Global Markets Roundup: 10 Apr 2024

APAC markets exhibited subdued performance on Wednesday, with investors exercising caution amidst concerns over potential intervention by Japanese authorities to stabilize the yen's decline. Additionally, anticipation loomed over forthcoming U.S. inflation data, slated for release later in the day, as investors sought insights into future interest rate trajectories. The broadest index of Asia-Pacific shares outside Japan, as tracked by MSCI, experienced marginal gains of 0.2%, following a session of modest upticks in U.S. equities. Year-to-date, the index has seen a 0.2% increase.

Early trading in Australia saw shares edging up by 0.3%, juxtaposed with a 0.41% decline in Japan's Nikkei NI225 stock index. The latter, however, appears poised to retest the 40,000-point mark, buoyed by the yen's descent. In U.S. markets, the Dow Jones index concluded with a marginal decline of 0.02%, while the S&P 500 registered a modest gain of 0.1% and the Nasdaq Composite surged by 0.3%. In the European pre-market EURO STOXX 50 Index Futures FESX1! trade 0.61% higher, indicating positive European open.

Concerns arise over potential Japanese intervention in currency markets should the yen breach the 152 per dollar threshold, with market observers closely monitoring developments.

Investor attention is particularly fixated on the impending U.S. consumer price data, expected to reveal a year-on-year uptick in headline inflation to 3.4%, up from 3.2% in February. Speculation is rife within financial markets regarding the possibility of a U.S. interest rate cut as early as June, with market sentiment hinging on the inflationary outlook.

On the currency front, the euro EUR/USD maintained stability at $1.0856, with a month-on-month increase of 0.64%, while the dollar (DXY) index, reflecting the greenback's performance against major trading partners, edged down to 104.1. The kiwi rose up to $0.6077 versus the U.S. dollar, before settling around $0.60595, while the Australian dollar traded lower for 0.15% to $0.662.

Commodity markets witnessed marginal movements, with WTI U.S. crude inching up to $85.31 a barrel, while Brent crude remained steady at $89.42 per barrel. GOLD prices exhibited slight gains, with spot gold trading at $2,352.93 per ounce. Benchmark three-month LME copper HG1! rose 1.1% to $31,485 per metric ton. The most-active wheat contract on the CBOT traded lower for 0.1% at $5.57-1/4 a bushel. Soybeans edged 0.5% up to $11.80 a bushel, and corn rose for $0.4% at $4.32-3/4 a bushel.

Looking ahead, markets anticipate: BOJ Gov Ueda Speech, Italy Retail Sales MoM, US CPI (MoM/YoY), BoC interest rate decision, EIA Crude Oil Stocks Change, FOMC Minutes.

You can view all markets data and charts here.

General news - Information source from multiple newswires.

The article and the data is for general information use only, not advice!

The Trade Academy Team

Rating: Mixed Outlook

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