US cash equity markets are firmly higher at the closing bell.

US Closing Report (by Sigma Squawk)


US cash equity markets are firmly higher at the closing bell after strong gains on a BBG sources report which claimed the White House has no plans or ongoing talks about action against Amazon, and in turn clawing back some of the heavy declines we saw in the prior trading session (DJIA +1.7%, S&P +1.3%, NASDAQ +1.0%).

Auto stocks are leading gains, boosted by the big-three (Ford, Fiat Chrysler and General Motors) after they surpassed March US auto sales. Amazon shares are also in focus as they face further criticism from US President Trump. Elsewhere, US government bond yields have held higher on the day which has kept the Dollar Index in the green, albeit slightly.

The Japanese Yen remains the under-performer among the G10’s on the positive risk sentiment. In the oil markets, US crude futures finished higher with US crude futures settling at $63.51 (+$0.50). Of note, survey data showed OPEC oil output fell by 170K BPD in March to 32.04 Mkn BPD, the lowest in a year.

It was also announced that San Francisco Fed President John Williams has been chosen to replace Dudley as the New York Fed President, effective June 18th.

Key Headlines/Data:

* According to survey data, OPEC oil output fell by 170K BPD in March to 32.04 Mkn BPD, the lowest in a year on Venezuela.

* San Francisco Fed President John Williams have been chosen to replace Dudley as the New York Fed President, effective June 18th.

* US President Trump estimates that intellectual property theft amounts to $200-300 Bln a year to the US.

* Trump also said he plans to use the military to protect the border with Mexico until there is a border wall.

* US Crude futures settled at $63.51 (+$0.50) | Brent Crude futures settled at $68.12 (+$0.48).

* US Wards Vehicle Sales Data (Mar) • Total +17.40 Mln versus +16.90 Mln expected, previous +16.96 Mln • Domestic +13.42 Mln versus +13.1 Mln expected, previous +12.94 Mln.

* BBG: As Trump Attacks Amazon on Twitter, White House Holds Its Fire. 
• Judging from his tweets, President Donald Trump appears to have the knives out for Amazon.com Inc. But inside the White House, there are no active discussions about turning the power of the administration against the company, according to five people familiar with the matter who spoke on condition of anonymity.



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