US STOCKS: Gathering Upside Momentum: Tariff Hopes & Trade Deal Dreams
Apr-24 15:19
- Stocks are gaining midmorning Thursday, still off yesterday's knee-jerk highs but headed in that direction as tariff related headlines continue to move markets. Buy first, ask questions later: The latest support from talk the White House is "nearing an agreement in principle on trade with India" according to a Fox reporter - not a lot of substance as negotiations continue.
- Currently, the DJIA trades up 291.09 points (0.74%) at 39897.61, S&P E-Minis up 79.75 points (1.48%) at 5481.75, the Nasdaq up 330.5 points (2%) at 17040.19.
- Information Technology and Communication Services sectors outperformed in the first half, ServiceNow surged 13.87% higher after reporting better than expected earnings. Other gainers include Microchip Technology +9.16%, ON Semiconductor +7.07%, Analog Devices +6.37%, Texas Instruments +5.93%, Lam Research +5.84% and Amphenol +5.27%.
- Interactive media and entertainment shares buoyed the Communication Services sector with Take-Two Interactive Software d +3.77%, Omnicom Group +3.02%, TKO Group Holdings +2.86%, Walt Disney +2.81% and Netflix +2.78%.
- Conversely, Consumer Staples and Utilities sectors underperformed in the first half, weighing on Consumer Staples: Procter & Gamble -4.91% and PepsiCo -2.86% while Dollar Tree -3.28% and Dollar General -2.02%. Meanwhile, alternative energy providers weighed on the Utility sector with NextEra Energy -2.51%, Xcel Energy -2.10%, PG&E -1.48% and Consolidated Edison -1.09%.
- Earnings expected after today's close include: T-Mobile, Encompass Health Corp, Weyerhaeuser Co, Skechers USA, SS&C Technologies, Republic Services, Digital Realty Trust, Intel Corp, Gilead Sciences and Alphabet.
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STIR: April ECB Pricing Unfazed By Cautious Speakers
Mar-25 15:16
April ECB implied rates have been unfazed by today’s cautious/hawkish leaning Governing Council speakers, with ESTR OIS continuing to price just over a ~65% implied probability of a 25bp cut.
- Both Kazimir and Muller suggested the ECB’s deposit rate was no longer in restrictive territory, evidently not subscribing to ECB staff’s (heavily caveated) 1.75-2.25% nominal neutral range.
- Both speakers (alongside GC colleague Vujcic) noted that the April decision remains an open question.
- February lending data is due on Thursday, before the March flash inflation round kicks off with Spain and France on Friday. Expect the majority of speakers to display a non-committal tone until next Tuesday at the earliest, following the Eurozone-wide inflation print and US President Trump’s next wave of tariff announcements.
- With the exception of the April meeting, OIS-implied rates are higher on the day, tracking similar movements in Euribor implied yields and core EGBs.
OPTIONS: Expiries for Mar26 NY cut 1000ET (Source DTCC)
Mar-25 15:16
- EUR/USD: $1.0690(E912mln), $1.0775-90(E766mln), $1.0900-25(E2.3bln)
- USD/JPY: Y148.00-10($932mln), Y151.74($519mln), Y152.00($955mln)
- AUD/USD: $0.6370-80(A$699mln)
- USD/CAD: C$1.4200($556mln), C$1.4240($634mln), C$1.4500($781mln)
- USD/CNY: Cny7.2430($600mln), Cny7.3000($500mln)
MNI EXCLUSIVE: MNI speaks to Canadian industry experts
Mar-25 15:15
Canadian industry experts assess the country's chances in accessing alternative markets to the U.S - On MNI Policy MainWire now, for more details please contact sales@marketnews.com
