Read this before you start trading today!
US indices finished yesterday’s trading lower. S&P 500 dropped 0.32%, Dow Jones declined 0.31% and Nasdaq finished 0.11% lower. Russell 2000 gained 1.72%
Downbeat moods dominated during Asian trading as well. Nikkei dropped 0.6%, Kospi traded flat and indices from China declined. S&P/ASX 200 added 0.8%
DAX futures point to a lower opening of the European session
According to Reuters, today’s announcement from Biden will include around $2 trillion in infrastructure spending over 8 years
China imposed a lockdown on Ruili city in Yunnan province following a local coronavirus outbreak. Citizens are advised to stay at home for a week and vehicles are banned from leaving the area
Chinese manufacturing PMI increased from 50.6 to 51.9 pts in March (exp. 51.2) while services PMI jumped from 51.4 to 56.3 (exp. 52)
Japanese industrial production dropped 2.1% MoM in February (exp. -1.2% MoM)
Australia’s building approvals increased 21.6% MoM in February (exp. +5% MoM)
South Korean industrial output increased 4.3% MoM in February (exp. -0.1% MoM)
Mitsubishi UFJ, Japanese financial group, said that it may face losses of around $300 million linked to a US customer (most likely Archegos Capital). Media reports that UBS is also facing loss in low three-digit millions USD
Bitcoin trades slightly lower on the day and near the $58,000 mark
Precious metals trade lower with palladium being an exception. Oil, industrial metals and agricultural commodities gain
AUD and CAD are the best performing major currencies while JPY and CHF lag the most
As oil prices stopped falling, Canadian dollar was able to catch a breath. CADJPY pair is recovering from recent correction and approaching post-pandemic highs in the 88.00 area. Upward move is being supported today by the JPY weakness.