Market Recap: Equities Trade Mixed As Powell Talks Rates
Equities traded in the black in the US yesterday as the Nasdaq outperformed trading higher by 0.21%. Over in the Asia Pac area, the Japanese Nikkei closed lower by 0.61% and the ASX moved half a percent higher. One of the main stories overnight came from Fed Chair Powell, who stated that interest rates in the US could move beyond the neutral rate. He also added that he thinks we are currently a long way from the neutral rate.
In commodities markets, base metals trade higher this morning, Copper is 0.10% to the good and traders are looking to see if the bullish momentum will take the industrial metal to the previous wave high of $2.84/lb as currently, we trade at the psychological level of $2.80/lb.
In energy markets, spot WTI is trading flat at $76.13/bbl. Yesterday, Russian energy minister Novak stated the oil price may be too high already.
Gold once again has dipped below $1200/oz following the comments from Fed's Powell. It really seems that the precious metal cannot catch a break. The next support level stands at $1180/oz and we currently trade at $1197/oz.
Looking ahead to today's session highlights include: Canadian Ivey PMI, US factory orders, US initial jobless claims, ECB's Coeure speaks and Fed's Quarles speaks....