📆 Wednesday, March 27
► European markets, as well as nearly all other market are on hold, with the Stoxx 600 Index barely moving as investors await more economic data, such as consumer and economic confidence data, but in particular Friday's US PCE data. A surge in Hennes & Mauritz (H&M) shares, by up to 13%, follows a better-than-expected profit report. Spanish inflation and French consumer confidence figures came in higher than expected, setting the stage for Friday's anticipated US PCE report.
► US futures are slightly up (~ +0.3%), yet this week's movements are extremely cautious ahead of the US inflation data release on Friday. The bond market saw little movement in major yields, with the US 10-year Treasury holding at around 4.23%. Traders are in particular so cautious, as there is limited trading on Thursday (shortened bond trading in the US) and most global markets remain closed on Friday – while key economic data from the US & Europe are released and Fed Chairman Jerome Powell will hold a speech.
► In Asia, the picture is mixed; Japanese gains are counterbalanced by dips in China. China and Hong Kong shares fell, largely due to tech sector losses following Nvidia's decline and Alibaba’s halted logistics arm listing. The JPY’s decline to its weakest since 1990 has sparked speculation of intervention by Japanese authorities. After the Bank of Japan's rate hike, Finance Minister Shunichi Suzuki hinted at possible further actions to support the currency.
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