Mainland Chinese stocks were down by the early morning. The Shanghai Composite was down by 0.51% to 3,395.68. Hong Kong’s Hang Seng Index was down about 0.46% to 28,539.12.
Japan’s benchmark Nikkei average. Nikkei 225 is trading up 0.72 per cent at 29,751.06 on Tuesday, while the broader TOPIX 100 rose 0.30 per cent to 1,266.71. South Korea’s Kospi was up by 1.07% to 3169.08.
The Euro Stoxx 50 climbed down by 0.43% to 3,961. In the cash markets, the DAX futures Germany was trading 0.13% lower at 15,215.25. CAC 40 futures in France climbed down by 0.13% to 6,161.60, while the FTSE 100 futures in the U.K. fell by 0.39% to 6,889.41, at the time of writing.
In the U.S. on Wall Street, the Dow Jones Industrial Average closed down 0.16% at 33,745.60 the S&P 500 was up 0.01% to 4129.86 and the Nasdaq 100 down 0.19% at 13,819.35.
In the Forex market, GBPUSD rose 0.05% at 1.3748. The USDJPY was up 0.28% at 109.69. The USDCHF was up 0.25% at 0.9248. EURUSD was down 0.18% at 1.1887, EUR/GBP was down 0.23% at 0.8645, at the time of writing.
In the commodity market, U.S. Gold futures fell 0.51% at $1,723.60. Elsewhere, Silver futures fell 0.10% to $24.843 per ounce, Platinum fell 0.34% at $1,170.20 per ounce, and Palladium was up 0.45% at $2,688.50.
Crude Oil was down on Tuesday; Brent crude oil up 0.77% to $63.77 barrel while U.S. West Texas Intermediate (CLc1) rose 0.77% at $60.14.
In the Cryptocurrency Markets, BTCUSD is at $61,000 up 0.45%, Ethereum at 2,167.57 down 0.69%, Litecoin at 251.873 down 2.32%, at the time of writing.
TOP STOCKS TO WATCH OUT TODAY:
AstraZeneca. down 0.44% at 7,193.20, Apple Inc. down 1.32% at $131.24, Facebook down 0.29% at $312.46, TESLA Inc. up 3.69% at $701.02, MICROSOFT Corp. up 0.02% at $255.91, VISA Inc. up 0.47% at $221.47, BHP Group up 0.26% at $2,123.36.
The U.S. economy could see a significant rebound this year thanks to accommodative monetary and fiscal policy, but the labourmarket still has much room for improvement, Boston Federal Reserve Bank President Eric Rosengren said on Monday.
“With labour-markets lack still significant, and inflation still below the Federal Reserve’s 2 per cent target, my perspective is that the current highly accommodative stance of monetary policy is appropriate,” Rosengren said during a virtual discussion with business leaders.
Coronavirus vaccines’ ability to successfully prevent the spread of new variants of the virus would also be important, he said. “Assuming virus variants do not become especially problematic, we should see an unusually strong post-recession recovery,” he said.
Under a replacement framework adopted last year, Fed officials are going to be patient and leave rates near zero until inflation materializes – not raising rates in anticipation of upper inflation when the unemployment rate is low, Rosengren said.
Policymakers are trying to avoid the sluggish recovery that took place after the global financial crisis, and it is possible that the unemployment rate could drop to pre-pandemic levels of about 4% within the next two years, Rosengren said. Some employers will need to juice up their benefits packages or increase pay to attract new workers as business picks up, he said.
Britain’s economy will be back to its pre-COVID-19 level around the middle of next year, according to economists in a Reuters poll who said unemployment would peak at 6.2% as 2021 draws to a close and the pandemic job support scheme ends.
The UK has suffered the highest coronavirus-related death toll in Europe. But a swift vaccine rollout and plummeting infections haveallowed the government to begin easing restrictions and on Monday non-essential retail and outside hospitality reopened.
Last year the economy shrank by the most in more than three centuries, but the April 7-12 poll of around 70 economists said it would expand 5.0% this year and 5.5% in 2022. In a March poll, those forecasts were 4.6% and 5.7%, respectively.
With much of the country’s dominant service industry closed, and citizens encouraged to stay at home, the poll suggested the economy contracted 2.3% last quarter. Now that lockdowns are being loosened, it was expected to grow 3.5% this quarter and 3.0% next.
“There are mounting signs that the effects on the economy from the third COVID-19 lockdown have started to thaw,” said Paul Dales at Capital Economics.
“We are sticking to our relatively optimistic view that the reopening of the economy and the vaccine programme will allow GDP to regain its pre-pandemic level early next year.”
But asked when the British economy would be back to its pre-pandemic size the majority of respondents to an additional question thought it would take a bit longer, with 10 expecting it to be a quarter or two later.
Finance Minister Rishi Sunak said last month he expected the economy would return to its pre-pandemic size in mid-2022. Six respondents in the poll said it would take longer and five said it would be sooner.
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