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Market Update: Flat movements all over the market place.
Today's important market events:
[EUR] German Manufacturing PMI (Apr) - 09:30 CEST
[GBP] UK Composite PMI / Manufacturing PMI / Services PMI - 10:30 CEST
[CAD] Core Retail Sales (MoM - Feb) - 14:30 CEST
APAC stocks were mostly lower, possibly due to the subdued risk sentiment following mixed earnings releases and disappointing US data on Wall Street. However, the European equity futures are indicative of a contained open, with the Euro Stoxx 50 future up by 0.1%, despite the cash market closing lower by 0.2% yesterday.
The DXY appears to be steady below the 102 mark, with JPY leading the way for G10 FX, while AUD lags, and other majors are contained. Additionally, crude futures remained despondent, with prices stuck near their post-OPEC cut lows.
ASX 200 was pressured by weakness in financials and underperformance in the mining sector, particularly after BHP, Australia's largest company, suffered a decline in quarterly iron ore output. Meanwhile, the Nikkei 225 traded indecisively following mixed PMIs and the latest inflation data, which printed mostly in line with estimates but remained above 3% and showed an acceleration in nationwide Ex. Fresh Food & Energy CPI.
The Hang Seng and Shanghai Comp underperformed amid ongoing US-China frictions, with President Biden set to unveil China investment curbs. There was also fierce rhetoric from China's Foreign Minister, who said both sides of the Taiwan Strait belong to China and warned that those who play with fire on Taiwan will get burned.
US equity futures traded rangebound after the prior day's losses and amid cautiousness in Asia. Meanwhile, European equity futures are indicative of a contained open, with the Euro Stoxx 50 future up by 0.1%, after the cash market closed lower by 0.2% yesterday.
In FX, the DXY was steady below the 102.00 level after the prior day's losses and disappointing data releases, although further downside was cushioned by the slew of hawkish-leaning Fed rhetoric. The EUR/USD lacked firm direction, with the single currency contained within a tight range on the 1.0900 handle, while the GBP/USD was little changed ahead of incoming UK Retail Sales and PMI data.
Crude futures remained despondent, with prices stuck near their post-OPEC cut lows due to lingering recessionary fears and following weaker-than-expected data releases stateside. Spot gold traded sideways amid a flat greenback and just about held on to the USD 2,000/oz level, while copper futures languished around the prior day's lows due to the subdued global risk environment.
Some noteworthy events include the White House's announcement that the EPA is processing a request from Florida to expand the available gas supply, and Turkish President Erdogan's statement that the government will provide free natural gas for household consumption up to 25 cubic meters monthly.
Additionally, Chile's Codelco Chairman said that extraordinarily powerful copper fundamentals favour project investment and sees a return to a total annual output of 1.7mln tons, or a 17% increase by the end of the decade.
Some upcoming events to look out for include UK Retail Sales, EZ, UK & US Flash PMIs, speeches from Fed's Cook & Harker, ECB's Elderson & de Guindos, supply from Italy, and earnings from Kering & SAP.
General news - Information source from multiple newswires.
The article and the data is for general information use only, not advice!
The Trade Academy Team
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