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US futures remain stable, limited by US inflation data and vaccine concerns

 


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While Wall Street may be more empty this year, it’s still important for many companies – or at least some divisions within them – to be close to the stock exchanges.

US stock index futures were flat on Wednesday, after the much-anticipated US consumer price inflation data the previous day turned out to be more neutral than expected.

On a month-over-month basis, consumer inflation rose 0.6% in March, which was the largest increase since August 2012, but as the data was almost in line with the expected increase of 0.5%, the markets saw it as positive and unlikely. persuade the Federal Reserve to change course with monetary policy.

US 10-year benchmark yields last rose two basis points to around 1.639% on Wednesday, after falling to 1.62% on Tuesday. Yields have risen steadily this year to reach their highest level since last January, in part thanks to hopes that higher inflation, coupled with economic growth, could encourage the Fed to raise interest rates. earlier than currently expected.

“This would seem to suggest that despite all recent concerns about rising inflationary pressure, the general consensus seems to be that for now it is considered transient,” said Michael Hewson, chief market analyst at CMC Markets.

A 30-year US bond auction went smoothly overnight, meeting good investor demand, which helped keep yields in check. “With the 3-year, 10-year and 30-year auctions all successfully concluded this week, the flame of a steeper yield curve has eased markedly.” Jeffrey Halley, Senior Market Analyst at OANDA, said.

After the S&P 500 closed at a record high the day before, S&P 500 futures edged up 0.1% on Wednesday. Nasdaq 100 futures were also up 0.1%, while Dow Jones futures were flat on the day.

The pause in the deployment of the Johnson & Johnson COVID-19 vaccine in the United States has had little impact on the wider stock market. White House officials have said it would not be a problem in meeting President Biden’s vaccination goals.

“The J&J vaccine is not essential for the overall US supply,” said Jim Reid, Deutsche Bank strategist. “Perhaps the bigger question is how this affects attitudes towards vaccines, especially after the blood clot issues that have also occurred with the AstraZeneca vaccine, and whether the care will be longer. largely affected. ” A number of European countries have briefly halted the deployment of AstraZeneca’s vaccine over concerns about its potential link to a rare blood clot disease.

In Japan, the slow rollout of the vaccine weighed on the Nikkei 225, which was down 0.4% at the close. Investors appear concerned about the implications of slow vaccine delivery for the economic recovery, as it could delay the return of its economy to normal.

The Hang Seng Index edged up 1.4% in Hong Kong, while China’s Shanghai Composite rose 0.6%.

European stocks were broadly higher on Wednesday, with the exception of the German DAX which was flat after a recent series of record high closings. London’s FTSE 100 rose 0.1%, as did the pan-European Euro Stoxx 600, despite mixed progress with Covid-19 vaccination campaigns and the emergence of a third wave of infections in the region.

WTI and Brent crude oil futures edged up 1.6% and 1.5% respectively, as OPEC raised its demand projections for 2021.

Meanwhile, the crypto exchange platform Coinbase will trade publicly on Wednesday. Each share will be valued at $ 250 on the Nasdaq, which gave the cryptocurrency complex a boost.

After hitting a new high on Tuesday, bitcoin extended its gains on Wednesday to a new high above $ 64,000.

Investors will also be keeping an eye on the first of the quarterly results in the coming days, with JPMorgan, Wells Fargo and Goldman Sachs opening the earnings season.

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