- In spite of a lower opening of the cash session, Wall Street indices finished yesterday's trading higher. S&P 500 gained 0.11%, Nasdaq added 0.23% and small-cap Russell 2000 moved 0.32% higher. Dow Jones was a laggard with a 0.11% drop
- Indices from Asia-Pacific traded higher today - Nikkei rallied 1.3%, S&P/ASX 200 moved 0.5% higher, Kospi jumped 1% and Nifty 50 traded 0.1% lower. Traders from China and Hong Kong were off for holidays
- DAX futures point to a slightly higher opening of the European cash session today
- Fed Kugler said that her rate expectations are consistent with March FOMC economic projections. She added that while considerable progress was made on core PCE, it is still meaningfully above 2% target
- JPMorgan expects Fed to deliver two to three rate cuts this year, with the first one being delivered at June meeting
- Bank of America expects both Brent and WTI to peak around $95 per barrel in summer 2024, on the back of geopolitical tensions, OPEC+ supply cuts and economy recovery
- US Department of Energy cancelled a planned purchase of 3 million barrels of oil aimed at refilling emergency oil reserves due to high prices
- Final Australian services PMI for March was revised to 54.4 from 53.5 in flash release
- Australian building approvals dropped 1.9% MoM in February (exp. +3.1% MoM)
- New Zealand building permits surged 14.9% MoM in February, following an 8.6% MoM plunge in January. On an annual basis, permits were 6% YoY lower in February
- Major cryptocurrencies are trading mixed - Bitcoin drops 0.6%, Ethereum trades 0.8% lower, Dogecoin adds 0.1% and Litecoin jumps 1.0%
- Energy commodities trade little changed
- Precious metals trade mixed today, with GOLD holding near $2,300 per ounce
- AUD and NZD are the best performing major currencies, while CHF and JPY lag the most
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