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The Morning Market Re-Cap

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  • Wall Street indices rallied over 1% yesterday and USD sank as soft PPI reading  boosted hopes that end of high inflation is near
  • S&P 500 gained 1.33%, Dow Jones moved 1.14% higher, Nasdaq rallied 2% and Russell 2000 traded 1.3% higher
  • Indices from Asia-Pacific traded mostly higher today – Nikkei gained 1.2%, S&P/ASX 200 advanced 0.5%, Kospi added 0.4% and Nifty 50 traded 0.1% higher. Indices from China gained as well
  • DAX futures point to a higher opening of the European cash session today
  • Fed Chair Powell and People’s Bank of China Governor Yi Gang spoke on the phone on Tuesday and discussed economic and financial situation in the United States and China
  • ECB Nagel said that core inflation remains very high and that another rate hike is coming in May
  • BoJ Governor Ueda said he expects Japanese inflation to drop below 2% in the second half of current fiscal year (April 2023 – March 2024)
  • ECB Wunsch said that considerations for the May meeting are between 25 and 50 basis point rate hike and final decision will depend on April inflation. Wunsch said that market pricing is of ECB terminal rate seems reasonable but it is unlikely that quick rate cuts will follow rate peak
  • Yi Gang, PBoC Governor, expects Chinese GDP growth at around 5% in 2023
  • Reuters reports that London Stock Exchange will offer regulated trading and clearing in Bitcoin futures and options
  • Morgan Stanley’s base-case scenario for 2023 is for S&P 500 to end the year at 3,900 pts after painting a cycle low in the 3,000-3,300 pts area 
  • New Zealand’s manufacturing PMI dropped from 52.0 to 48.1 in March
  • Cryptocurrencies are trading higher – Bitcoin gains 1.7%, Ethereum rallies 5.7% and Dogecoin jumps 4.3%
  • Energy commodities trade slightly higher – oil gains 0.1% while US natural gas prices climb 0.5%
  • CHF and EUR are the best performing major currencies while AUD and USD lag the most

Gold continues to rally on weak USD. Precious metals is testing $2,050 resistance zone marked with 2020 and 2022 highs. Source: xStation5

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