Market Commentary: Thursday 28th March

Global stock markets continue their strong performance into quarter end and the Easter break - S&P +10%, Nasdaq +9.25%, DAX +10.3%. Data wise today we saw Aussie retail sales 0.3% m-o-m whilst 0.4% expected.

Next, we get German retail sales, another look at Q4 UK GDP, German unemployment, Eurozone M3, Canadian GDP for January, another look at US Q4 GDP. Then we have weekly initial jobless claims, followed by the Chicago PMI, pending home sales, and the final Michigan consumer confidence survey, so not the quiet wind down one would expect.

The warning is that as it is Maundy Thursday, European Liquidity will start to lessen and sourcing liquidity could be at a premium - especially tomorrow in the US where the Exchanges are closed but the US federal government is open.

West Texas Intermediate crude rose 0.6% to $81.80 a barrel, Bitcoin rose 1.7% to $70,056.13, Ether rose 1.2% to $3,553.01, Spot gold is sitting shy of the $2200 resistance at $2195 per ounce. USDJPY at 151.40 and Cable opens at 1.2610.

As for the headlines, Janet Yellen seems to have a lot to say about China, the headlines were as follows -  Yellen says China’s rapid buildout of its green energy industry ‘distorts global prices’ (Reuters); Yellen to Warn China Against Flood of Cheap Green Energy Exports (New York Times); Janet Yellen says China’s giant EV push ‘distorts global prices’ and hurts workers around the world (Fortune); Janet Yellen warns China against clean energy dumping (Financial Times).

On the speaking front itself in Europe, the ECB’s Villeroy speaks later and as this is our last commentary before the Easter break, we hope you appreciate your Easter Eggs as next year they will be more expensive!

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