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Rise and shine everyone
I hope you had a nice long holiday from the market.
Friday was an interesting day with futures getting quite the boost from the Unemployment Report, which came in tighter than expected.
We have a whole host of economic data coming out this week, and of course Earnings Season starts on Friday with the banks reporting before market open.
US Futures trending lower after soaring on Friday. Gold is marginally lower, Oil remains stable and the USD Index is slightly higher. Bitcoin is showing some strength crossing 28,355. Treasury yields see some pressure.
Asia and Australia
Asian markets mostly higher overnight with South Korea and Japan among the better performers.
BOJ Governor Ueda's term began 9-Apr and will hold a press conference later Monday
Beijing held second day of military drills around Taiwan Sunday, including full encirclement of island and precision strikes simulation, in retaliation against Taiwan's President Tsai's meeting with US House Speaker McCarthy.
Bank of Korea set to hold its base rate steady at 3.5% Tuesday
Europe, Middle East, Africa
European markets closed again for holiday.
Inflation in urban parts of Egypt rose to its highest since July 2017. Consumer prices climbed an annual 32.7% in March, less than forecast by most economists and up from 31.9% the previous month.
Investors pulling cash from oil despite the OPEC+ cuts. WisdomTree’s Brent Crude Oil ETP — ticker BRNT — had an outflow of $55.7 million on Thursday, the largest one-day fall since late 2019.
The Americas
Exxon has held preliminary talks with Pioneer Natural Resources about an acquisition. This is potentially big news in the oil and gas industry.
Apple's computer shipments declined by 40.5% in Q1, marking a tough start to 2023 for PC makers still grappling with a glut of unsold inventory.
First Republic to suspend dividend payments on preferred stock. This is terrible news and it sets a precedent for other banks / companies to stop paying dividend on preferred stock. Preferred stock gets paid dividends before common shareholders.
Tesla announces plans to build factory in Shanghai to produce Megapack energy storage system
Investors piling into options on US regional banks amid expectations for more volatility into earnings season
Manheim Used Vehicle Value Index increased 1.5% m/m in March, down 2.4% y/y
Calendar
(news taken from Reuters, FT, Bloomberg; Calendar from Trading Economics)
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