Today's Market Overview. Waitnig For Intervention From BOJ

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▪️ Tech Stocks Take a Hit: Following disappointing revenue forecasts from Meta Platforms, tech stocks plunged globally. Meta's shares nosedived by 15% in extended trading, influencing a broad selloff in the tech sector, which pulled down MSCI's Asia-Pacific shares outside Japan by 0.5% and Japan's Nikkei by 2%.

▪️ Yen Struggles Continue: The yen has depreciated to a new 34-year low, reaching 155.675 against the dollar, signaling potential for intervention from Tokyo if it approaches or crosses the 160 mark. Currently, the yen is the worst-performing G-10 currency, down 9% this year.

▪️ Global Earnings Focus: Big tech firms like Alphabet, Microsoft, and Intel are set to report earnings, which could sway market directions further, especially after Tesla's announcement of new models lifted its shares.

▪️ Interest Rate Speculations: In the U.S., expectations of Fed rate cuts have been pushed back following a hotter-than-expected CPI report for March. The market now sees a 70% chance of a rate cut starting in September, with only 43 basis points of easing expected in 2024, much less than initially anticipated.

▪️ Currency and Commodities Watch: The dollar remains steady at 105.75 against a basket of currencies, up over 4% this year. Meanwhile, U.S. crude and Brent saw slight increases, and gold dipped slightly to $2,314.45 per ounce.


👀 Upcoming Key Data:

U.S. Q1 GDP data and the personal consumption expenditures index are on the horizon, providing further clues on the economic landscape and inflation pressures.


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