly 8% following a 66% year-over-year drop in net income and disappointing revenue. Meanwhile, Micron shares are falling nearly 4.5% despite strong financial results.
- The ECB kept interest rates unchanged at 2%, in line with expectations. The bank noted that the Middle East conflict increases uncertainty and poses risks of both higher inflation and slower economic growth. Inflation projections were slightly revised up from 2% to 2.1%, while EUR/USD is rising strongly today from around 1.144 to 1.155.
- The Bank of England also left its benchmark rate unchanged at 3.75%. Money markets are increasingly pricing in a more hawkish policy path, now fully anticipating a total of 50 basis points of rate hikes by the end of the year.
(summary in progress)
OIL and US500 (H1 charts)
Source: xStation5
Source: xStation5
Market Wrap: European Stocks Bounce Back as Oil Nears USD 110
Chart of the Day: EURUSD Under Pressure from the Fed, the Persian Gulf, and Inflation
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EURUSD gains 0.8% 📈
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