- U.S. indexes have recovered their opening losses and are heading toward the end of the session in positive territory (Nasdaq: +1.1%, S&P 500: +1.2%, DJIA: +1%, Russell 2000: +0.35%).
- Shares of the largest U.S. bank, J.P. Morgan, are rising nearly 4% following earnings, while the world’s largest asset manager, BlackRock, is up over 3%. In the first quarter of 2025, BlackRock’s assets under management grew by over 10% year-over-year to $11.58 trillion. Wells Fargo shares also returned to gains after initially falling nearly 4% post-earnings.
- Trump reassured CEOs of American companies that a shift in trade policy is on the way, according to Charlie Gasparino from Fox Business, posting on platform X.
- Part of the market’s optimism can also be attributed to comments from Federal Reserve officials. John Williams downplayed concerns about stagflation, while Susan Collins said that “the Fed is ready to help stabilize the market.”
- The U.S. PPI inflation report for March showed a stronger-than-expected decline. Month-over-month, the PPI fell by -0.4%, compared to a forecasted 0.2% drop. Year-over-year, PPI rose by 2.7%, below the expected 3.4%. Core PPI followed a similar trend.
- Consumer sentiment, according to the University of Michigan, dropped more sharply than expected, reaching its lowest level since 2022. Inflation expectations rose above forecasts to 6.7% (1-year) and 4.4% (5–10 years). In both cases, the market had expected lower inflation expectations.
- The U.K. GDP rose in February above expectations (1.4% vs. forecast 0.9%, previous reading: 1%).
- On the forex market: the U.S. dollar is weakening against all G10 currencies (USDIDX: -0.8%) amid a sell-off in long-term U.S. Treasuries.
- The New Zealand dollar is the strongest performer (NZDUSD: +1.25%), EURUSD rises to 1.1311 (+1%), and the Swiss franc gains another 0.7% against the dollar.
- In cryptocurrencies, broad optimism is observed.
- Bitcoin rebounds 5% to nearly $84,000 as demand for risky assets rise, Ethereum rises 3.4% to $1,582, and gains are also seen in Chainlink futures (+5.7%), Dogecoin (+4%), and Solana (+8%). Also, rising Bitcoin price were observed earlier, even despite mixed sentiments on Wall Street which may be a sign that BTC is again viewed as a dollar hedge and diversification asset in quite similar way as gold
- Gold is pulling back slightly from all-time highs as market sentiment indicates a short-term return to riskier assets; however, gold still holds a gain of over 1%.
- Chicago Board of Trade (CBOT) wheat futures are rising nearly 3% on fears of drought in the United States and unfavorable weather in Russia, which could limit exports.
- The United States is returning to the second round of negotiations on a minerals’ agreement with Ukraine. The Ukrainian delegation arrived in Washington today. The New York Times reports that the deal could be seen by Trump as a potential argument for resuming aid to Kyiv.
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