Stocks, commodities and currencies have been holding steady overnight. US index futures are down 0.1% while the FTSE
and DAX are flat.
Currencies are holding steady against USD indicating Fed and political risk speculation has been fully priced in for now. GBP is underperforming slightly ahead of today's Third Reading of the Brexit bill in the House of Lords plus tomorrow’s Spring Budget and soft UK same store sales.
Although the recent advance in stocks has slowed, so far indices have been pausing rather than selling off. This suggests that new capital coming in from the sidelines chasing the rally is still enough to offset profit-taking by earlier entrants for the time being.
In energy trading, WTI Crude oil is up 0.2% but Natural Gas has been slammed for a 2.2% loss. Another warm spell in consuming markets suggests that the end of a soft demand heating season could be arriving early in some areas.
Today traders may pay some attention to trade numbers for the US and Canada, plus China tonight, which could have political implications. Health Care stocks may also be active as traders soft out the winners and losers from the Republicans health care plan.
Qualcomm 7.5% dividend increase
Australia RBA Interest Rate 1.50% no change as expected
UK same store sales (0.4%) vs street (0.2%) vs prev (0.6%)
UK Halifax house prices 5.1% vs street 5.3%
Eurozone GDP 1.7% as expected
Germany factory orders (0.8%) vs street 4.3%
Norway industrial production 1.3% vs previous (1.4%)
Australia construction PMI 53.1 vs previous 47.7
Upcoming significant economic announcements include:
8:30 am EST Canada trade balance street $0.75B
8:30 am EST US trade balance
10:00 am EST Canada Ivey PMI previous 52.3
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