GameStop is back! It has already surged by 14% in pre-trade hours.
Asian equities get to 5-week maximum
On Friday, Asian equities rallied to five-week maximums because Fed Chair Jerome Powell told once again that the Fed is going to be patient about lifting interest rates. Another factor was the news that trade negotiations between China and America are gradually progressing, shifting to higher levels.
As the major US bank’s dovish stance kept a lid on the evergreen buck, the Chinese currency managed to ascend to its highest value for over five months and it was on course for its greatest weekly jump since the 2005 revaluation in onshore trade.
Meanwhile, European equities are anticipated to go up, and financial spread-betters expect the British FTSE, Germany’s DAX, and France's CAC to head north by 0.1% - 0.2%.
MSCI's index of Asia-Pacific equities surged by 0.29% demonstrating the highest value since December 6. As for Japan's benchmark Nikkei, it soared by 0.97%. Additionally, Shanghai Composite Index tacked on by 0.56%.
American equities extended its surge because market participants responded to Powell’s mixed remarks, while Macy’s warning suppressed US equities.
Major American stock indexes rapidly regained their losses after Fed Chair told that the major bank’s balance sheet would be significantly smaller.
Meanwhile, Chinese and American statesmen are working on arrangements for higher-level trade negotiations after this week mid-level officials debated American demands that would need substantial change in China to address such issues as forced technology transfers, IP theft as well as other non-tariff barriers.
Fundamental tensions between China and America won’t probably go away and there’s a high probability that any agreement to have levies suspended breaks down when it becomes evident that US leader’s goals can’t be met.
Meanwhile, the common currency strengthened by 0.2% hitting $1.1523. Against the Japanese yen the greenback slipped by about 0.1% being worth 108.28 yen.
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The Reserve Bank of New Zealand will hold a meeting on Wednesday, April 14, at 05:00 MT.
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Today traders await the US inflation data to be out at 15:30 MT. Jump in to get fresh trade ideas for today!