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Wall St rallies, bitcoin tops $US41,000

 

Wall St rallies, bitcoin tops $US41,000

Australian shares are poised to open higher ahead of the four-day Easter holiday as US stocks advance broadly higher. Consumer discretionary led nine of the S & P 500 11 industry sectors higher. Technology has rebounded, What is bitcoin and how does it work.


 futures rose 17 points, or 0.2 percent, to 7,471 at 7 a.m. EST.

The March Workforce Report is scheduled to be released at 11: 30 a.m. EST.

Note: ASC will be closed on both Friday April 15 and Monday April 18 for the Easter holidays. 


 Wall St rallies, bitcoin tops $US41,000

  • On Wall Street: Dow + 1 % S & P 500 +1.1% Nasdaq +2%.
  • In New York: horsepower + 1.4% Rio + 1.8% Atlassian +4.5%.
  • Tesla + 3.6% Apple + 1.6% Amazon + 3.2%.
  • The local currency fell; the Bloomberg spot dollar index fell 0.3 percent. The price of bitcoin rose 4 percent to US 4 41,202 near 7.15 am EST bitstamp.net.the Bank of Canada followed the Reserve Bank of New Zealand by raising its key interest rate by 50 basis points.


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Tom Lee of Fundstrat Global said that a lot of bad news has been priced into the stock at this point and that selling pressure is about to ease as the final day of stock sales for the 2021 tax filing approaches quickly.


The yield on 10-year US bonds fell 2 basis points to 2.70 percent at 4.59 p.m. in New York; the second year was at 2.35 percent and the fifth year was at 2.65 percent.


TD Securities on pending Australian jobs data: "we expect another strong Key edition of +40,000, reaffirming the RBA's message that the labor market outlook remains optimistic. Consistent with this, we have slightly increased the participation rate from 66.4 per cent to 66.5 per cent. Despite this high participation rate, we expect the unemployment rate to fall to a record low of 3.9 per cent.”


 If achieved, that would see the unemployment rate at its lowest level since 1974 and well ahead of the Reserve Bank of Australia's February forecast. A rate below 4 per cent will also increase the RBA's confidence in the outlook for a material lift in wage growth and allow the RBA to continue its shift to looking ahead, rather than waiting for slow-moving and lagging wage data in the Global Wage Index.”


Today's agenda


Domestic: April consumer inflation forecast at 11 a.m. EST ; March jobs report at 11.30 a.m. EST; March manufacturing PMI.


External data: ECB decision at 9.45 pm EST ; retail sales in March , import and export price data , business inventories in February.


Market highlights


Stock futures rose 17 points, or 0.2 percent, to 7,471 at 7 a.m. EST


  1. Australian dollar -0.1 % to 74.47 US cents.
  2. Bitcoin on bitstamp.net +4% to U 41,202. 00 USD at 7.15 am EST.
  3. On Wall Street: Dow + 1 % S & P 500 +1.1% Nasdaq +2%.
  4. In New York: horsepower + 1.4% Rio + 1.8% Atlassian +4.5%.
  5. Tesla + 3.6% Apple + 1.6% Amazon + 3.2%.
  6. In Europe: Stokes 50 -0.1% FTSE +0.1% CAC +0.1 % DAX -0.3%.
  7. Spot gold +0.5 % to دولار 1976.67 per ounce at 2.58 pm New York time.
  8. Brent crude + 3.9 % to دولار 108.75 per barrel.
  9. US oil +3.6 % to دولار 104.19 per barrel.
  10. Iron ore -2.2 % to us دولارا 151.40 per tonne.
  11. Yield 2 years: US 2.35% Australia 2.10%.
  12. Yield for 5 years: US 2.65% Australia 2.74%.
  13. 10-year yield: United States 2.70 % Australia 3.07 % Germany. 0.76%.
  14. US rates as of 4.59 pm in New York


The financial audit today


The best devil you know: undecided voters lean toward the prime minister: an Ipsos poll found Scott Morrison's views are largely, but not entirely negative, and Anthony Albanese is considered boring, uninteresting and uninspiring.


  • Two bad eggs: why elections are so close to calling.
  • This election will be a quick race to the end.
  • Why the election won and lost on the economy.
  • Small target doesn't impress swing voters.


Inside the feud between rock star banker and eco-warrior: Kathmandu founder Jan Cameron and her adviser, John adjemis, it was one of the strangest friendships in Australia. A decade later, they had an evil crack. Why


United States


Jamie Dimon's cloudy crystal ball disappoints investors: the chairman of JPMorgan was sure of two things: net interest income will grow, but at some point some people and companies will begin to struggle, Bitcoin price USD.


JPMorgan results marred by a Russia-related loss: the Bank of New York's first-quarter report provides a first look at the impact of the war on Wall Street, as well as the global shift to higher interest rates.


BlackRock posted better-than-expected quarterly earnings as the world's largest asset manager benefited from investors pumping money into its various index-traded and active funds.


Adjusted earnings rose to US.1.46 billion, or us. 9.52 per share, in the three months ended March 31, from US. 1.2 billion, or US. 8.04 per share, a year earlier. Analysts on average had expected a profit of 8 8.75 per share, according to Refinitiv IPS data.


Delta Air Lines forecast a return to profit in the current quarter, after posting a lower-than-expected quarterly loss, on the back of rising travel demand, sending its shares higher.



bitcoin tops $US41,000

Google said it plans to invest about 9 9.5 billion in its U.S. offices and data centers this year, up from 7 7 billion last year.


Google said the investment would create at least 12,000 full-time jobs in 2022 and focus on data centers in several states including Nevada, Nebraska and Virginia.


Meta creators will charge about 47.5 percent on sales of digital assets and experiences made within the company's virtual reality platform horizon worlds.


The total fee includes 30 percent of the hardware platform fee for sales made through the meta quest store, where it sells apps and games dedicated to virtual reality headsets, and an additional 17.5 percent reduction in the Horizon platform fee, a meta spokesman told Reuters, Meme stocks inflation.


US producer prices jumped 11.2 pc compared to last year: the monthly gain was broad across categories and also the largest ever, confirming the ongoing inflationary pressures in the early stages.


Europe


Reuters said the Benetton family fund and investment firm Blackstone were in talks with banks to finalize a bid to buy Italian Atlantia as the two prepare to launch one of the biggest acquisitions this year.


Benetton Holdings, which already owns 33 percent of Atlantia, is expected to give the green light later on Wednesday for a deal that could value the roads and Airports Group at more than.48 billion if  30 billion of net debt is included.


  1. European stocks were little changed on Wednesday as investors absorbed gloomy inflation data and its impact on the upcoming earnings season ahead of a key meeting of the European Central Bank on Thursday.
  2. The European STOXX 600 was flat, with retail and defense stocks such as real estate falling between 0.2 percent and 0.6 percent, while oil and mining stocks rose.
  3. "When investors see high inflation numbers, they look to put money into companies that thrive in an inflationary environment, such as miners,"said Danny Hewson, financial analyst at AJ Bell.
  4. A gauge of long-term eurozone inflation expectations rose above 2.40 percent, hitting a peak in 10 years and well above the European Central Bank's target of 2 percent, according to data from the central bank, which is scheduled to hold a policy meeting on Thursday.
  5. Ravi Boyadjian, chief investment analyst at brokerage firm XM, said European stocks were lacking direction, and the meeting is likely to set the tone for the coming weeks.


While no major policy action is expected on Thursday, money markets are pricing in around 70 basis points of tightening by December. Investors ' concerns about rising interest rates have rattled global markets in recent sessions.


Asia


Chinese stocks closed lower on Wednesday as weak import data in March raised fears of a further slowdown in economic growth amid the country's worst Coronavirus outbreak in two years.


The CSI 300 super index fell 1 percent to 4139.74, while the Shanghai Composite Index lost 0.8 percent to 3186.82.


The Hang Seng Index rose 0.3 percent to 21,374.37, while the Chinese Enterprises Index rose 0.7 percent to 7,314. 82 points.


Analysts at Nomura said China faced an increasing risk of recession since mid-March, with a survey showing 45 cities had implemented full or partial closures, affecting 26.4 percent of the country's population and 40.3 percent of GDP.


Currencies


Bank of Canada achieves 50 basis point rate increase: the Central Bank of Canada expects inflation to average around 6 per cent in the first half of 2022, before easing through the rest of the calendar year.


Chanticleer: why bitcoin ETFs are grounded: there is a lot at stake for whoever wins the battle to list Australia's first bitcoin ETFs. But first, brokers have to agree to a world-leading collateral commitment, writes Tony Boyd.


How the Ukrainian war armed the US dollar: the Russian invasion posed new risks to the priority of the global reserve currency and could lead to the beginnings of a new global currency system.


Commodities


Iron ore prices fell on Wednesday as China struggled to control the recent covid-19 outbreak, dampening hopes for a recovery in demand for steel products and components.


  • The most active contract in the steel industry in September on the Dalian Chinese commodity exchange ended day trade up 1.5 percent at 884 yuan (US.138.90) per tonne.
  • On the Singapore Exchange, the first-month iron ore contract fell 2.1 percent to.152.35 a tonne by 0703 GMT.
  • Dalian iron ore has fallen about 5 percent since peaking at 944.50 yuan a tonne on April 6, when traders ' hopes for additional stimulus to support China's economy were high.


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