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Peace talks between Ukraine and Russia will resume on Friday

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Latest updates:

– US indices finished yesterday’s session lower as optimism over Russia-Ukraine peace talks faded. S&P 500 dropped 0.63%, Dow Jones moved 0.19% lower and Nasdaq plunged 1.21%. Russell 2000 dropped almost 2%
– Stocks in Asia traded mostly lower, following a downbeat Wall Street session. Nikkei dropped 0.5%, S&P/ASX 200 moved 0.2% lower and indices from China traded 0.3-1.0% lower. Kospi bucked the trend and gained 0.5%
– DAX futures point to a slightly higher opening of the European cash session
– Oil prices plunged overnight on reports that President Biden is considering another strategic reserve release. Reports say that it could amount to 180 million barrels over several months. IEA called an emergency ministerial meeting
– United States is also reportedly considering easing curbs on Chevron’s ability to do business in Venezuela
– Rift between IEA and OPEC+ is widening with OPEC+ removing IEA from official information source list
– Peace talks between Ukraine and Russia will resume on Friday
– JP Morgan is now expecting Fed to deliver 50 basis point rate hikes in May and June
– Chinese manufacturing PMI for March dropped from 50.2 to 49.5 (exp. 50.0) while services gauge dropped from 51.6 to 48.4 (exp. 50.7)
– Australian building approvals increased 43.5% MoM in February (exp. 9.8% MoM)
– Japanese industrial production increased 0.1% MoM in February (exp. 0.5% MoM)
– Cryptocurrencies are trading slightly higher. Bitcoin gains 0.2% and trades above $47,000 mark
– WTI trades over 5% lower on the day while Brent drops 4%
– Precious metals are trading lower. Palladium is an exception, gaining 0.2% at press time
– EUR and USD are the best performing major currencies while AUD and NZD lag the most

WTI (OIL.WTI) plunged more than 5% following reports suggesting that the United States is readying a massive SPR release. Price pulled back from the resistance area marked with 38.2% retracement of early-March correction and is now testing support zone near 23.6% retracement.

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