Financial Market News 31.03.2021 Wednesday

Описание: DAX in Germany traded flat, the CAC 40 in France fell 0.1% and the U.K.’s FTSE index dropped 0.3%. European stocks posted strong gains Tuesday, with the CAC 40 and Amsterdam's AEX hitting a new 52-week high and the DAX topping 15,000 points for the first time. Deliveroo stock fell as much as 30% from the IPO price after making one of the most anticipated London stock market listings, the largest float on the London Stock Exchange since Glencore (OTC:GLNCY) in May 2011. Peers Just Eat Takeaway (AS:TKWY) and Delivery Hero (DE:DHER) fell 0.8% and 1.1%, respectively. H&M (ST:HMb) stock slipped 1.2% after the Swedish retailer reported a quarterly loss and said it would not propose a dividend at its annual general meeting. Capgemini (PA:CAPP) stock rose 1.7% after the French consulting and IT services provider raised its mid-term margin targets on Wednesday, while Daimler (OTC:DDAIF) stock rose 0.1% after the German car manufacturer repeated that it expects 2021 to be a significantly better year for revenue and pretax profits than 2020. The guidance is almost equivalent to an upgrade, given that the global shortage of semiconductor chips has appeared to worsen since it first made that forecast. Oil prices rose Wednesday ahead of Thursday’s meeting of the Organization of Petroleum Exporting Countries and its allies, a grouping known as OPEC+, which is set to decide production levels into May. OPEC's technical experts trimmed their forecast for global demand growth this year on Tuesday, to 5.6 million barrels a day, from 5.9 million previously. U.S. crude futures traded 0.4% higher at $60.77 a barrel, while the Brent contract rose 0.4% to $64.45. Gold futures fell 0.2% to $1,683.45/oz.

The GBP/USD pair is trimming losses to head towards 1.3750 on the back of the comments. GBP/EUR remains at the low end of the key 1.17 level, trading above the 11-month high reached two weeks ago. The EUR/USD pair prolonged its recent bearish trajectory and dropped to a near five-month low, around the 1.1700 level. Relative Strength Index (14) has moved on the verge of breaking into oversold territory and warrants some caution for aggressive bearish traders. This makes it prudent to wait for some near-term consolidation or a modest bounce before positioning for any further depreciating move. The path of least resistance for the pair remains to the downside. Hence, any meaningful bounce might still be seen as a selling opportunity and remain capped near the mentioned confluence support breakpoint, around the 1.1760 zone. Some follow-through selling below the 1.1700 mark now seems to accelerate the fall further towards the 61.8% Fibonacci retracement level, around the 1.1620-15 region. This is closely followed by the 1.1600 mark, which if broken should pave the way for the continuation of the ongoing bearish trend. The dollar was up on Wednesday morning in Asia, rising to a fresh one-year high against the yen over investor bets that fiscal stimulus and an aggressive vaccine rollout will help the U.S. lead a global economic recovery from COVID-19. The dollar index inched up 0.08% to 93.370. The index held above the 93 mark and was on course for its best month since 2016. The USD/JPY pair was up 0.25% to 110.62, surpassing the 110 mark. The AUD/USD pair edged up 0.17% to 0.7607 and the NZD/USD pair inched up 0.07% to 0.6985. The USD/CNY pair inched down 0.07% to 6.5669 with the yuan offshore market the weakest since November 2020. Rising U.S. bond yields also gave the greenback a boost, with the yield on the benchmark 10-year Treasury note touching a one-year high of 1.776% on Tuesday.