Ongoing reporting from the world’s leading markets: key updates, prominent stocks, bonds, and analyst updates
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22:00 – Green lock on Wall Street: the indices recorded slight declines, which were replaced by increases after the publication of the Fed’s interest rate announcement; The Dow Jones industrial average rose 0.6 percent to close above 33,000 points for the first time; NASDAQ climbed 0.4%, and S&P 500 climbed 0.3%.
21:20 – The US bond yield, which rose 5 points earlier today, mimicked the gains and returned to the closing level of 1.62% yesterday; Gold locked earlier today at $ 1,727.10 an ounce climbs following the Fed announcement by 1.1% to $ 1,749.50 an ounce; WTI oil closed today down slightly 0.3% or 20 cents at $ 64.40 a barrel.
20:15 – The Nasdaq and S&P 500 indices deleted the declines following the Fed’s announcement – and are rising at a slight rate of up to 0.2%.
20:00 – As expected, the Federal Reserve left the interest rate at 0% -0.25%. The central bank updated upward growth and inflation forecasts – but reiterated its position that no interest rate hikes are expected before 2023.
The Dow Jones industrial average rose 0.6% after a decision, Nasdaq deleted some of the declines – and lost 0.5%, as did S&P which shed 0.1% of its value.
19:00 – Closing in Europe – The Frankfurt Stock Exchange climbed 0.6%, London rose 0.3% while Paris closed unchanged.
17:15 – Oil prices are down 1.3%, although official data has shown that the weekly increase in US inventories was smaller than expected.
WTI oil is traded at $ 63.9 a barrel, and Brent oil is traded at $ 67.5 a barrel.
The U.S. Department of Energy (EIA) chief information officer reported today that U.S. commercial companies’ crude oil inventories rose 2.4 million barrels in the past week, while market analysts expected a sharper rise of 2.9 million barrels.
15:30 – The New York Stock Exchanges are opening the day in a negative trend, with investors preparing for the Fed announcement that will be published tonight at eight o’clock (Israel time). The NASDAQ index loses 1%, the Dow Jones and S&P 500 weaken by 0.4%.
Apple leads the declines in FAANG shares and weakens by 1.6%, Netflix retreated by 1.2%, Facebook falls by 0.9%.
The 10-year bond yield rises by 4 basis points to 1.66%, the 30-year bond yield climbs by 3 points to 2.42%.
Uber is down 4.5% after giving workers’ status to drivers in England.
14:00 – An hour and a half to open trading in New York, contracts for Dow Jones are stable, contracts for NASDAQ are down 1.1%, S&P 500 is down 0.4%; pre-Apple is down 1.5%, Tesla is down 3.5%, Facebook And the alphabet is down 1.3%, Amazon is down 1.1%, Nvidia is down 1.9%.
The 10-year US bond yield jumps by 5 basis points to 1.67%, a 13-month high; WTI crude is down 0.7 percent to $ 64.3 a barrel; Gold is down 0.2 percent to $ 1,727 an ounce; In Europe: Dax is stable, Kak is down 0.3%, Potsey is down 0.6%.
13:45 – The amount raised in the SPAC issues in New York has crossed $ 83.5 billion – the amount raised in the issue of SPAC in all of 2020. And we have another 9 months until the end of the year. Just to mention that the number of Spack issues last year was 6 times higher than the previous record recorded in 2019. And what about the traditional IPOs we are all familiar with? Well these have raised from the beginning of 2021 a total amount of only $ 29.5 billion.
13:30 – Lift is getting a target price increase from Woodbush, from $ 72 to $ 85, and a nice entry on its list of favorite stocks (‘Best Ideas List’). Lift stock closed yesterday at $ 64.69 and is up 0.8% pre-climb; Uber shares are down 1.6% in the run-up to the announcement tonight that platform drivers in the UK will turn from freelancers to status workers, following the UK Supreme Court’s favorable ruling last month.
11:20 – Stefan Munier, Chief Investment Officer of the Swiss bank Lombard Odeir: Rising oil prices have uneven effects on world economies, and movements in this market are inseparable from geopolitics. It should be borne in mind that the growth models of oil-producing countries depend on the income from their exports, and major oil importers, such as China, may see their current account balance deteriorate. Looking ahead, the social and economic impacts of the past year have accelerated the trend of lowering dependence on fossil fuels and the rising demand for alternative energy sources.
While it is difficult to predict the geopolitical implications of changing the strategic landscape of the oil industry in the long run. In our opinion Bloombard Audier, oil market inventory, supply and prices will balance as a result of a general recovery, and the main risk is that tensions within OPEC will lead to unexpected decisions regarding production – while the oil market balances during the current year and oil producers have less interest in agreeing on production levels. In light of this, our forecast for Lombard Odeh for the coming year is $ 60 a barrel and we are monitoring the impact of the normalization of oil prices on our portfolios. ”
10:40 – Mixed opening for European trading day: The DAX is up 0.1%, Kak and Potsey are down 0.2%; BMW shares stand out in Frankfurt with a 3.9% rise after an optimistic forecast for the rest of the year.
Volkswagen continues to climb with a 2.1% increase, following a jump of 6.7% yesterday. In London, British Telecom stands out with a strengthening of 4.2%.
Contracts for the Dow Jones are stable, the S&P 500 is down 0.1% and the Nasdaq is down 0.2%; the 10-year US bond yield is 1.63%, currently without significant movement.
9:15 – German carmaker BMW today announces that it expects to record a significant increase in profit in the 2021 total in all its divisions. The company also owns Rolls-Royce and MINI brands. Investors in Frankfurt will continue to follow Volkswagen, which jumped 6.7% yesterday after the announcement of the acceleration of the transition to electric cars.
8:20 – Morning Goods – Brent is up 0.5% at $ 68.8 a barrel, gold is up 0.3% at $ 1,735.20 an ounce.
7:10 – A decline in Asian markets this morning, following the moderate movements recorded tonight on Wall Street (the Dow Jones index fell 0.4%, the Nasdaq rose 0.1%, the S&P 500 fell 0.2%): the Nikkei index fell 0.2%, Hang Seng is down 0.1%, Shanghai is down 0.3%, Kuspi is down 1.2%.
Among the most prominent stocks in Tokyo: Rakuten loses 4.2%, Softbank drops 1.8%; The China Mengniu Dairy dairy group climbs 3.8% at the peak of Hang Seng.
Decline in Japanese exports, for the first time in 3 months: Exports in February fell by 4.5% compared to the same month last year, against economists’ forecasts for a decline of 3.7% and a subsequent rise of 6.4% in January. Exports to China grew by 3.4% in February, exports to the US fell by 14%; imports to Japan climbed by 11.8% in February – forecasts were for an increase of 11.9%, following a decrease of 9.5% in January.
Contracts on leading New York indices are down 0.1%; The 10-year US bond yield stands at 1.62%, currently with no significant movement.
On the agenda today in global markets – waiting for the Fed’s monetary decision: “The baseline will be, ‘Everything looks a little better, but there is still a high level of uncertainty and we are not going to do anything in the near future.’ Says Bill English, a former Fed executive and now a professor of finance at Yale School of Business.
“On the one hand, they do want to say that things are looking better. On the other hand, they will not want to say that they intend to change the policy sometime in the near future. So this is a tricky matter in terms of presenting things,” said another Englishman.
The market does not expect changes in policy and HaMoked will once again host Chairman Jerome Powell’s press conference. The interest rate will remain at zero and the acquisition plan will also remain unchanged, amounting to about $ 120 billion per month.