Anna
May 2, 2024
2 minutes read
Market Analysis

Bond markets gained after Powell’s speech yesterday, which was seen as rather dovish, looking at the piling up problems in US inflation readings
Although the decline in yields on 10-year U.S. Treasury bonds was halted to some extent today; they are still down 11 basis points from their local highs of April 25 at 4.7% level
U.S. index contracts are gaining, and European benchmark quotes are pointing to a higher opening, including on the Old Continent. EURUSD is gaining 0.04% today and has returned above the 1.07 level
The Hang Seng rose more than 2.2%, but most indexes from APAC markets saw little volatility. The Nikkei and Korea’s KOSPI lost slightly.
Building permits in Australia rose 1.9% m/m vs. 3.4% forecast and -1.9% previously. Korea’s manufacturing PMI indicated 49.4 vs. 49.8 previously
The USDJPY has rapidly recovered much of its losses after the Bank of Japan’s likely intervention, and is now gaining almost 1%. Consumer sentiment in Japan came in weaker than forecast; the reading indicated 38.3 vs. 39.8 forecast and 39.5 previously, which the market takes as a signal that the BoJ will have arguments not to tighten policy and keep the yen weak for longer
Japan’s Kanda indicated that he would not give the markets information on interventions; data on them will be released at the end of the month
Qualcomm shares gain more than 4% after financial results. The company beat expectations for earnings per share and revenue, and issued forecasts in ranges suggesting a possible, significant improvement in the business
CBOT wheat contracts gain 0.6%. Press releases pointed to a fire at a port, in Odessa, Ukraine, after a Russian missile attack
Oil gains 0.5% today, but is still trading below $84 per barrel. NATGAS gains more than 1.5% and is approaching $2 per MMBTu. Precious metals contracts are trading down slightly, with gold losing 0.2% and falling to $2315 per ounce
Israel announced that the Gaza war operation will continue ‘with force’; the IDF is planning a sizable offensive in the north of the Strip. The news came moments after Netanyahu’s conversation with Secretary of State Blinken, who was said to be urging Israel toward peaceful solutions.
Sentiment of the cryptocurrency market remains weak. Bitcoin is trading near $57,500
Gundlach of DoubleLine Capital indicated that he expects one rate cut this year, but does not see a stable, sustainable path to bring U.S. inflation to the 2% target. At the same time, he sees no risk of stagflation or recession for the US economy at present
An earthquake measuring 4.3 on the Richter scale struck the west coast of California overnight

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Bond markets gained after Powell’s speech yesterday, which was seen as rather dovish, looking at the piling up problems in US inflation readings

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Bond markets gained after Powell’s speech yesterday, which was seen as rather dovish, looking at the piling up problems in US inflation readings

Table of Contents

COMPANY

TRADING

PLATFORMS

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