An ECB official last night suggested the central bank could recommence buying stressed eurozone bonds if necessary, easing fears in Europe. Dow up 89. (Accessible only for subscribers before 10:15 AEDT)
There was somewhat of a negative feedback loop across the globe last night as Europe returned from Easter and Spanish and Italian bond yields continued to rise. Dow down 213. (Accessible only for subscribers before 10:15 AEDT)
Weakness in AUD/USD is only a temporary phenomenon, predicts the TechWizard.
Wrap of events affecting the market on Friday night and the weekend and a preview of the week ahead.
In a QE3 vacuum, Australia’s trade deficit and a weak Spanish bond auction were cause for global concern last night. Dow down 124. (Accessible only for subscribers before 10:15 AEDT)
Wall Street has come to accept that QE3 is dead in the water following last night’s release of the Fed minutes. Dow down 64. (Accessible only for subscribers before 10:15 AEDT)
The RBA intends to wait for the March quarter inflation data before deciding there is scope for an interest cut, suggesting a cut may well be the case in May.
The RBA today decided to leave its cash rate unchanged at 4.25%.
The technical analysts at Barclays Capital notes while April tends to be a good month for equity and energy markets, results are more mixed for forex and fixed interest markets.
Chinese and US manufacturing data spurred on a positive opening to the June quarter. Dow up 52. (Accessible only for subscribers before 10:15 AEDT)