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Market Update: Markets trading flat, while Tesla shares trade lower.
Today's important market events:
[EUR] ECB Publishes Account of Monetary Policy Meeting - 13:30 CEST
[USD] Initial Jobless Claims - 14:30 CEST
[USD] Philadelphia Fed Manufacturing Index (Apr) - 14:30 CEST
[USD] Existing Home Sales (Mar) - 16:00 CEST
The APAC stock markets are trading flat, indicating indecision among investors after a mixed session from the US market. Tesla's stock price has fallen by 6.1% after hours following its earnings report.
European equity futures suggest a contained open, with the Euro Stoxx 50 future flat after the cash market closed flat the day before.
The DXY, which measures the value of the US dollar against a basket of other currencies, is just below the 102 mark. The foreign exchange (FX) markets overall are contained, with the New Zealand dollar lagging behind the other major currencies following the release of CPI data.
Crude oil futures continue to retreat after slipping beneath post-OPEC voluntary cut lows.
The ASX 200 was indecisive, with the mining sector subdued despite the fresh record Q1 iron ore shipments by Rio Tinto. Australian Treasurer Chalmers announced recommendations from the independent RBA review, including establishing separate boards for governance and monetary policy. The Nikkei 225 gradually pared opening losses following mixed trade data, including better-than-expected exports growth, and a recent report that the BoJ is said to be wary of tweaking yield control this month.
The Hang Seng and Shanghai Comp were mixed following the lack of surprises by the PBoC, which maintained its benchmark lending rates for the 8th consecutive month. Frictions lingered after the US Commerce Department imposed a USD 300mln civil penalty on Seagate for supplying hard disk drives to Huawei in violation of export controls. US equity futures were softer after mixed earnings and amid the cautious mood in Asia. European equity futures are indicative of a contained open, with the Euro Stoxx 50 future flat after the cash market closed flat yesterday.
In the FX market, the DXY traded rangebound but held on to the prior day’s gains, briefly reclaiming the 102.00 handle after the firm inflation data from across the pond spurred some hawkish central bank pricing. EUR/USD remained stuck near the 1.0950 level, and GBP/USD was lackluster after having faded its inflation-induced gains. USD/JPY kept afloat after a recent report suggested the unlikelihood of a BoJ policy tweak next week. Antipodeans declined, with underperformance in NZD/USD after Q1 CPI printed softer than expected.
In fixed income, 10yr UST futures eked slight gains and continued to claw back some of the prior day's losses that were spurred by inflationary-induced headwinds from the UK. Bund futures were marginally higher, with further advances limited by recent hawkish ECB rhetoric. 10yr JGB futures were kept afloat amid prospects of a delayed exit from the BoJ’s ultra-easy policy, although gains were limited after relatively softer results from the 20yr JGB auction.
In commodities, crude futures continued to retreat after slipping beneath post-OPEC voluntary cut lows. Spot gold traded sideways with the precious metal contained by an uneventful dollar. Copper futures marginally weakened alongside the cautious overnight risk tone.
Ahead in the day, there are several economic data releases scheduled for the day, including German Producer Prices, US IJC (Initial Jobless Claims), Existing Home Sales, and EZ (Eurozone) Consumer Confidence (Flash). There will also be speeches from several Fed officials, including Williams, Waller, Mester, Bowman, and Bostic, as well as from the ECB's Lagarde and Schnabel. Additionally, there will be corporate earnings reports from companies such as Phillip Morris, AT&T, American Express, Publicis, EssilorLuxottica, Renault, and Nokia.
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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