Morning Market Preview:
U.S. futures are higher as...
- Federal Reserve Chair Jerome Powell told Republican lawmakers privately that Congress should raise the $250,000 limit on insured bank deposits.
- Federal Reserve Vice Chair Michael Barr told congressional leaders that Silicon Valley Bank's failure was from a lack of oversight among bank management, supervisors, and the regulatory system.
- Barclays strategist Joseph Abate predicted that consumers looking elsewhere for better rates will cause another wave of large cash withdrawals from banks.
- Bank of Canada Deputy Governor Toni Gravelle said that quantitative tightening is likely to continue till the end of 2024 as the central bank works to rebalance supply and demand.
European markets gained as...
- European Central Bank board member Isabel Schnabel said that core inflation has shown to be relatively sticky and that the decline in energy prices may not be enough to see headline figures fall to the bank’s 2% target.
- Spain's Consumer Price Index for March nearly halves to an annual rate of 3.1%, early signs that inflation in Europe may be headed significantly lower in the second quarter.
- U.K. Finance Minister Jeremy Hunt said that Britain would not follow suit of fellow western nations in offering green energy subsidies and tax breaks but would rather stimulate business growth through private investment.
- Italian Prime Minister Giorgia Meloni and her political party are trying to pass a bill to separate retail and investment banks, a move that would drastically reconfigure the current financial system.
Asian markets were mixed as...
- Taiwan President Tsai Ing-wen said that she will not let external geopolitical pressures influence the nation's role or decisions on the global stage and is heading to the U.S. to meet with lawmakers.
- The Comprehensive and Progressive Agreement for Trans-Pacific Partnership is expected to accept the U.K. into its free trade bloc.
- The Bank of Thailand raised its key interest rate by 25 basis points to 1.75% but said that it expects inflation to fall back down to target levels by the middle of the year.
Pre-Market Levels:
S&P +0.55%, Dow +0.58%, Nasdaq +0.53%
Asia:
Japan's Nikkei -0.36%, Japan's TOPIX -0.59%, China's Shanghai Composite +0.65%, Hong Kong Hang Seng Index +0.58%, South Korea's KOSPI +0.38%, Taiwan's TSE +0.51%
Europe:
EuroStoxx 50 +1.44%, UK FTSE +0.95%, German DAX +1.27%, French CAC +1.38%, Italian MIB +1.27%, Spanish IBEX +1.65%
Currencies:
Dollar -0.19%, Japanese Yen -0.30%, Euro +0.30%, British Pound +0.13%, Swiss Franc -0.34%, Chinese Yuan -0.07%
Risk:
VIX -1.15%
Bitcoin +0.97%
Ethereum -0.01%
Growth:
WTI Crude +0.89%
Brent Crude +0.68%
Nat Gas -1.60%
Copper +0.84%
Safety:
Gold +0.19%
Silver +1.91%
Sovereign Bonds:
U.S. Treasury 10-yr yield -1.0 bps at 3.56%
U.S. Treasury 2-yr yield unchanged at 4.08%
German 10-yr yield +0.8 bps at 2.31%
French 10-yr yield -0.3 bps at 2.81%
Italian 10-yr yield -0.1 bps at 4.14%
Japanese 10-yr yield +3.5 bps at 0.34%
Earnings:
ABVC, ACGX, AGFY, AMPG, APC, ARDS, ASTS, BSET, CELU, CHCI, CHRA, CNRD, CSTI, DBGI, ENSC, GALT, GREE, HCMC, INVO, IVFH, MARK, MHPC, NANX, NGS, NH, NVVE, PIK, PRKR, QTEK, RNAZ, RSCF, RUM, RVYL, RXMD, SASI, SBEV, SELF, SGRP, SINT, SLNH, STAF, SWKH, TAYD, TFFP, VASO, WINT, XELB, XWEL, ZDPY, AMPS, BTTX, BVS, CREX, CRMD, EVGO, HTL, LASE, NEOG, NOVN, SMID, SNDA, VRNO, AIM, RENX, TAL, GTEC, RMTI, ANGO, PRVB, SWAG, BCLI, MKTW, IMNN, and HSON before the open.
ACRX, AEHR, AREC, ASTR, BIOR, CSSE, CURI, DARE, DUOT, FAZE, FFNT, FOXO, GAN, GDNS, GOEV, IONQ, KINS, LOWL, LSTA, NRXP, OABI, OMQS, OSA, PCSA, PIII, PPSI, SHPW, SIEN, SKLZ, SURG, WULF, YMAB, AUID, ELDN, IZEA, SRGA, BRZE, EYEN, GVP, MFON, NBY, PLSE, RKDA, SPRO, UGRO, and SLGG after the close.
Calendar:
Japan – Imports, Exports (Final) for February
UK – Nationwide House Price Index for March (2 a.m.)
Spain – CPI (Preliminary) for March (3 a.m.)
Eurozone – Business Climate Indicator for March (5 a.m.)
Eurozone – Consumer, Economic, Industrial, and Services Confidence Indicator for March (5 a.m.)
Germany – CPI (Preliminary) for March (8 a.m.)
GDP for 4Q (Third Take) (8:30 a.m.)
Initial Jobless Claims (8:30 a.m.)
Continuing Claims (8:30 a.m.)
Energy Information Administration Weekly Petroleum Inventories (10:30 a.m.)
Treasury Auction 4-Week Bill (11:30 a.m.)
Fed’s Barkin Speaks (12:45 p.m.)
Fed’s Collins Speaks (12:45 p.m.)
Fed’s Balance Sheet Update (4:30 p.m.)
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