From Nasdaq.: 2024-03-28 10:26:42

The markets and economy roundup by Nasdaq’s IR team shows equity and bond markets closed tomorrow for Good Friday, weakness with JPY and Malaysian Ringgit, and strength with Indian Rupees. Central banks’ policies have consequences for currencies, as the Fed and others tolerate higher inflation. S&P 500 poised for best start to the year since 2019, with investors still buying. Market breadth is improving, with small caps potentially staging a catch-up rally as majority of S&P 500 members are above their 200-day moving average. Yen hits 34-year lows of 151.97, BoJ member Naoki Tamura’s dovish remarks suggest slow normalization of policy. Market indicators show hedge fund and leveraged options positioning is neutral while equity flows are bullish. Barclay’s Emmanuel Cau notes Q1 factor performance driven by Momentum, AI/Tech/Nvidia leading the way. Piper Sandler mentions bifurcation in markets, while JP Morgan’s poll questions if markets will sell off or laggards catch up for a reversal to materialize.

In the macroeconomic news, equities, gold, dollar, Yields, and oil are up, with light macro calendar this week. Fed’s Waller sees no rush to cut interest rates, BOJ and ECB policymakers take note of gradual rate hikes, BoE rate-setter warns against quick rate cuts. Japan repeats verbal warning to yen bears, China’s bond frenzy eases, Australia retail sales rise modestly thanks to Taylor Swift concerts. Biden administration warns of Baltimore port disruption, UK economy confirms recession last year, Germany’s unemployment rises less than expected, Australia reports modest retail sales rise thanks to concerts. China’s property crisis affects biggest banks, while Janet Yellen warns China against clean energy dumping. US asks allies to tighten servicing of chip gear in China, Israel requests US to review military plans, Xi Jinping restarts treasury-bond trade in China after 2-decade hiatus. Keysight sparks bidding war for London-listed Spirent, Japan’s Mitsui near deal for Chinese medicine firm, and SIX Group CEO rules out Allfunds bid amid M&A hunt. Nissan to invest in Renault’s Ampere for global EV roadmap, French builder and Spanish airport manager in race for Edinburgh Airport. Carnival will not sail through Red Sea until early next year, Lloyd’s of London warns Baltimore Bridge may trigger historic marine loss. Ozempic, Novo’s $1,000 diabetes shot can be made for under $5 a month. Oil/Energy headlines include Asia’s surge in crude imports, global oil refining capacity at risk, Russia’s Kuibyshev oil refinery at a standstill after drone attack, US to buy oil for SPR at above $79 target price, and Russian Navy enters Red Sea amid Houthi attacks.



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