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Entrepreneur
Kurra Bewarse
Username: Entrepreneur

Post Number: 3307
Registered: 05-2011

Rating: N/A
Votes: 0

Posted on Wednesday, March 03, 2021 - 7:56 am:   

Wednesday Pre-Market Update:

1. The global equity markets are in rally mode. S&P Futures are back trading around the 3890 zone, up about 22 points. The market found solid support at the low of the night of 3867.25 and has not looked back. The market is trading at the upper end of the range that saw a high of 3898.00.


2. In Asia, the major markets saw strength across the board. Hong Kong was the best performing region with a 2.7% gain in the Hang Seng. Investors applauded the latest Manufacturing PMI reading, which jumped to 50.2, up from 47.8 in January.

3. Chinese markets were also stronger despite a drop in the Caixin Services PMI to 51.5, compared to 52.0 last month.

4. In Japan, the Nikkei finished the day up 0.5%, led by steel stocks. Names such as Nippon Steel, JFE and Kobe Steel rose 6-9%.

5. In Europe, the major bourses are up about 1%. Financials are among the strongest sectors throughout the region with Deutsche Bank, Commerzbank, BNP Paribas and Societe Generale all outpacing the broader markets with 2-3% gains. Energy names are also rebounding with crude oil back near the $61 area.

Market Updates

S&P Futures vs Fair Value: +25.0
10 yr Note: 1.456%

FOREX:
USD/JPY: 106.95 +0.27
EUR/USD: 1.2092 +0.0002

WORLD MARKETS
Europe: FTSE: +1.1% DAX: +0.9% CAC: +0.9%
Asia: Hang Seng: +2.7% Shanghai: 2.0% Nikkei: +0.5%


Gold (1723.10 -10.50) Silver (26.69 -0.19) Crude (60.65 +0.90)

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