25 April 2017

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Currency Markets the euro edged lower on Tuesday, catching its breath after a relief rally sparked by the first round results of the French election, while the Canadian dollar fell on news of U.S. duties on Canadian softwood lumber. The euro fell 0.1 percent to $1.0860, off Monday's peak of around $1.0940, its highest level since Nov. 10, after centrist Emmanuel Macron won the first round of the French presidential elections. The greenback edged up 0.1 percent to 109.89 yen, but remained below Monday's high of 110.64 yen, its strongest level since April 11.  The loonie fell to C$1.3559 per U.S. dollar at one point, its lowest level since late December when it decreased to C$1.3598.

Commodities Markets oil prices inched up on Tuesday but markets remain under pressure following six consecutive sessions of declines as traders lose confidence that pledged output cuts by major producers will rein in oversupply in a world awash with fuel. U.S. West Texas Intermediate crude futures added 0.5 percent, but remained below the $50 mark pierced late last week, at $49.47 a barrel. Brent crude rose 0.5 percent, to $51.86 per barrel. Spot gold was down 0.1 percent at $1,273.50 per ounce. Silver was up 0.1 percent at $17.92 an ounce, after touching a one-month low of $17.65 on Monday. Platinum was steady at $959.30 an ounce, after falling over 1 percent in the prior session. Palladium was unchanged at $794.90 an ounce.

US Equity Markets stocks rallied on Monday, tracking a relief rally that swept through Asian and European markets, after centrist candidate and market favorite Emmanuel Macron won the first round of the French presidential election. The Dow Jones Industrial Average rose 1.05 percent, to 20,763.89, the S&P 500 gained 1.08 percent, to 2,374.15 and the Nasdaq Composite added 1.24 percent, to 5,983.82. European banks jumped 7.4 percent while banks on the S&P 500 added 2.8 percent. Medical device maker C R Bard jumped almost 20 percent to $302.41 after U.S. medical equipment supplier Becton Dickinson said it would buy Bard for $24 billion.

Bond Markets U.S. Treasury debt prices fell on Monday after centrist Emmanuel Macron's victory in the first round of France's presidential race bolstered expectations the country would stay in the European Union and preserve the euro. In late trading, U.S. 10-year notes were down 11/32 in price to yield 2.276 percent, from 2.236 percent on Friday. U.S. 30-year bond prices were down 23/32, yielding 2.930 percent, up from Friday's 2.894 percent.

Asian Equity Markets Japan's Nikkei index retook the 19,000 level on Tuesday for the first time in three weeks, buoyed by Wall Street gains as well as relief that North Korea did not conduct another missile test to mark a military anniversary. The Nikkei was up 0.8 percent at midday at 19,034.74. The broader Topix rose 0.9 percent to 1,516.80, while the JPX-Nikkei Index 400 added one percent to 13,575.08. MSCI's broadest index of Asia-Pacific stocks outside Japan rose 0.35 percent to its highest level in more than three weeks, marking four straight days of gains. Chinese stocks rose 0.1 percent, while Hong Kong's Hang Seng gained 0.9 percent.