- On Friday, Wall Street closed in the green despite deep losses at the open. The Nasdaq rebounded significantly (+0.52%), while the S&P 500 and DJIA posted slight gains (+0.08%).
- Donald Trump announced “flexibility” regarding the retaliatory tariffs planned for early April.
- John Williams from the Fed stated that he “does not see signs of uncertainty in inflation expectations [in the U.S.],” describing the latest data from the University of Michigan as an exception to the trend.
- Asian and Pacific markets extended their losses amid concerns over the planned wave of U.S. retaliatory tariffs in April. The HSCEI (-0.15%), Shanghai SE Composite (-0.57%), and South Korea’s Kospi (-0.3%) are all in the red, while Japan’s Nikkei 225 trades flat.
- The telecommunications services sector was under particular pressure (e.g., China Unicom -3.1%) after the U.S. launched an investigation into alleged violations of operational restrictions imposed on Chinese companies in the U.S.
- The Bank of Japan will continue raising interest rates if inflation keeps moving toward the target, regardless of losses on its government bond holdings.
- Preliminary PMI readings showed a significant rebound in Australia. The manufacturing index rose to 52.6 in March (previous: 50.4), while the services index climbed to 51.2 (previous: 50.8). New orders grew at the fastest pace since May 2022, along with the emergence of new businesses.
- However, in Japan, PMI unexpectedly declined. The manufacturing index dropped to 48.3 (forecast: 49.2, previous: 49), while the services index fell to 49.5 (previous: 53.7).
- On the FX market, the dollar gave up some of its recent gains (USDIDX: -0.05%). The Swedish krona (USDSEK: +0.4%), Norwegian krone (USDNOK: +0.25%), and Australian dollar (AUDUSD: +0.2%) gain the most. Meanwhile, the Japanese yen weakens against the dollar amid concerns over upcoming tariffs (USDJPY: +0.2%). The EURUSD rebounds by 0.2%.
- Brent and WTI crude oil futures declined by 0.19% and 0.12%, respectively, while natural gas (NATGAS) also fell (-0.75%).
- Iraq plans to increase oil and gas production to 6 million barrels per day by 2029.
- Gold trades flat at $3,022 per ounce, while silver gains 0.35% to $33.15 per ounce.
- Cryptocurrency futures rebounded strongly as risk appetite increased in U.S. and European index futures. Bitcoin rose to $86,930 (+2.13%), Ethereum to $2,065 (+3.73%), while Solana (+5.2%) and Chainlink (+5%) futures also climbed higher.
- The key macroeconomic data releases today will be the preliminary March PMI figures for services and manufacturing.
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