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Financial Indicators & Central Banks:
March got here in just like the proverbial lion with the NASDAQ composite and the S&P 500 roaring to new all time highs.
This morning, Asian inventory markets had been initially boosted by a broader tech rally. High chipmaker Taiwan Semiconductor Manufacturing Co noticed its highest ever degree – the corporate is the primary provider to Apple Inc. and Nvidia Corp. and is taken into account a key beneficiary of the continuing AI growth.
Bonds & US Treasury yields are underneath stress initially of a busy week that features the ECB determination, Fed Chair Powell’s congressional testimony and China’s Nationwide Individuals’s Congress.
Fedspeak to date had been supportive. There had been rising chatter in latest periods that the power within the economic system might stop the FOMC from trimming charges in any respect this 12 months.
Swiss CPI fell to 1.2% y/y in February, which is additional proof that the SNB has introduced inflation underneath management.
Turkey’s annual CPI swung to a 15-month excessive, near 70%.
OPEC+ output cuts to stay in place till the center of the 12 months.
As we speak: ECB Governing Council member Robert Holzmann & Fed’s Patrick Harker speeches.
Market Traits:
European futures and Asian shares increased, with key upcoming occasions similar to Fed Chair Powell’s congressional testimony and China’s Nationwide Individuals’s Congress including to market anticipation.
The renewed power within the tech sector resonated throughout Asia, with Taiwan Semiconductor Manufacturing Co., the world’s main chipmaker, reaching its all-time excessive.
AI and Nvidia continued to underpin investor enthusiasm, boosting the NASDAQ by 1.14% to 16,275, lastly besting the 16,057 historic peak from November 2021.
The S&P500 superior 0.80% to 5137, additionally a brand new excessive, marking its fifteenth document of the 12 months, and it has gained in 16 out of the final 18 periods, the very best exhibiting since 1971.
Nikkei (JPN225) surpassed the 40,000 mark for the primary time.
Monetary Markets Efficiency:
The USDIndex stays underneath stress, falling to 103.67 however drifting inside a good vary on stress by decrease Treasury yields, as merchants waited for essential financial knowledge for recent clues on the timing of Federal Reserve rate of interest cuts.
BTCUSD surged, briefly surpassing the $64,000 threshold. Market individuals are speculating that the cryptocurrency is poised to exceed its earlier document excessive of almost $69,000, achieved in the course of the Covid-19 pandemic.
Gold stays within the inexperienced, edging up fractionally to $2084 per ounce.
USOil is under $80 per barrel after OPEC+ members confirmed that output cuts will likely be prolonged via to the center of the 12 months. The choice was extensively anticipated, however nonetheless supported the latest uptrend in costs.
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Andria Pichidi
Market Analyst
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