S&P futures are unchanged ahead of the March Consumer Price Index tomorrow and earnings from several large banks on Friday.
China received encouraging inflation data in the form of the March Consumer Price Index which was cooler than expected, reducing the yr/yr rate to 0.7%, its lowest level since September 2021.
President Biden signed legislation that terminates the national emergency related to the COVID-19 pandemic.
NY Fed President Williams (FOMC voter) said he expects inflation pressures to gradually cool and for unemployment rate to increase to 4.0-4.5%, according to Reuters.
The 2-year yield is down one basis point to 3.99% and the 10-year yield is down one basis point to 3.40%. The U.S. Dollar Index has been in a slow grind lower, down -0.4% to 102.13.
Oil prices dipped back below $80.00/bbl, but are climbing off overnight lows. WTI crude oil futures are up 0.5% to $80.15/bbl.
Gold futures are up+0.5% to $2014.
Bitcoin futures are up nearly 3% trading near $30,000.
- China’s CPI was cooler than expected in March, reducing the yr/yr rate to 0.7%, its lowest level since September 2021.
- Japan will chair a meeting of G7 finance leaders in Washington tomorrow.
- China will conduct a three-month review of duties imposed on barley from Australia.
- South Korea’s exports were down 8.6% yr/yr through the first ten days of April with chip exports falling 39.8%.
- The Bank of Korea left its base rate at 3.50%, as expected.
- British Prime Minister Sunak is expected to call a general election for the fall.
- Italy increased its 2023 domestic growth forecast to 1.0% from 0.6% while the outlook for 2024 was reduced to 1.4% from 1.9%.
- European Central Bank policymaker de Cos repeated that the central bank is not done hiking rates.