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0.044%
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Joint Statement: The United States and Brazil agree to work together to arrange a meeting between U.S. President Trump and Brazilian President Lula as soon as possible.1. All three major US stock indices closed lower, with the Dow Jones Industrial Average down 0.65%, the S&P 500 down 0.63%, and the Nasdaq down 0.47%. Visa fell over 3%, and Travelers Group fell nearly 3%, leading the Dow lower. The Wind US Tech 7 Index fell 0.19%, with Tesla down over 1% and Apple down 0.76%. Most Chinese concept stocks fell, with China Construction Bank down nearly 9% and CenturyLink down over 5%. 2. All three major European stock indices closed higher, with Germanys DAX up 0.38%, Frances CAC 40 up 1.38%, and the UKs FTSE 100 up 0.12%. Strong earnings reports from some major companies boosted market sentiment. Coupled with easing inflation risks, investors are optimistic about the year-end outlook, driving the overall stock market upward. 3. U.S. Treasury yields fell across the board. The 2-year Treasury yield fell 8.14 basis points to 3.418%, the 3-year Treasury yield fell 8.02 basis points to 3.422%, the 5-year Treasury yield fell 7.63 basis points to 3.543%, the 10-year Treasury yield fell 5.94 basis points to 3.973%, and the 30-year Treasury yield fell 4.76 basis points to 4.581%. The 10-year Treasury yield fell below 4% for the first time since mid-September. Treasury yields have recently declined due to growing concerns about the health of the economy, increasing bets that the Federal Reserve will cut interest rates in the coming months. 4. International precious metals futures generally closed higher. COMEX gold futures rose 3.40% to $4,344.3 per ounce, and COMEX silver futures rose 3.99% to $53.43 per ounce. 5. U.S. Energy Information Administration (EIA) data showed that U.S. crude oil inventories increased by 3.524 million barrels last week. The main contract for WTI crude oil was quoted at $56.95 per barrel, while the main contract for Brent crude oil fell 1.37% to $61.06 per barrel. 6. Most base metals rose in London. LME aluminum futures rose 1.82% to $2,796.00/ton, LME tin futures rose 0.94% to $35,725.00/ton, LME zinc futures rose 0.68% to $2,968.00/ton, LME nickel futures rose 0.24% to $15,230.00/ton, LME copper futures fell 0.20% to $10,620.00/ton, and LME lead futures fell 0.55% to $1,971.50/ton.On October 17, Hansoh Pharmaceutical (03692.HK) announced on the Hong Kong Stock Exchange that it had entered into a license agreement with Roche. Pursuant to the license agreement, the licensor (a wholly-owned subsidiary of the company) will grant the licensee (a Roche subsidiary) an exclusive, global license to develop, manufacture, and commercialize HS-20110. The licensor will receive an upfront payment of US$80 million and is eligible to receive up to US$1.45 billion in milestone payments based on the products development, regulatory approval, and commercialization progress, as well as tiered royalties on potential future product sales.Feds Kashkari: The longer the government shutdown lasts, the less certain we are that we are reading the economic situation correctly.On October 17th, gold and silver prices both hit record highs in early trading, driven by growing concerns about economic credit quality and the trade war, which fueled safe-haven demand. Investors are also betting that the Federal Reserve may implement an extraordinary rate cut this year. On Friday, gold prices briefly reached $4,380, on track for their biggest weekly gain since 2020 and extending their sharp rebound since August. The buying frenzy also spread to other precious metals, with silver reaching a record high of $54.3775. Broader markets were shaken by the disclosure of loan issues involving fraud allegations by two US regional banks, heightening concerns about further vulnerabilities in borrowers creditworthiness and boosting demand for safe-haven assets like gold and silver.

As Fed Chair Powell endorses higher rate hikes, EUR / USD falls toward 1.0530

Daniel Rogers

Mar 08, 2023 14:00

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During the Asian session, the EUR / USD pair broke below the consolidation around 1.0550 to the downside. It appears that the major currency pair has resumed its decline, and further losses are anticipated due to pessimistic market sentiment. The currency pair is expected to find support near 1.0530.

 

Futures on the S&P 500 have lost their dead cat bounce as the motif of risk aversion gains strength. The US Dollar Index (DXY) has already reached a three-month high above 105.60, and gains are anticipated due to a general improvement in the appeal of safe-haven assets. The yield on the 10-year Treasury note has surpassed 3.97 percent. Powell, the chairman of the Federal Reserve, believes that increasing interest rates is "appropriate and suitable" for controlling the nation's rising inflation. He has asserted that the current monetary policy is inadequately restrictive to bring inflation down to the desired levels.

 

The extraordinary increase in payrolls reported in January has prompted contemplation of a higher termination rate than previously anticipated. Prior to this, Fed Governor Christopher Waller stated that February's economic data was a one-time anomaly and that price pressures would resume their downward trend beginning the following month. Consequently, investors will gain greater insight following the release of the US Automatic Data Processing (ADP) Employment Change (Feb) data, which is anticipated to be higher at 200K compared to the previous release of 106K.

 

On the Eurozone front, investors are concentrating on German January Retail Sales data. Compared to the previously reported contraction of 5.3%, it is anticipated that the monthly data will indicate an expansion of 2.0%. As a consequence, inflationary pressures may intensify as a rebound in retail demand may boost the German Consumer Price Index (CPI).

 

Klaas Knot, a policymaker at the European Central Bank (ECB), stated on Tuesday that the ECB is likely to continue raising interest rates for "quite some time" following March. According to him, the current rate of interest rate hikes could continue through May if underlying inflation does not decrease significantly.


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