US equity futures were on the back foot and the dollar rose with Treasury yields as the surprise production cut from OPEC+ drove oil prices about 6% higher. The jolt from the group’s decision to reduce output by more than 1 million barrels a day came as a jolt to global markets Monday. It reverberated across asset classes as investors rushed to adjust for the risk that inflationary pressure may be more persistent than previously thought. The dollar extended gains for a second day and strengthened against most Group-of-10 currencies. The Norwegian krone was little changed after an earlier rally on the expected benefit to the Scandinavian country from higher energy prices. The policy-sensitive two-year Treasury yield jumped eight basis, pushing it back above 4.1% as traders weighed the announcement from OPEC+, which had previously given assurances that it would hold supply steady. Treasuries had ended the first quarter on Friday with yields falling as investors wagered that interest-rate cuts were on the horizon. The S&P 500 had jumped 3.5% last week, the most since November, while the tech-heavy Nasdaq 100 notched its biggest quarterly gain since June 2020. Goldman Sachs Group Inc. revised its price forecast for Brent crude on the output cut, projecting it to reach $95 per barrel this year-end and $100 in December 2024, analysts including Daan Struyven and Callum Bruce wrote in a note. Shares rose in Japan and Australia, with Asian energy stocks advancing. Semiconductor stocks, however, slid after Beijing launched a security review of imports from Micron Technology Inc. Equities in Hong Kong fell slightly while those in Shanghai posted a small gain. were little changed while those in at open. Caixin manufacturing PMI data registered a larger-than-expected drop on Monday, suggesting some weakness in China’s economic recovery. he bumpy open to Monday trading and fears of rising prices contrasts with the upbeat tone last week that came with turmoil in the banking sector receding and cooling in a key measure of US inflation. The OPEC+ cut, combined with increased energy demand from China, will raise the danger of more persistent inflation, said Lazard’s Temple. “It also likely limits the latitude central banks might have to relax monetary policy even if the economy slows,” he added. gold and Bitcoin declined. The cryptocurrency notched its best quarter since March 2021 with a gain of about 70% in the first three months of this year.
Nikkei +0.54% Hang Seng -0.79% CSI +0.68% Shanghai +0.45% Shenzen +0.75%
Eur$ 1.0792 CNH 6.8943 CNY 6.8904 JPY 133.47 GBP 1.2280 RUB 77.7237 TRY 19.1970 WTI$ 79.66 +5.27% Gold 1,952 -0.89% BTC 27,680 -1.43% ETH 1,775.5 -0.79%
S&P -0.31% Nasdaq -0.62% EuroStoxx -0.16% FTSE +0.08% Dax -0.25% SMI -0.01%
Macro :
- OPEC+ Makes Shock Million-Barrel Cut in New Inflation Risk
- Fed’s Williams Says Data Will Guide Monetary Policy Decisions
- Fed’s Williams Says Data Will Guide Monetary Policy Decisions
- ECB’s Guindos Says Underlying Inflation Dynamics to Stay Strong
Keep an eye on :
Keep an eye on :
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