Important Note: US Non-Farm Payrolls today
Market Summary
Oil Extends Decline as Strait of Hormuz Flows Normalise: Brent crude fell 3.15% yesterday to $71.14 per barrel and has continued to weaken this morning, trading around $70.88, its lowest level since 27 February. The move comes as shipping flows through the Strait of Hormuz normalise, easing concerns over potential supply disruptions.
Gold Rises After Fed Chair Comments: Gold gained 0.56% to $4,032 per ounce after Fed Chair Kevin Warsh said that price risks have eased in recent weeks. His comments suggest inflationary pressures may be moderating, increasing expectations that the Federal Reserve could have greater flexibility on future interest rate decisions. However, attention now shifts to the US jobs report today for fresh signals on the policy outlook.
Technology Selloff Weighs on Global Equities: Equity markets declined as a selloff in semiconductor stocks spread to South Korea, reigniting concerns that this year's artificial intelligence-driven rally has become overstretched.
Yen Remains Under Pressure as Japanese Yields Rise: USD/JPY continues to trade around the 162.40 level despite a sharp rise in Japan's 20-year government bond yield, which climbed 11 basis points this morning to 3.775%, reflecting higher long-term borrowing costs.
Economic Calendar
- US Non-Farm Payrolls
- US Private Payrolls
- US Labour Force Participation Rate
- US Unemployment Rate
Key Market Moves Today
- S&P 500 Futures: +0.11% (7,552)
- U.S. 10-Year Yield: +0.21bps (4.48%)
- Brent Crude: -1.08% ($70.80)
- Bitcoin: +1.30% ($60,849)
- Spot Gold: +0.99% ($4,017)
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