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The Morning Review

  • US indices finished yesterday’s trading higher with all major Wall Street indices adding 1% or more. S&P 500 gained 1.42%, Dow Jones moved 1.00% higher and Nasdaq jumped 1.79%. Russell 2000 gained 1.08%
  • Nasdaq gained over 20% off December low and has entered a technical bull market.
  • Indices from Asia-Pacific trade mostly higher. S&P/ASX 200 gained 1%, Kospi added 0.6%, Nift 50 moved 0.8% higher while Nikkei dropped 0.6%
  • Indices from China traded 0.2-0.5% higher
  • DAX futures point to a higher opening of the European cash session today
  • Fed Chair Powell has reportedly told Republican Representatives that Fed expects 1 more rate hike in 2023
  • ECB Schnabel said that banking troubles may have a disinflationary effect. On the other hand, she warned that labour costs indicate possibility of second round inflationary effects
  • Fitch noted that there were 14 sovereign default events since 2020, compared to 19 sovereign default events in whole 2000-2019 period
  • Chinese premier Li Qiang said that his country will strengthen macro policy adjustments and act to boost consumption and investments
  • UK car production increased 13.1% YoY in February as supply chain pressures eased. This was the first monthly increase in output in three months. 81% of all cars produced in UK were exported, with EU being main destination
  • New Zealand’s building permits slumped 9% MoM in February. On annual basis drop reached 29.2% YoY
  • Major cryptocurrencies trade mixed – Bitcoin gains 1.2%, Ethereum adds 0.1%, Dogecoin drops 0.7% and Ripple trades 3.6% lower
  • Energy commodities trade mixed – oil gains around 0.3% while US natural gas prices drop 1.7%
  • Precious metals trade mostly higher – silver adds 0.7%, platinum trades 0.8% higher and palladium gains 0.6%. Gold trades flat
  • AUD and JPY are the best performing major currencies while USD and EUR lag the most

Nasdaq-100 (US100) trades around 20% above the December 2022 low and therefore has entered a bull market, at least from a technical point of view. However, for any larger upward move to be delivered, a break above a psychological, mid-term resistance zone in the 13,000 pts area would be required. Source: xStation5

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