- Stocks are set to regain ground after the worst three-day losing streak in years.
- The dollar is calm, confirming its recent rise, but without setting new highs.
- Stable metals, near recent lows.
Stocks are recovering after the worst three-day run since 2020. Wall Street futures are up 1% on average. The dollar is calm, as is the bond market.
Wall Street shows signs of life
After falling 3.20% on Monday, extending last week’s lossesS&P 500 futures point to an open around 1%. In Europe, shares are also rising, highlighting the advance of 1.60% of the DAX and 1.69% of the FTSE MIB.
The rebound does not have a particular factor behind it. Concerns about the worsening of the global growth outlook are still there, in the face of unrelenting inflation and monetary tightening ahead throughout the world.
The treasury bond yields they remain far from recent highs in years. The 10-year rate is 3.00% and the 30-year rate is 3.08%. This, together with the better mood in the stock markets, is giving strength to the dollar, which in any case does not show a significant negative correction. DXY is down just 0.05% and trades at 103.70. There are no big changes in the price of the coins, which operate calmly.
The focus on the short term is expected to continue on the stock markets, as the high days continue volatility, although on Tuesday in an upward direction. US President Joe Biden will give a speech on inflation on Tuesday and several Federal Reserve officials (Barkin, Waller, Kashkari, Mester and Bostic) will also speak publicly. Another important event for the next few hours will be the placement of 3-year debt. The presentation of corporate results for the first quarter will also continue, today being the turn of Sysco, Warner, Fox Corp, and Electronics Arts, among others.
On Wednesday it will be the turn of wholesale inflation in China and retail inflation in the US. On Tuesday, a rise in the ZEW index for the Eurozone was reported, but a drop in Germany’s.
The metals they validate the recent drop although they operate with a modest gain. Gold is located above $1860 and silver above $21.80. The recovery in the markets seems to be helping cryptocurrencies. Bitcoin is trading positive after falling to $29,700, the lowest since July of last year.
The rise in the bags also helped the price of Petroleum to find a floor and avoid further losses. The barrel of WTI erased the daily retracement and returned towards $102.00. Preparations by the European Union continue for a possible ban on imports of Russian oil.
Technical levels
Source: Fx Street
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