Gentle reminder 👇 Liquidity is everything!
Archives of “March 2019” month
rssNikkei 225 closes lower by 0.23% at 21,378.73
Tokyo’s main index gives back some of yesterday’s gains
It was a bit of a mixed session for Asian equities as Japanese stocks fell while Chinese stocks are holding firm despite poor industrial profits data earlier today. That said, the Nikkei is closing near its highs for the day and we’re also seeing sentiment in US equity futures beginning to get a little better.
S&P 500 futures are now up by 0.2% as we move towards European trading. However, Treasury yields remain slightly softer and the mixed tone isn’t really lending a helping hand to currency traders so far today. USD/JPY sits near unchanged levels currently at 110.60.
I would expect European equities to view things with a glass half-full look so the open should see mild gains but nothing that should stir risk assets to rally all too much.
China industrial profits biggest fall since 2011
- (combined figures for January and February to smooth out distortions caused by the week-long China’s Lunar New Year)
If you think the result is terrible, you are right.
Reuters report that its the worst contraction since October 2011 in the first two months of this year
- drag was mainly due to price contractions in key industrial sectors such as auto, oil processing, steel and chemical industries Zhu Hong of the statistics bureau said in a statement accompanying the data
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Meanwhile the post-RBNZ slump in AUD and NZD continues, extends:
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China data: Jan -Feb Industrial profits -14% y/y
China’s National Bureau of Statistics with profit data
The Bureau has combined the January and February data
- down 14% y/y
Ugh.
Such a poor result would be a big negative for ‘China proxy’ trade such as the Australian dollar. but it had already taken a thrashing earlier on the comment issued by the Reserve Bank of New Zealand
RBNZ on hold, as expected
Reserve Bank of New Zealand March 27 2019 policy decision
Cash rate on hold at 1.75%
RBNZ says next rate move is likely down
Balnce to inflation risks have shifted to downside
more to come
Trump’s Fed nominee says Fed should immediately cut rates by 50 bps
US president Trump wants Stephen Moore on the Fed’s Board of Governors.
- Moore reported now as saying he wants an immediate rate cut of 50 basis points
Another genius.
Tesla 2025 Spread to Benchmark 609 yesterday highest since the issuance date
Private oil data shows surprise build in headline crude oil inventory
This is the private survey of inventories, official data is Wednesday morning (US time).
- Platts survey had analysts looking for a headline US crude inventories to draw around 2.2 million barrels for the week
- Reuters survey had a central estimate for a 1.2mln barrel draw
US stocks end the session off highs but still higher on the day
S&P and Nasdaq off to the best start to year since 2012. The Dow is on pace to close the month in the red
The US stock indices are ending the session with solid gains but still a bit off the best levels. The S&P and Nasdaq broke a two day slide. Those indices are off to the best start to the year since 2012. The quarter ends at the end of the week.
IN contrast, the Dow is on pace for ending the month in the red.
The final numbers are showing:
- The S&P rose 20.10 points or 0.72% at 2818.46. That 2817 area was an old ceiling until this month. The high for the month reached 2860, but has come back down over the last two days.
- The Nasdaq closed up 53.982 or 0.71% at 7691.52. The high reached 7738.168. The low reached 7649.207
- The Dow closed up 140 points or 0.55% at 25657.73. The high reached 25796.29. The low reached 25544.78.