TECHNICAL ANALYSIS OF THE FINANCIAL MARKETS – 17 MARCH 2021Asia Pacific stocks were mostly down Wednesday morning ahead of the U.S. Federal Reserve’s policy decision due later in the day. The Shanghai composite is down 0.03% at 3,445.63. Overall, the Singapore MSCI down 0.09% at 350.40. Over in Hong Kong, the Hang Seng Index up 0.15% to 28,995. In Japan, the Nikkei 225 up 0.07% at 29,740, while the Topix index is up 0.31% at 1966.0. South Korea’s Kospi down 0.54% to 3050.65. Australia S&P/ASX 200 down 0.47% at 6795.2.
European equities Tuesday closing. The DAX futures contract in Germany traded 0.66% up at 14557.58, CAC 40 futures up 0.32% at 6055.4 and the UK 100 futures contract in the U.K. up 0.80% at 6,803.6.
In U.S. on Wall Street, the Dow Jones Industrial Average closed 0.39% up at 32826.0, the S&P 500 down 0.16% to 3962.7 and the Nasdaq 100 down 0.11% at 13154.9, NYSE closes at 15669.29 down 0.67%.
In the Forex market, GBPUSD up 0.06% at 1.39. The USDJPY up 0.09% at 109.086. The USDCHF up 0.09% at 0.92543. EURUSD up 0.05% at 1.19076, EUR/GBP up 0.01% at 0.85654. The USD/CNY down 0.08% at 6.4998, at the time of writing.
In the commodity market U.S Gold futures up 0.31% at $1,736.46. Elsewhere, Silver futures up 0.01% to $25.919 per ounce, Platinum down 0.33% at $1209.33 per ounce, and Palladium down 0.38% to $2,489.50.
Crude Oil mix on Wednesday; Brent crude oil up 0.42% to $68.76 barrel while U.S. West Texas Intermediate (CLc1) is down 0.44% at $64.89.
In the Cryptocurrency Markets, BTCUSD at 56182.31 down 1.28%, Ethereum at 1783.29 down 1.24%, Litecoin at 199.45 down 1.15%, at the time of writing.
TOP STOCKS TO WATCH OUT TODAY:
DISCOVERY Inc. up 2.905% at $75.81, MICRON TECHNOLOGY up 2.904% at $91.43, FORD MOTOR Co. down 5.379% to $12.49, CARNIVAL Corp. up 5.17% to $28.25, MODERNA Inc. up 8.604% to $156.02, FACEBOOK up 2.02% at $279.28.
US: U.S. companies are opting to issue bonds with fixed coupons rather than floating rates as the spectre of a rapid rise in yields impels them to lock in their costs of borrowing.
Refinitiv data showed U.S. companies have issued $456 billion through fixed-coupon bonds until March 15, a 12% increase over the same period last year.
At the same time, they have borrowed just $77 billion through floating-rate bonds in that period, a 33% decline.
Eurozone: The European Central Bank won’t allow interest rates to rise too soon while the economy still grapples with the coronavirus pandemic, according to its chief economist.
“Our objective is basically to make sure the yield curves, which play an important role in determining overall financing conditions, do not move ahead of the economy,” Philip Lane said in an interview with the Financial Times.
“It is really a shift in monetary policy away from focusing on just the short-term rate by looking at all financing conditions,” because long-dated yields are key too.
Policy makers decided last week to “significantly” increase the pace of buying in coming months amid concerns that higher yields will pull the rug out from under the euro-area economic recovery.
Important Data: EURO ZONE CPI (YoY) (Feb) today at 6:00 this time estimated 0.9%, previously which was 0.9%. US Building Permits (Feb) today at 8:30 this time estimated 1.75M, previously which was 1.886M. CANADA Core CPI (MoM) (Feb) today at 8:30 previously which was 0.5%. US Crude Oil Inventories today at 10:30 this time estimated 2.964M, previously which was 13.798M.