Markets returned from the weekend in escalation mode after the US and Iran failed to reach an agreement, with Equity Futures lower, oil surging, and Treasuries under pressure. However, sentiment improved throughout the session on reports that talks remain ongoing and progress is being made, with the possibility of another in-person meeting before the ceasefire expires. Equities pared initial losses, with the Russell outperforming, while the Dow lagged amid weakness in Goldman Sachs (GS) following softer FICC trading revenues. Oil prices settled higher but well off overnight peaks, while Treasuries reversed earlier losses to close firmer. In FX, price action was largely driven by oil, with the Canadian Dollar outperforming and the Japanese Yen lagging, while the Dollar weakened, reversing earlier strength. Precious metals were mixed, with gold little changed and silver softer, while Bitcoin posted gains. Overall, the session reflects a shift away from immediate escalation risk as talks kept the prospects for peace alive, unwinding some of the geopolitical risk premium seen overnight. Markets are increasingly focused on the prospect of a negotiated outcome, although this remains sensitive to further headline risk. Existing Home Sales fell 3.6% M/M in March to 3.98 million from 4.09 million, and beneath the expected 4.06 million. Inventory of homes for sale was 1.36 million units or 4.1 months’ worth (prev. 3.8 months’ worth), while median home price for existing homes rose 1.4% Y/Y to USD 408,800. NAR Chief Economist Dr. Lawrence Yun noted that, “March home sales remained sluggish and below last year’s pace, as lower consumer confidence and softer job growth continues to hold back buyers.” Yun added, “because inventory remains limited, the median home price rose to a new record high for the month of March.” Elsewhere, Oil closed 1.25% higher but well off earlier highs while Gold was flat following another volatile trading session.
To mark my 3350th issue of TraderNoble Daily Commentary I am offering a special 2-Year Rate of Euro 2750 for my Platinum Service which includes 1 to 4 updated emails throughout the trading day to demonstrate this value, a monthly subscription over the same period would cost 4440 euro in total This offer represents a 38% discount and is open to both new and existing members. If anyone is interested in this offer can you please email me on bryan@tradernoble.com for details
For anyone following my Platinum Service it was flat yesterday and is still ahead by 2103 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
Recent Comments