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Market Recap – March like the proverbial lion

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 Economic Indicators & Central Banks:

March came in like the proverbial lion with the NASDAQ composite and the S&P 500 roaring to new all time highs.
This morning, Asian stock markets were initially boosted by a broader tech rally. Top chipmaker Taiwan Semiconductor Manufacturing Co saw its highest ever level – the company is the main supplier to Apple Inc. and Nvidia Corp. and is considered a key beneficiary of the ongoing AI boom.
Bonds & US Treasury yields are under pressure at the start of a busy week that includes the ECB decision, Fed Chair Powell’s congressional testimony and China’s National People’s Congress.
Fedspeak so far were supportive. There had been growing chatter in recent sessions that the strength in the economy could prevent the FOMC from trimming rates at all this year.
Swiss CPI fell to 1.2% y/y in February, which is further proof that the SNB has brought inflation under control.
Turkey’s annual CPI swung to a 15-month high, close to 70%.
OPEC+ output cuts to remain in place until the middle of the year.
Today: ECB Governing Council member Robert Holzmann & Fed’s Patrick Harker speeches.

Market Trends:

European futures and Asian stocks higher, with key upcoming events such as Fed Chair Powell’s congressional testimony and China’s National People’s Congress adding to market anticipation.
The renewed strength in the tech sector resonated across Asia, with Taiwan Semiconductor Manufacturing Co., the world’s leading chipmaker, reaching its all-time high.
AI and Nvidia continued to underpin investor enthusiasm, boosting the NASDAQ by 1.14% to 16,275, finally besting the 16,057 historic peak from November 2021.
The S&P500 advanced 0.80% to 5137, also a new high, marking its 15th record of the year, and it has gained in 16 out of the last 18 sessions, the best showing since 1971.
Nikkei (JPN225) surpassed the 40,000 mark for the first time.

Financial Markets Performance:

The USDIndex remains under pressure, falling to 103.67 but drifting within a tight range on pressure by lower Treasury yields, as traders waited for crucial economic data for fresh clues on the timing of Federal Reserve interest rate cuts.
BTCUSD surged, briefly surpassing the $64,000 threshold. Market participants are speculating that the cryptocurrency is poised to exceed its previous record high of nearly $69,000, achieved during the Covid-19 pandemic.
Gold remains in the green, edging up fractionally to $2084 per ounce.
USOil is below $80 per barrel after OPEC+ members confirmed that output cuts will be extended through to the middle of the year. The decision was widely expected, but still supported the recent uptrend in prices.

Click here to access our Economic Calendar

Andria Pichidi

Market Analyst

Disclaimer: This material is provided as a general marketing communication for information purposes only and does not constitute an independent investment research. Nothing in this communication contains, or should be considered as containing, an investment advice or an investment recommendation or a solicitation for the purpose of buying or selling of any financial instrument. All information provided is gathered from reputable sources and any information containing an indication of past performance is not a guarantee or reliable indicator of future performance. Users acknowledge that any investment in Leveraged Products is characterized by a certain degree of uncertainty and that any investment of this nature involves a high level of risk for which the users are solely responsible and liable. We assume no liability for any loss arising from any investment made based on the information provided in this communication. This communication must not be reproduced or further distributed without our prior written permission.

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