JAPAN: Takaichi: Worked To Ensure Passage Off Japanese Vessel Through Strait
Apr-30 10:28
JAPAN PM TAKAICHI: I HAVE WORKED TO ENSURE PASSAGE OF JAPANESE-RELATED VESSEL THROUGH STRAIT OF HORM...
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LOOK AHEAD: Tuesday Data Calendar: House Prices, JOLTS, Fed Speakers
Mar-31 10:27
- US Data/Speaker Calendar (prior, estimate). All times ET
- 03/31 0900 FHFA House Price Index MoM (0.1%, 0.1%)
- 03/31 0900 S&P Cotality CS 20-City MoM SA (0.47%, 0.35%), YoY (1.38%, 1.38%)
- 03/31 0945 MNI Chicago PMI (57.7, 55.0)
- 03/31 1000 Conf. Board Consumer Confidence (91.2, 87.9)
- 03/31 1000 JOLTS Job Openings (6.946M, 6.890M), Openings Rate (4.2%, --)
- 03/31 1000 JOLTS Quits Level (3.137M, 3.120M), Quits Rate (2.0%, 2.0%)
- 03/31 1000 JOLTS Layoffs Level (1.631M,1.668M), Layoffs Rate (1.0%, 1.1%)
- 03/31 1030 Dallas Fed Services Activity (-3.2, -4.6)
- 03/31 1130 US Tsy $75B 6W bill auction
- 03/31 1200 Chicago Fed Goolsbee opening remarks, Eco Mobility Project
- 03/31 1310 KC Fed Schmid on monetary policy/economic outlook
- 03/31 1500 Fed Gov Barr moderated discussion on stablecoin regulation
- 03/31 1710 Fed VC Bowman moderated discussion on small business
- Source: Bloomberg Finance L.P. / MNI
OUTLOOK: Price Signal Summary - Gains In EUROSTOXX50 Futures Appear Corrective
Mar-31 10:06
- In the equity space, a bear trend in S&P E-Minis remains intact and fresh cycle lows this week reinforce current conditions. This confirms a resumption of the downtrend. Sights are on 6316.61 next, a 3.236 projection of the Feb 11 - 17 - 25 price swing. Initial firm resistance is at 6669.50, the 20-day EMA. A correction would allow an oversold condition to unwind.The trend condition in EUROSTOXX 50 futures remains bearish and short-term gains are considered corrective. Note that the trend is oversold and a stronger recovery would allow this set-up to unwind. Key pivot resistance is seen at 5739.00, the 50-day EMA. A resumption of the downtrend would open 5277.64 next, a 1.382 projection of the Mar 5 - 9 - 10 price swing.
ECB: A Typically Hawkish Muller Suggest April Hike May Be Needed
Mar-31 09:53
ECB’s Muller maintains his position at the hawkish end of the ECB Governing Council in latest comments to Bloomberg.
- “It’s very hard to say what state we might be in by the end of April. We certainly can’t rule out changes in interest rates already in April if energy prices remain at a high level for a long time.”
- He said he’d closely monitor wages and the labor market as key indicators of broader inflation pressures, while drawing a distinction between goods and services where energy is an important input, such as airlines.
- His comments follow this from earlier today:
- "*ECB'S MULLER: PROBABLE RATES WILL RISE IN COMING QUARTERS
- *MULLER: ECB'S BASELINE IS PROBABLY NOW OPTIMISTIC" - bbg
Recall that he last week made a surprising headline on not needing to fully see second-round effects (an area that ECB leadership want to monitor before acting) before hiking:
- "*ECB MAY NOT NEED FULLY VISIBLE 2ND-ROUND EFFECTS TO ACT: MULLER" – bbg
- Specifically, he said: “I am not sure we need to wait until all of that is fully visible […] Once energy prices have remained elevated for several weeks, one can already be reasonably confident that second-round effects are likely.”
