U.S. Equity Markets rebounded from Tuesday’s sell-off before falling into the close led by the NASDAQ which ended yesterday’s session with a loss of 2%. Federal Reserve Governor Lael Brainard said the central bank will employ a patient approach to Interest Rate hikes based on outcomes rather than projections. Federal Reserve Chairman Jerome Powell gave another Testimony before Congress. He said the central bank anticipates inflation will rise in 2021. However, he highlighted that he does not see a sustained pickup. Meanwhile, health care services company Catalent said it received approval by the U.S. Food and Drug Administration to produce the active ingredient in Johnson & Johnson’s COVID-19 vaccine. This has helped ease some supply-chain concerns, and will likely boost the supply of vaccinations. Economic data were also positive, after Markit Manufacturing and Composite PMI rose above estimates in March. There was also news on a new support package out of Congress, with President Joe Biden set to unveil a $3 trillion infrastructure bill. European Markets closed mixed. In an effort to offset COVID-19-related economic damage, German Chancellor Angela Merkel’s cabinet approved a plan to increase borrowing by $71 billion in 2021. Merkel also walked back plans for another lockdown around the Easter holiday. Dutch Prime Minister Mark Rutte said the country would extend its current COVID-19 restrictions until April 20 due to a rising number of infections. Euro-Zone’s Markit Preliminary Composite PMI for March was stronger than anticipated, transitioning back into expansion territory. The number of COVID-19 vaccinations rose in European Union countries to 56.6 million yesterday, with a daily average of 1.14 million shots administered over the past seven days. Elsewhere, Oil rebounded 5.25% after Tuesday’s 6.50% fall, on U.S. stimulus, rising economic activity, and a rebound in Chinese industrial activity offset European demand concerns, while Gold closed 0.29% lower of Dollar strength.
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