U.S. Indexes closed lower as risk tone soured, with Technology the clear sectoral laggard as AI-infrastructure exposed names were hit hard after the Wall Street Journal reported that OpenAI missed targets, which stoked data centre spending concerns. Overall, sectors closed mixed, with Energy the clear gainer, followed by Consumer Staples, as the former was supported by strength in crude benchmarks, given that the lack of progress between the US and Iran outweighed the UAE exiting OPEC and OPEC+. In addition, benchmarks saw further pressure as President Trump said Iran has informed them they are in a “State of Collapse”, and want them to “Open the Hormuz Strait”, ASAP. The Dollar Index was firmer, with CHF, CAD, and NZD underperforming with AUD and EUR the relative outperformers, albeit still lower against the Dollar. The Japanese Yen ended the day lower, but only told half the story, as it initially gained as the Bank of Japan kept policy rate unchanged, as expected, but in a 6-3 hawkish vote split, and then the Yen retreated as Ueda was non-committal regarding the timing of the next hike. Precious metals were lower, and Treasuries sold off across the curve, with front-end underperformance as yields rose on the back of firmer oil prices. Ahead, the calendar for the rest of the week is packed with risk events, as Wednesday’s highlights include FOMC, the following Chair Powell’s press conference. 4 of the Mag-7 reporting (AMZN, META, GOOGL, MSFT). Consumer Confidence rose to 92.8 from 92.2 despite expectations for a decline to 89.5. The increase was supported by the Expectations Index rising 1.2 points to 72.2 and consumers’ perceptions of the labour market, both current and expected, as well as income expectations being slightly more optimistic in April, said Chief Economist Peterson at the Conference Board. The Present Situation Index fell 0.3 points to 123.8 amid net views of current business conditions dropping 1.8 ppts to +4.1%. The report noted that the two-week ceasefire announcement and a rebound in stock market Indices within the survey-sample period (April 1–22) likely helped ease concerns about financial indicators somewhat in April after spiking in March. Still, consumers remained wary. This likely contributed towards the downticks in Consumers’ average and median 12-month inflation expectations, but which continued to be elevated. The percentage of consumers saying interest rates over the next 12 months will be higher on net rose to nearly 50%. Elsewhere, Oil closed higher by 4% while Gold ended Tuesday’s session with a 2% fall.
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For anyone following my Platinum Service it was made 100 points yesterday and is now ahead by 1730 points for April after ending March with a massive gain of 9002 points, having closed February with a strong gain of 5482 points after ending January with a gain of 4757 points, having closed December with a gain of 2599 points, after ending the month of November with a gain of 4542 points, after ending October with a nice gain of 5110 points after closing September with a gain of 3774 points while ending August with a gain of 3362 points after closing July with a gain of 3753 points after closing June with a gain of 3530 points, having closed May with a gain of 3606 points, after closing April with a gain of 7685 points after closing March with a gain of 2254 points while closing February with a gain of 4180 points. January ended with a gain of 2768 points while 1997 points were gained in December. October ended with a gain of 2179 points, after closing September with a gain of 4402 points, following a loss of 301 points in August. July gained 1908 points while June saw a gain of 2074 points. The Platinum Service made a record 9619 points in October 2022. Since I started this New Platinum Service in June 2015 it has averaged a monthly gain of over 2300 points. I have a YouTube Channel which contains recent interviews I have given This can be viewed by clicking HERE Please subscribe to this for new interview notification
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