It has been a mostly sideways session on Monday, with little interest due to the ongoing holiday. The main interest has been in Oil, which jumped sharply (+3%) on news that the US is preparing to cease all waivers of Iranian oil sanctions, which will expire on May 2. Countries currently buying Iranian oil without facing US sanctions include China, Japan, South Korea, Taiwan, India, Italy, Greece, and Turkey, who will all be forced to look elsewhere if they wish to continue to trade with the US. This would likely send the price even higher, especially given the limited supplies now available from Libya/Venezuela. Note that the API Weekly Crude Oil Stock Inventory is also due today.
Looking ahead today has a rather empty calendar, with nothing to come from Asia/Europe, and just the Philadelphia Fed Mfg Survey and the March New Home Sales/House Price Index due from the US. The main focus will be on the US corporate reporting season which gears up this week, with 30% of all S+P companies due to present their figures. The big hitters today will include State Street, Proctor & Gamble, Coca-Cola and Lockheed. Have a good day.
Economic data highlights will include:
Tue: NZ Credit card Spending, US House Price Index, New Home Sales, Richmond Fed Mfg Index, EU Preliminary China, API Weekly Crude Oil Stock Inventory
Market moves, in brief:
FX: DXY 97.28 (-0.1%)
Bonds: US10Y; 2.589% (+1.02%), German 10Y; 0.023% (+0.0%), UK 10Y; 1.196% (+0.07%), Australian 10Y; 1.960% (-0.05%), NZ 10Y; 1.98% (0.00%), China 10Y; 3.415% (+1.94%)
Stock Indices: DJI; -0.18%, S+P; +0.10%, NASDAQ; +0.31%, EUStoxx50; +0.02%, FTSE100; -0.15%, Shanghai Composite; -1.70%,
Metals: Gold $1274 oz (+0.02%), Silver $15.01 oz (0.07%), Copper $2.905 lb (+0.05%), Iron Ore $93.20 per tonne (+0.31%),
Oil: WTI $65.83 pb (+0.3.0%)
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