- Yesterday’s trading session brought declines across major indices, as the S&P 500 edges closer to closing its weakest quarter since 2023.
- U.S. index futures are posting modest gains of around 0.1%, but the VIX is also rising alongside them, indicating that the scale and durability of any rebound remain uncertain.
- Automaker stocks, including Ford and GM, saw sharp losses, as they may be impacted by significantly higher production and parts costs due to tariffs.
- Today, the market’s focus will be primarily on the release of U.S. PCE inflation data for February, scheduled for 12:30 (GMT). Later, at 2 PM GMT, we’ll receive the final reading of consumer sentiment and inflation expectations from the University of Michigan.
- Gold is benefiting from tariff-related and economic uncertainty, rising over 0.8% to $3,085 per ounce and setting a new all-time high.
- The U.S. dollar is gaining slightly, while EUR/USD slips 0.1% to 1.078. USDJPY drops almost 0.3% as Japanese Tokyo inflation (for March) came in higher than expected at 2.4% vs 2.2% exp. and 2.2% previously
- Volatility in the energy commodities market remains very low; oil and natural gas are trading nearly flat. Among agricultural commodities, wheat futures are the biggest decliners, falling more than 0.6%.
- Sentiment in the cryptocurrency market is weak—Bitcoin is down 1.5%, retreating to $85,500. Cryptocurrencies like Polygon, Sandbox, and Gala are dropping more than 7%.
- Thomas Barkin of the Federal Reserve emphasized that the Fed should wait until uncertainty regarding the economy and inflation clears before taking action (e.g., adjusting interest rates).
- Meanwhile, Susan Collins of the Fed stated that the current outlook for both inflation and economic growth has become significantly more complex and challenging. She also noted that inflation risks remain tilted to the upside and assessed that tariffs will almost certainly raise inflation in the short term.
- Canada has announced it will respond to U.S. tariffs. The United Kingdom issued a similar statement, emphasizing that it remains open to talks with the Trump administration.
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