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The Morning Wrap

  • US indices finished yesterday’s trading mostly higher with tech shares lagging behind. S&P 500 gained 0.16%, Dow Jones moved 0.60% higher and Russell 2000 added 1.08%. Nasdaq dropped 0.47%

  • Indices from Asia-Pacific traded mostly higher today as well. Nikkei gained 0.2%, S&P/ASX 200 traded 1% higher, Kospi added 0.8% and Nifty 50 dropped 0.2%. Indices from China traded mixed

  • DAX futures point to a slightly higher opening of the European cash session today

  • Jose Manuel Campa, chair of European Banking Authority, warned in an interview with Handelsblatt that risk in the financial system remains very high and that increasing interest rates are weighing on financial markets

  • French finance minister Le Maire said that France wants to cut the deficit to 3% of GDP by 2027. French budget deficit stood at 4.7% of GDP and was lower than 5% target set by the government

  • Russia announced that it has carried out anti-ship missile tests in the Sea of Japan in a move that is seen as response to Japanese PM Kishida visiting Ukraine last week

  • Goldman Sachs now estimates probability of US economy falling into recession within the next 12 months at 35%, up from previous 25%

  • Fed’s Jefferson said that inflation has been longer lasting and that current policy rate is too high

  • Israeli Prime Minister Benjamin Netanyahu withdrew a judicial reform that spark nationwide protests

  • Australian retail sales increased 0.2% MoM in February (exp. 0.3% MoM)

  • Cryptocurrencies are trading mixed – Bitcoin drops 0.9%, Dogecoin trades 0.6% lower, Ethereum gains 0.3% and Ripple jumps almost 2%

  • Energy commodities trade mixed – oil drops 0.3-0.4% while US natural gas prices climb 0.7%

  • Precious metals trade mostly lower – silver and platinum drop around 0.1% each while palladium trades 0.5% lower. Gold is an outperformer with 0.2% gains

  • AUD and JPY are the best performing major currencies while USD and EUR lag the most

In spite of a miss in Australian retail sales data for February, AUD is one of the best performing G10 currencies today. AUDUSD trades 0.6% higher today and has managed to break above the 200-hour moving average (purple line). Source: xStation5

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