Market Commentary: Tuesday 26th March

As we move to quarter end there are no strong themes with individual stories capturing the headlines; Russia linked the ISIS-K terror attack on Moscow to Ukraine, the US abstained on a UN Security Council ceasefire resolution on the Israel-Hamas war, and China is alleged to have hacked business and political data in the US, UK and NZ.

Food prices will climb everywhere as temperatures rise due to climate change, and now Cocoa is worth more than Copper, perhaps there could be a second-hand Easter egg market after all!

China and Russia agreed a deal with the Houthis to not attack their ships near Suez, Legoland UK is to introduce surge pricing, and the Boeing CEO is stepping down as the firm’s reputation nose-dives and its main union is pushing to get a Boeing board seat.

Furthermore, the data for today:

In the US, we have durable goods orders, with a focus on core orders to strip out any effects of weak (Boeing) aircraft orders. We see the Philly Fed Services Index.

Additionally, the FHFA house price index, the Conference Board’s consumer confidence index, and the Richmond Fed’s manufacturing index will be released.

On the speaking front, we hear from the ECB’s Muller, and the ECB chief economist Philip Lane participates in an event in Dublin.

As for the markets, the yield on 10-year Treasuries was little changed at 4.24%. Gold opens at $2170 per ounce, Bitcoin is at $70,800, the Hang Seng gained 1.38%, whilst the S&P closed at 5220 and currency wise Cable opens at 1.2650 and USDJPY at 151.50.

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