DAILY FUNDAMENTAL SNAPSHOTS
Asia Pacific stocks were mostly down on Friday morning. The Shanghai Composite is down 0.69% at 3,227.09. Overall, the Singapore MSCI is down 0.21% at 336.25. Over in Hong Kong, the Hang Seng Index down 2.16% at 21,462.00. In Japan, the Nikkei 225 is up 0.25% at 27,910.00, while the Topix index is up 0.13% at 1961.00. South Korea’s Kospi up 0.01% to 2729.98. Australia S&P/ASX 200 up 0.26% at 7406.20.
Market Summary as per 24/03/2022:
European equities Thursday closing. The DAX futures contract in Germany traded down 0.07% at 14,273.79, CAC 40 futures down 0.39% at 6555.78 and the UK 100 futures contract in the U.K. down 0.09% at 7,471.20.
In the U.S. on Wall Street, the Dow Jones Industrial Average closed up 1.02% at 34707.95. The S&P 500 up 1.43% at 4520.17 and the Nasdaq 100 up 2.20% at 14765.69, NYSE closes up 0.87% at 16701.82.
Top Market News Today:
In the Forex market, GBPUSD up 0.19% at 1.3210. The USDJPY down 0.34% at 121.911. The USDCHF down 0.27% at 0.9276. EURUSD up 0.25% at 1.1024, EUR/GBP up 0.07% at 0.8343. The USD/CNY down 0.05% at 6.3637 at the time of writing.
In the Commodity market U.S. Gold futures down 0.04% at $1,956.43. Elsewhere, Silver futures up 0.11% at $25.562 per ounce, Platinum flat at $1025.00 per ounce, and Palladium up 0.12% at $2531.50.
Crude Oil up on Friday; Brent crude oil up 1.27% at $115.880 per barrel while U.S. West Texas Intermediate (CLc1) up 1.09% at $111.483.
In the Cryptocurrency Markets, Bitcoin at 44058.91 up 0.07%, Ethereum up 0.80% at 3137.13, Litecoin at 126.51 down 0.13%, at the time of writing.
Top Market Segment to Watch Out Today:
BRENT FUTURES: Oil was down on Friday morning in Asia, falling around $1. The U.S. and allies are considering releasing more oil from storage to increase supply and cool soaring prices, with investors also facing higher costs for trading Brent futures.
US: A sharp sell-off in U.S. Treasuries has increased concerns about low levels of liquidity in the $23.5 trillion market, potentially amplifying losses for investors which already had a dire start to the year.
U.S. government bond yields have spiked this year as the Federal Reserve has sounded more hawkish about how aggressively it will hike interest rates to cool the economy, hitting bond returns. The ICE (NYSE:ICE) BofA Treasury Index has recorded its worst start to the year in history, down 6%.
While liquidity in the U.S. Treasury market has been an ongoing issue, traders and investors said there had been particular concerns during this sell-off.
The market for Treasury securities is typically one of the most liquid in the world, and the global financial system uses the instruments as a benchmark for asset classes. But it has seen liquidity issues, such as in late February and early March 2020, when pandemic fears caused market ruptures and liquidity rapidly deteriorated to 2008 crisis levels, prompting the Fed to buy $1.6 trillion of Treasuries to increase stability.
Eurozone: The European Central Bank would consider extending its money-printing programme beyond this summer if the euro zone economy fell into a “deep recession” because of the conflict in Ukraine, ECB board member Isabel Schnabel said on Thursday.
The ECB said earlier this month it would end its bond-buying stimulus scheme this summer and raise interest rates for the first time in over a decade sometime after that, as it comes to grips with a sudden rise in inflation.
Schnabel, the most hawkish of the six board members who run the ECB, said the central bank had “left the door ajar” in case events took a turn for the worse for the euro zone, which is highly dependent on Russian gas and other raw materials.
Top Economic Releases Today:
- U.S. Pending Home Sales (MoM) (Feb) today at 10:00 this time estimated 1.0%, previously which was -5.70%.
- CANADA Manufacturing Sales (MoM) today at 08:30 previously which was 0.6%.
- GERMANY Ifo Business Climate Index (Mar) today at 05:30 this time estimated 94.20, previously which was 98.90.
- U.K. Retail Sales (MoM) (Feb) today at 03:00 this time estimated 0.6%, previously which was 1.9%.
- SINGAPORE Industrial Production (YoY) (Feb) today at 01:00 this time estimated 6.3%, previously which was 2.4%.
TRADE SUGGESTION- BUY AT 1.3199, TAKE PROFIT AT 1.3225 AND STOP LOSS AT 1.3180
TRADE SUGGESTION- BUY AT 1.1021, TAKE PROFIT AT 1.1038 AND STOP LOSS AT 1.1011
TRADE SUGGESTION- BUY AT 160.700, TAKE PROFIT AT 161.068 AND STOP LOSS AT 160.574
TRADE SUGGESTION- BUY AT 131.349, TAKE PROFIT AT 131.446 AND STOP LOSS AT 131.310
TRADE SUGGESTION- BUY AT 34622.00 TAKE PROFIT AT 34785.00 AND STOP LOSS AT 34502.00
WTI CRUDE OIL
TRADE SUGGESTION- BUY AT 110.16 TAKE PROFIT AT 112.41 AND STOP LOSS AT 108.49
TRADE SUGGESTION- BUY AT 1954.56, TAKE PROFIT AT 1969.95 AND STOP AT 1940.63
TRADE SUGGESTION- BUY AT 43991.88 TAKE PROFIT AT 44259.47 AND STOP AT 43711.56