Read this before you start trading today!

  • Stocks in Asia are trading mixed at the beginning of a new week. Nikkei gains 0.5%, S&P/ASX 200 drops 0.3%, Kospi trades 0.2% lower and indices from China gain

  • DAX futures point to a flat opening of the European cash session

  • Oil trades lower after a massive container ship stuck in the Suez Canal was refloated. However, the waterway still remains blocked

  • US Trade Representative Tai said that US is not ready to remove China tariffs

  • A major explosion occurred at an oil refinery in Indonesia (Balongan, West Java). It is believed to be a terrorist attack as some terrorist-related bombings have occurred in the country recently

  • Chinese industrial profits were 179% YoY higher in the January-February 2021 period. However, profits were just 72.1% higher compared to January-February 2019.

  • Brisbane, a city in Australia, has been put into a 3-day lockdown after a small coronavirus outbreak has been reported in the city

  • Liquidation of Archegos Capital hedge fund is said to be the driver behind wild moves on some US stocks last Friday. Fund has reportedly been forced out of a position worth $80 billion. Nomura said that its prime brokerage unit may face losses of over $2 billion amid Archegos downfall

  • Bitcoin trades slightly below $55,000

  • Oil, industrial metals and precious metals trade lower

  • USD and JPY are the best performing major currencies while CAD and NZD lag the most

Brent (OIL) is pulling back after a test of the 200-hour moving average in the $64.50 area. Downward move was triggered by reports saying that a ship stuck in the Suez Canal has been refloated. Waterway remains stuck but may be cleared later today. Near-term support for OIL can be found at $62.50.