U.S. Equity Markets were volatile on vaccine and inflation concerns, before ending yesterday’s session with mixed results. Markets were lower early in the morning, before turning sharply higher. Vaccine news sparked some concerns, after the U.S. halted Johnson & Johnson’s vaccine over blood clot fears. Johnson & Johnson also said it was delaying the rollout of its vaccine in Europe pending an investigation. Despite this, the White House said the halt would not impact the country’s vaccine rollout. Consumer Price Index (“CPI”) data also came in above estimates, sparking fears of a spike in inflation. But core CPI came in below estimates. This data coincides with what we have been hearing from members of the Federal Reserve… Inflation may raise near term, but the issue will be temporary. Richmond Fed president Thomas Barkin remained optimistic on the economy, saying that it should be back to full output by the fall. Now, all eyes turn to the start of earnings season this afternoon. European Markets closed mixed. Germany’s ZEW Indicator of Economic Sentiment for April was weaker than expected, falling versus March, amid ongoing COVID-19 related lockdowns. The German cabinet was said to have passed a bill to make tighter social-distancing restrictions mandatory in areas considered to be coronavirus hotspots. And the Bank of France said that the country’s economy was faring better through the most recent round of lockdowns. Elsewhere, Oil gained 1.16% as OPEC raised its demand outlook for 2021, while Gold rose 0.73%, after CPI data pointed to a pickup in inflation, boosting hedges like gold.
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