Financial Analyst/Content Writer, RADEX MARKETS
Lawrence J. came from a strong technical and engineering background before pivoting into a more financial role later on in his career. Always interested in international finance, Lawrence is experienced in both traditional markets as well as the emerging crypto markets. He now serves as the financial writer for RADEX MARKETS.
COMPARTIR
Markets remain cautiously optimistic on the US-Iran ceasefire holding. Stock markets around the world have enjoyed a few days of solid buying pressure, lifting the Dow Jones index back into the green for the year and all but erasing the war-induced dip on the S&P 500. Intel Corporation (INTC) blasted higher over the last couple of sessions after Google (GOOG) announced plans to expand its partnership with the chipmaker, committing to using several generations of Intel chips to power its AI ambitions. The Nasdaq Composite index and S&P 500 have now achieved seven consecutive days of gains and are both within 5% of their respective record highs. Asian Stock markets have similarly reversed course, with the Nikkei 225 up almost 7% so far this week and the Korean Kospi index boasting a 9% gain since last Friday.
Crude oil prices have showed some degree of stability over the last few days, with the Brent and WTI benchmarks both sitting around $97 per barrel, although the situation on the ground is far from ideal. Saudi Arabia has reported that recent attacks carried out against energy infrastructure targets have reduced the Kingdom’s oil production by 600,000 barrels per day. Officials also confirmed a strike against the East-West Pipeline, which up until this point had served as a release valve for Saudi oil unable to leave via the normal routes. Kuwait has likewise reported fresh drone strikes against its energy facilities, as have other countries in the region, despite the ceasefire.
Yesterday’s PCE Price index released in line with expectations, with headline year-over-year inflation remaining at 2.8% and the core index ticking down to 3.0% in February from 3.1% previously. Traders only have a few more hours to wait before US CPI data drops later today, marking the end of the week’s scheduled events. Interest rate traders are currently pricing in a near-zero percent chance of a rate hike during the next Fed meeting on the 29th of April and continue to fall in favour of a rate hold until the end of the year. By and large, markets are in standby mode, waiting for the next catalyst to provide a direction as the situation in Iran remains unresolved.
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