Weekly Baker Hughes rig count
The weekly Baker Hughes rig count numbers are out for the current week:
- oil rigs 343 versus 344 last week
- gas rigs 94 versus 94 last week
- total rigs 438 versus 439 last week
Not much change for the rig count.
WTI crude oil futures is trading at $61.75, up $0.31 or 0.5%. The high price reached $62.43. The low price extended to $61.25
German Dax -0.3%
The major European indices are closing the day lower. A snapshot of the provisional closes shows:
- German Dax, -0.3%
- France’s CAC, -0.1%
- UK FTSE 100 , -0.1%
- Spain’s Ibex, -0.4%
- Italy’s FTSE MIB, -0.1%
The this is are lower but off lowest levels of the day. The low percentage changes intraday showed:
- German Dax -1.04%
- Frances CAC, -0.64%
- UK’s FTSE 100, -0.69%
- Spain’s Ibex -1.0%
- Italy’s FTSE MIB, -0.71%
For the week, the major indices are closing lower (Spain’s Ibex was near unchanged).
- German Dax, -1.1%
- France’s CAC, -0.47%
- UK’s FTSE 100, -1.22%
- Spain’s Ibex, unchanged
- Italy’s FTSE MIB, -1.5%
As European/London traders look to exit, a snapshot of the market currently shows:
- Spot gold, Monday $6.27 or -0.34% of $1777.70
- WTI crude oil futures up $0.40 or 0.65% at $61.80
- Bitcoin is down $1700 or -3.25% at $49,910 in volatile trading
in the US stock market, the NASDAQ is soaring to the upside and leading the indices higher:
- S&P index is up 40.73 points or 0.99% at 4175.70
- NASDAQ is up 190 points or 1.38% at 14008.18
- Dow is up 169 points or 0.5% at 33985
In the US debt market, yields are higher but off the highest levels. The 10 year yield is up 1.8 basis points after being up near 4 basis points at the highs.
Solid floor at 1.530%
The 10 year yield bottomed stay at 1.5296% (call it 1.530%). That was near the swing lows from April 15 and April 21. The triple bottom is now a solid support level for yields.
The move back to the upside has taken yield back above the 100 hour moving average at 1.570%. The strength the yield also moved above the moving average line only to rotate back to the downside after moving to a high of 1.587%. That yield level also corresponded with the falling 200 hour moving average currently. It represents the next upside technical level that would need to be broken if the yield biases to continue in an upward direction.
Conversely, a move back below the 100 hour moving average would disappoint those looking for a run back to the upside in US yields.
Since topping at 1.774% back on March 30, the yield has rotated down through April. Most of the time since March 6 has been below the 200 hour moving average at the 1.587% level currently.
Latest data released by Markit – 23 April 2021
- Prior 49.6
- Manufacturing PMI 63.3 vs 62.0 expected
- Prior 62.5
- Composite PMI 53.7 vs 52.9 expected
- Prior 53.2
Some modest beats there, with the headline reading coming in at a eight-month high and the composite reading at a nine-month high. Of note, the manufacturing index and output sub-index are at record highs, since the series began in June 1997.
This just reaffirms a solid expansion in manufacturing activity with services also seen picking up marginally, although lagging much behind factory activity – which is led by Germany. Markit notes that:
“In a month during which virus containment measures were tightened in the face of further waves of infections, the eurozone economy showed encouraging strength.
“Although the service sector continued to be hard hit by lockdown measures, it has returned to growth as companies adjust to life with the virus and prepare for better times ahead.
“The manufacturing sector is meanwhile booming. Pent-up spending, restocking, investment in new machinery and growing optimism about the outlook have all helped fuel a further record surge in both output and new orders.
“The steep rise in demand for raw materials is continuing to lead to unprecedented supply chain delays, which are in turn driving up firms’ costs at the fastest rate for a decade. Consumer price inflation may well rise sharply in coming months as a result, though the extent of the rise will be dependent on the strength of demand and the supply situation, both of which remain highly uncertain at the moment.”
BTC is under US$52K
more to come
The latest unsourced rumour is of an 80% tax on crypto.
- would be applied to capital gains
This seems very unlikely indeed, but there it is – that’s the rumour that appears to be the catalyst for the latest bout of weakness. If you don’t like it please feel free to go right ahead and shoot the messenger (metaphorically, in the comments please), for whatever good that will do you 😉
The weekend plunge in BTC was attributed to an electricity outage in China, a whale sale on this, and also on these tax rumours. Its the tax rumour mill that has persistently weighed since then. The background to all this is the Coinbase IPO the previous week, which seems to have been a peak BTC event for this run at least … selling has been relentless since.
Major indices down around 0.9% on the day
The major US indices all closed lower on the day with each down similar amounts of about -0.93%.
The final numbers are showing:
- S&P index fell -38.44 points or -0.92% at 4134.90
- Nasdaq down -131.8 points or -0.94% at 13818.41
- Dow -321.41 points or -0.94% at 33815.90
Intel reported after the close and beat on the tops and bottom lines, but true to the earnings reaction, the stock is lower.