MARKET REPORT

Review:

– Hong Kong is set to launch its inaugural spot Bitcoin and Ethereum exchange-traded funds (ETFs) on April 30

Tesla SOARS

– Meta better than Exp earn but disappointing Q2 forecast FALLS 13% POST CLOSE (-$62 p/s)
– Meta reported earnings per share of $4.71 in the quarter on revenue of $36.46 billion. Wall street was anticipating EPS of $4.30 on revenue of $36.12 billion
– Meta have been on a tear, climbing 116% over the last 12 months and more than 45% year to date. That’s far better than chief rival Google which is up 45% in the last 12 months and 16% year to date.

– IBM DUMPS after market

– Trump Media Corp +10%
– IBM to buy HashiCorp (HCP +8%)

– US Mortgage rate hits 5-month High 7.24% (US Mort Applications fall by most in 2-months)
– US Durable Goods rise 2nd straight month. +2.6% Exp +2.5% Prev +0.7%

– UK Gilt (10yr) Yield hits 5-month High

– Nat Gas -7%
– Cocoa +8%

– USD/JPY rises above 155

– Hot Aussie CPI

– Israel to move ahead with Rafah op

DOLLAR DX up: 105.67                  +0.15% (105.48 – 105.79) Off Highs
– AUD up: 64.97                               +0.16% (65.30 – 64.83) Off Lows
– EUR UNCH: 93.45                         UNCH (93.32 – 93.62) Mid
– GBP up: 124.63                             +0.11% (124.70 – 124.24) Highs
– JPY up: 155.35                               +0.35% (154.79 – 155.35) HIGHS

GOLD down: $2330                                       -0.5% ($2325 – $2350) Off Lows
DOW/ES/ND down/down/down:               38595 -0.35%, 5077 -0.55%, 17500 -0.6%
CRYPTO: BTC/ETH Down:                             -3.5% 63865, -2.5% 3130
CRUDE down: $82.76                                    -0.7% ($83.66 – $82.49) Off Lows

Upcoming:

GE GfK
FR Business Climate

US GDP Advance
US PCE Advance
US Initial Jobless Claims

Speakers:

ECB Schnabel

EARNINGS:

Barclays, Unilever, AstraZeneca, Vinci, STMicroelectronics, Airbus, BNP Paribas, Schneider Electric, Hermes, Pernod Ricard, Equinor, BE Semiconductor, Merck, Microsoft, Gilead Sciences, Caterpillar, S&P Global, Intel, T-Mobile US, Alphabet.

MAJORS:

DX:
Small bid on Wednesday amid mixed durable goods data, which beat on the headline while the ex-transport measure was soft. Yields rose throughout the session also supporting the buck but it was not enough to see DXY rise above 106.00. Attention turns to US GDP on Thursday and PCE on Friday, ahead of the FOMC next Wednesday.

DOLLAR DX up: 105.67                  +0.15% (105.48 – 105.79) Off Highs

No call

AUD:
Bid after hotter-than-expected CPI and was the relative outperformer out of the G10s but it still only saw marginal gains vs the Dollar with gains a bit more pronounced vs the Kiwi with AUD/NZD rising above 1.0950.

AUD up: 64.97                                 +0.16% (65.30 – 64.83) Off Lows

No call

GBP
Nothing of note to report.

GBP up: 124.63                 +0.11% (124.70 – 124.24) Highs

No call

EUR
The German Ifo data beat forecasts, perhaps limiting the losses in the Euro alongside commentary from ECB’s Nagel, who said a June cut is not necessarily followed by a series of rate cuts.

EUR UNCH: 93.45                            UNCH (93.32 – 93.62) Mid

No call

YEN:
Printed fresh multi-decade lows with USD/JPY peaking at 155.37. Before then, a Senior Japan Ruling Party Exec said although the party is not yet in active discussion on what Yen levels would be deemed worth intervening in the market, the slide towards 160 vs the Dollar could trigger action.

JPY up: 155.35                                 +0.35% (154.79 – 155.35) HIGHS

No call

GOLD & SILVER:

The China story?
– Long gold positions held by futures traders on the Shanghai Futures Exchange (SHFE) climbed to 295,233 contracts, equivalent to 295 tonnes of gold.
That marks a rise of almost 50 per cent since late September.
A record bullish position of 324,857 contracts was hit earlier this month, according to Bloomberg data going back to 2015.

– Activity on SHFE and the Shanghai Gold Exchange – where trading volumes on a key contract have doubled in March and April relative to last year – as a big driver of the rally, as Chinese investors aim to diversify from their crisis-ridden property sector and sagging stock market…

Chinese central bank that is among the most prolific buyer of bullion in recent months…

GOLD down: $2330                                       -0.5% ($2325 – $2350) Off Lows

No call

EQUITIES:

US INDEXES:
– SPX +0.02% 5,071
– NDX +0.32% 17,527
– DJI -0.11% 38,461
– RUT -0.36% 1,995

EUR INDEXES:
– DAX: -0.35% 18,073.62
– FTSE: -0.06% 8,040.38
– CAC: -0.17% 8,091.86
– ES50: -0.39% at 4,988.85

SECTORS (S to W): Consumer Staples +0.93%, Utilities +0.59%, Consumer Discretionary +0.5%, Real Estate +0.41%, Energy +0.1%, Materials +0.07%, Technology +0.03%, Communication Services -0.06%, Financials -0.13%, Health -0.25%, Industrials -0.79%

STOCKS
Tesla +12%: Metrics disappointed but CEO Musk’s promise of ‘more affordable’ cars seemingly eases growth fears as he said production plans to begin by early 2025
Meta -12% after the bell on disappointing Q2 outlook
Boeing -2.5%: Shallower loss per share, beat on revenue, and negative FCF was not as bad as feared. Boeing’s credit rating was later cut to Baa3 from Baa2 by Moody’s; outlook negative.
Boston Scientific +6%: Impressed as EPS and revenue beat as did Q2 guidance.
Texas Instruments +6%: Profit and revenue topped expectations.
Nvidia -3.5%: Set to acquire AI infrastructure orchestration and management platform Run:ai for around USD 700mln in the coming days, according to Calcalist. NVDA later confirmed the news.
IBM +0.8% is said to offer about USD 35/shr for HashiCorp +7.5%

OIL:
WTI (M4) SETTLES USD 0.55 LOWER AT 82.81/BBL; BRENT (M4) SETTLES USD 0.40 LOWER AT 88.02/BBL

Crude futures were lower on Wednesday despite bullish inventory data and strong economic data. The downside began during the European morning in absence of an obvious catalyst, that’s despite a decent German Ifo report, before some support was found during the NY morning amid reports Israel is poised to launch a Rafah operation immediately. The 6.4mln bbl US crude stock draw reported in the weekly EIA data, which more than offset the 1mln net build in the products, also led to some fleeting strength in the crude benchmarks. However, new lows were printed soon after into the NY afternoon, with WTI and Brent front-month futures hitting session lows of USD 82.44/bbl and 87.65/bbl, respectively, before recovering somewhat into settlement. Oil report courtesy of Newsquark

CRUDE down: $82.76                                    -0.7% ($83.66 – $82.49) Off Lows


BOND YIELDS:

US 1-MO 5.371 -0.011
US 6-MO 5.374 +0.008
US 1-YR 5.165 +0.021
US 5-YR 4.662 +0.04
US 10-YR 4.648 +0.05
US 30-YR 4.777 +0.054

2YR/10YR -0.29

CRYPTO

– The first batch of approved Hong Kong-based ETFs also include China Asset Management’s (ChinaAMC) Bitcoin and Ether-based ETFs, which will start trading on April 30

– Canada’s institutional investors have re-embraced crypto, with 39% of respondents having exposure to the asset class in 2023, according to a KPMG survey. Respondents include hedge funds, family offices, pension funds, private equity and venture capital firms, among others.

– Two founders of the Samourai Wallet crypto-mixing service were charged by federal prosecutors with helping launder $100 million in crime proceeds.

CRYPTO: BTC/ETH Down:                             -3.5% 63865, -2.5% 3130

No Call

KEEP DOING WHATS WORKING
STOP WHAT ISNT.

Best of luck out there. Let the market come to you

We do our best to provide correct information and pricing. We do not accept liability on for error. All pricing listed has been taken care and checked but no liability assumed in error.

As ALWAYS, any advice given is general in nature and is not suited to each traders individual: situation/time-frame/goals/financial circumstance/risk profile/loss mechanics etc
We offer ideas for trades from time to time, we accept no liability for results, they are to be traded on your discretion and responsibility.

I can be contacted should anyone have any questions, input at [email protected] during US hours of EST 9am until 5pm