• US indices finished yesterday’s session higher. S&P 500 jumped 0.48%, Nasdaq added 0.22% and Dow Jones rose 0.20%.
  • Stocks in Asia traded lower. S&P/ASX 200 fell 1.10% and Kospi lost 0.17%. Nikkei and Chinese indices were closed for holidays. 
  • DAX futures point to a lower opening of the European cash session today.
  • Analysts from BNZ, ANZ and Westpac all anticipate 50 bp hike in the Fed funds rate.
  • Beijing authorities closed around 10% of subway stations due to covid-19.
  • Goldman Sachs expects the RBA cash rate at 2.6% by the end of the year.
  • RBNZ Governor Orr says can’t rule out a global recession in the months ahead.
  • Musk considers charging commercial/government Twitter users.
  • China’s independent refiners start buying Russian oil at steep discounts, according to Financial Times.
  • Australian retail sales in March rose to 1.6% (vs. expected 0.6%).
  • Australian Markit Services PMI for April 56.1 (prior 56.6).
  • Australian April Construction PMI 55.9 (vs. prior 56.5).
  • New Zealand unemployment rate in Q1 3.2% (vs. 3.2% expected).
  • API report showed larger than expected decline of US crude stocks.
  • Oil is trading higher while natural gas fell 1.0%.
  • Precious metals remain under pressure. Gold fell slightly to $1865, while silver trades around $25.55.
  • AUD and CAD are the best performing major currencies while GBP and NZD lag the most.
  • Cryptocurrencies trade higher – Bitcoin gains 0.7% while Ethereum trades 0.6% higher. 

Bitcoin continues to test major support around $38,000, which coincides with 78.6% Fibonacci retracement of the upward wave launched in July 2021. Source: xStation5

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