– US indices traded higher for most of yesterday. The S&P 500 gained 0.36%, the Dow Jones rose 0.23% and the Nasdaq gained 0.35%. The Russell 2000 fell 0.79%
– There was also positive sentiment in Asian trade. The Nikkei was up 1.3%, the S&P/ASX 200 was up 0.7% and the Kospi was up 2.0%. China indices traded up as much as 1.0%
– DE30 futures point to a higher open of the European session today
– The FOMC minutes show that the Fed is considering the possibility of an even tighter monetary policy sees if inflation stays at high levels
– Bloomberg reports that the United States and its allies are discussing a cap on Russian oil prices in the $40-$60 range
– Beijing authorities announced that citizens who want to use on-site sports centers or entertainment venues must be vaccinated. A sharp rise in new Covid cases has been reported in Shanghai
– API report suggests US oil inventories rise by 3.82m barrels (expectation -1.1m barrels)
– Cryptocurrencies trade inconsistently, although movements are relatively small overall. Bitcoin falls 0.3% while Ethereum gains 0.4%
– Energy commodities are trading slightly higher. Brent and WTI are each up 0.8%, with Brent climbing back above $100 a barrel
– Precious metals are up with silver the best performer (+0.8%). Gold and platinum gain 0.5%
– AUD and NZD are the top performing currencies while USD, CHF and JPY are the biggest laggards
Oil prices have halted their recent sell-off, but the bulls are struggling to initiate a larger recovery. Looking at the WTI chart (OIL.WTI) shows that there is an attempt to start such a move from the USD 97.70 level, but the recovery lacks momentum. Source: xStation 5
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