Overnight Snapshot


The Day Ahead

0800hrs UK         SZ Swiss Foreign Currency Reserves (est CHF760bln vs previous CHF757.1bln)
0830hrs UK         UK Halifax House Price Index (est 1.23%mom/1.89% 3mths vs previous -3.1% / 2.2%)
0840hrs UK         SW Riksbank First Deputy Governor Kerstin af Jochnik speaks in Stockholm
0900hrs UK         EU Merkel, Scholz, Duncan, Oettinger, Strache & others to speak at a day long Europe Forum in Berlin
1000hrs UK         EU EuroZone GDP (est 0.4%qoq / 2.49%yoy vs previous 0.4% / 2.5%)
1200hrs UK         EU German Finance Minister Olaf Scholz speaks in Berlin
1230hrs UK         UK Foreign Office Minister Alan Duncan speaks in Berlin
1330hrs UK         US Weekly Jobless Claims (est 221.63K vs previous 221K)
1400hrs UK         EU German Chancellor Angela Merkel speaks in Berlin
1530hrs UK         CA Bank of Canada releases Financial System Review
1600hrs UK         UK Bank of England Deputy Governor Dave Ramsden speaks in London
Japanese PM Shinzo Abe meets with Presdient Trump at the White House
Bank of Canada Governor Stephen Poloz and Senior Deputy Carolyn Wilkins hold press conference on Financial System Review
Russian President Vladimir Putin holds annual call-in broadcast show with cistizens
Former Fed Chief Ben Bernanke speaks on Quantitative Easing and the lessons learned in Washington
From the US we have earnings from JM Smucker, DocuSign, and Broadcom
From France we have earnings from Remy Cointreau
The following UK stocks go XD today; Associated British Foods, Evraz, Johnson Matthey, Sainsburys, Scottish Mortgage Inv Trust, and Vodafone
FTSE100 Ex Dividend 10.589 points



The Day So Far….

STOCKS: Wall Street shares rallied again yesterday aided by financial names as investors focused on strong economic data and trade war fears took a back seat. Late in the day, White House economic adviser Larry Kudlow said that Donald Trump will meet with Canadian PM Justin Trudeau and French President Emmanuel Macron during a G7 summit this week. Whilst Trump not showing signs of easing back on his tariffs, the move is seen as conciliatory and was well received by investors. This followed reports that China is looking to import an additional $70bln of American goods over a year as Beijing officials try to calm the trade war fears. The Dow forged ahead by 346.41 points to close at 25146.39, the S&P500 posted a gain of 23.55 points at 2772.35, whilst the Nasdaq100 posted a new record high at 7212.452 before closing 43.329 points up at 7210.082 boosted by Comcast whose shares jumped 3.8%, and by Tesla who leapt 9.7% on reassuring news from top man Elon Musk.
Asian equities pushed higher, following Wall St.'s lead. The Nikkei 225 led the way, with the materials and consumer discretionary sectors outperforming, while the energy sector recorded modest losses. A strong open led to mostly sideways trading to close just under 200 points higher. The Hang Seng also posted solid enough gains, although a notable fall in the health care sector capped gains. Australia's ASX 200 followed suit, aided by decent enough showings from both the materials and energy sectors, although utilities provided some weight. Mainland China bucked the trend with the Shanghai Composite falling slightly - U.S. index futures were also higher overnight with Mini S&P 5.25 points higher, and Mini Dow 85 points higher.
US TSYS: Its been a steady enough session for US Tsys, with yields back from session highs that came as the risk on mood spilled over into early Asia dealing after the long end's support evaporated early in the latter half of Wednesday's US session & futures made new session lows late on. - T-Notes have stuck to a tight 4-tick range, with the space seemingly driven by USDJPY moves after the pair failed to make a clean break above its 21-DMA. - The Eurodollar strip has operated in a very narrow range.
OIL: WTI hovered around $65 in Asia after Iraq's oil minister stressed that he believes that a rise in OPEC+ production should not be on the table. - This came after US crude production ticked higher in the latest week's worth of DoE inventory data, which also revealed a build in headline crude stocks, at odds with the most recent API inventory release.
GOLD: The yellow metal failed to trade above $1300/oz and stuck to a tight range in Asia-Pacific hours.
FOREX: AUD garnered attention after AUDJPY touched near 3-month highs of 84.53 (Mar 13 high) in early Asia-Pacific dealing as the rebound in risk sentiment had led to USDJPY hovering either side of its 21-DMA. This faded in the wake of a slightly narrower than expected AU trade balance. The print itself only provided a modest miss, while the prior reading was marked higher. The move lower may therefore represent fatigue, with AUDJPY support now noted at 83.93, as the pair deals at 84.10, off of lows of 84.03. AUDNZD is also back below its 200-DMA, while AUDUSD trades a tad softer at 0.7650. - USDJPY trades a few pips shy of 110.00 following the aforementioned pullback. - EUR & GBP managed to print marginal gains against the greenback, although EURUSD couldn't breach 1.18.

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Отдел аналитики