29 March 2017

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Currency Markets the dollar pulled away from 4-1/2-month lows against a currency basket on Wednesday after solid data backed expectations for more U.S. interest rate hikes this year, while sterling was knocked by Britain triggering its exit from the European Union. The dollar last stood at 111.22 yen, up slightly on the day. Sterling, meanwhile, wallowed at one-week lows, down 0.3 percent at $1.2412 as investors braced for British Prime Minister Theresa May's move later on Wednesday to formally file paperwork to leave the European Union. The euro was steady on the day at $1.0813. The dollar index, which tracks the greenback against six major rival currencies, edged up slightly to 99.751. 

Commodities Markets oil prices on Wednesday extended gains from the previous session, lifted by supply disruptions in Libya and expectations that an OPEC-led output reduction will be extended into the second half of the year. Prices for front-month Brent crude futures had risen 14 cents from their last close to $51.47 per barrel. In the United States, West Texas Intermediate crude futures were up 20 cents at $48.57 a barrel. Spot gold was down 0.3 percent at $1,248.32 per ounce. U.S. gold futures fell 0.6 percent to $1,247.9. Spot silver fell 0.6 percent to $18.04 per ounce. Platinum rose 0.6 percent to $952.90 per ounce, while palladium prices were down 0.6 percent to $787.50 an ounce.

US Equity Markets stocks ended sharply higher on Tuesday, with financial and energy stocks rising as data showed U.S. consumer confidence rising to a more than 16-year high. The S&P 500 gained 0.73 percent, to 2,358.57 and the Nasdaq Composite added 0.6 percent, to 5,875.14. General Motors  rose 2.4 percent after activist investor David Einhorn's Greenlight Capital urged the carmaker to split its stock into two classes. Tesla rose 2.7 percent after disclosing that Chinese technology giant Tencent Holdings had taken a 5 percent stake in the electric car maker for $1.78 billion. Darden Restaurants jumped 9.3 percent after the Olive Garden owner announced quarterly results and said it would buy Cheddar's Scratch Kitchen for $780 million.

Bond Markets shorter-dated Japanese government bond prices fell on Wednesday as the market took cues from an overnight retreat by U.S. Treasuries, while the longer-dated maturities gained on month-end investor demand. The five-year yield rose 1 basis point to minus 0.145 percent and the benchmark 10-year yield climbed 0.5 basis point to 0.060 percent. The 30-year yield, on the other hand, declined 1 basis point to 0.815 percent.

 Asian Equity Markets Japan's Nikkei index edged down in choppy trade on Wednesday morning as ex-dividend share price adjustments pressured the market and offset positive sentiment from gains in Wall Street overnight. The Nikkei was down 0.2 percent to 19,165.66 in midmorning trade after opening a tad higher. The broader Topix shed 0.1 percent to 1,543.73 and the JPX-Nikkei Index 400 declined 0.1 percent to 13,805.71.  MSCI's broadest index of Asia-Pacific stocks outside Japan edged up 0.2 percent and back toward recent 21-month peaks. Australia's main index climbed 0.8 percent to its highest since mid-2015. The Shanghai composite inched up 0.11 percent and Hong Kong's Hang Seng Index advanced 0.3 percent.