The market remains underwhelmed by the OPEC + deal. Still, miners have picked up with the bounce in , and some relative outperformance in industrial metal prices helped by better-than-expected Chinese trade data. But I doubt this will stick due to the backlogged export data, which likely skewed the export component higher.
Again, I can’t help but think we’re going to have a slightly defensive tilt into the NY open as investors weigh the recent sharp rally on signs of peak COVID-19 ahead of what could be a series of poor corporate Q1 numbers.
Equities have been boosted by the stabilization of financial conditions in early March, led by global monetary and fiscal as well as an evident flattening of the infection curves in most developed countries. But given the expected cuts to earnings, it’s difficult to envision much positive follow-through over the next 24-48 hours.
The currency market merry go round
Asia currency markets are a mixed bag after the China …