U.S. Equity Markets closed mixed yesterday following a quiet trading session. All eyes are on tomorrow’s April inflation data with economists expecting continued moderation in price growth. This latest look at domestic price growth comes just a week after the Federal Reserve raised rates for the tenth time since last March. A softer inflation reading would provide a major tailwind for the Fed’s decision to pause rate hikes at its June meeting. Political gridlock in Washington could continue to add angst to markets as investors’ concerns grow the closer, we get to June 1 – the date the U.S. is estimated to default on its debt. This week President Joe Biden is set to meet with lawmakers in an attempt to find a solution. Oil prices posted a third consecutive weekly decline for the first time since last November. Concerns over falling demand continue to dominate as investors fear a long-term recession could significantly weaken energy demand. However, the decline did not last long with Oil trading $6 higher than last Thursday’s low print. European Markets closed higher. The Bank of England (“BOE”) is expected to follow in the footsteps of its peers from the ECB and Fed and raise interest rates by 25 basis points on Thursday. The latest reading from the U.K. showed inflation remaining in the double-digits – far above that of the Euro-Zone and U.S. The BOE could be forced to raise rates further than its peers if price gains and a tight labour market do not start to soften. In Asia, overnight Bank of Japan Governor Ueda said inflation expectations have risen and remain at elevated levels. He said that if price target is met in sustainable, stable manner, the BoJ will end YCC. Elsewhere, Oil closed 2.55% higher while Gold rose 0.20% after a quiet trading session.
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For anyone following my Platinum Service it was flat yesterday and is now ahead by 1623 points for May. April saw a gain of 3354 points while March closed with a gain of 6168 points. The Platinum Service made 3164 points in February, 4687 points in January 2054 points in December, 4789 points in November and a record 9619 points last October. Since I started this New Platinum Service in June 2015 it has averaged a monthly gain of over 1900 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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