- US index futures are trading slightly lower today, but they continue to maintain a strong upward trend; the US500 is hovering near 6,920 points, around 100 points below its all-time high.
- The key macro data releases today will include US small business sentiment (NFIB) at 11 AM GMT, ADP employment data, and most importantly the US March PPI inflation reading at 1:30 PM GMT. Israel is also set to begin negotiations with Lebanon, while numerous central bankers from both the Fed and the ECB are scheduled to speak on the economy.
- China’s Hang Seng has erased a significant portion of its recent gains. March data showed export growth of 2.5% YoY, well below forecasts of 8.6% and sharply down from 39.6% YoY in February. Imports rose by 27.8%, compared to expectations of 13.9% and 13.8% previously. The trade balance fell to $51.13 billion in March, versus forecasts of $107.55 billion and $90.98 billion previously.
- Expectations for the upcoming US earnings season are high; analysts have raised their profit forecasts in recent months. According to Morgan Stanley, the average price-to-earnings ratio for S&P 500 companies has declined by 18%.
- According to US Energy Secretary Wright, a major US company is expected to soon announce an increase in oil production in Venezuela. Nvidia has denied reports of a potential acquisition of computer and laptop manufacturer Dell.
US500 and USDIDX (charts, daily timeframe)
Source: xStation5
Source: xStation5
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