Stocks Tread Water Before the Open as Investors Brace for U.S. Economic Data ========== Stock futures are mixed as investors await U.S. economic data. Yesterday, major indexes on Wall Street closed higher, with Cintas and Merck & Company among the top gainers. Fed Governor Christopher Waller stated that there is no urgency to cut interest rates, but market expectations for rate cuts may need to adjust. U.S. rate futures have priced in an 8.7% chance of a rate cut in May and a 55.4% chance in June. Today, focus is on the final U.S. GDP reading, U.S. Chicago PMI, U.S. Pending Home Sales, U.S. Michigan Consumer Sentiment Index, and U.S. Initial Jobless Claims. In the bond markets, U.S. 10-year rates are at 4.228%. In Europe, the Euro Stoxx 50 futures are up, while the U.K.'s GDP fell by 0.3% in Q4. In Asia, China's Shanghai Composite Index closed higher, and Japan's Nikkei 225 closed lower. Pre-market U.S. stock movers include GameStop, Google, MillerKnoll, Sprinklr, and Citi. Today's U.S. earnings spotlight includes Walgreens Boots, BRP Inc, Semtech, and Oxford Industries. #StockMarket #UsEconomicData #Fed #InterestRates #Gdp #ChicagoPmi #PendingHomeSales #MichiganConsumerSentimentIndex #InitialJoblessClaims #BondMarkets #EuroStoxx50 #UkGdp #China #Japan #PremarketStockMovers #EarningsSpotlight

Stocks Tread Water Before the Open as Investors Brace for U.S. Economic Data — TradingView News

Currency Markets: A decline in the Euro to parity with the Dollar beckons ========== Despite the euro zone having lower official interest rates and a notably softer economy than the US, the euro has held up remarkably well against the dollar. The exchange rate's volatility is the lowest it's been since November 2021. The US position looks superior in terms of relative central bank interest rates and growth outlooks. Bank of New York Mellon Corp.'s proprietary iFlow system tracks its global custody client holdings, which are worth $46 trillion. On balance, clients remain overweight in euros. The relative economic outlooks for the US and euro zone are markedly different, with the euro zone's future remaining bleak. The European Central Bank is making loud noises about cutting its deposit rate in June. A weaker common currency appears to be the course of least resistance for the foreign exchange market. The ECB governing council may well be content to watch it gently weaken. Marcus Ashworth is a Bloomberg Opinion columnist covering European markets.

Currency Markets: A decline in the Euro to parity with the Dollar beckons — TradingView News

Yen traders on tenterhooks ========== Yen traders are on edge as the debate over Japan's yen-buying intervention continues. The currency briefly slid to a 34-year low near 152 per dollar, prompting an emergency meeting of Japan's monetary authorities. The dollar has since pulled back to a 151.30-151.50 yen range. Chinese authorities are also concerned about the yen weakness affecting the yuan. In Europe, the UK's final fourth-quarter GDP data shows a 0.3% shrinkage, meeting the definition of a technical recession. Germany's Bundesbank suggests that the country may be in recession in the first quarter of 2024. The US is set to release the Federal Reserve's favored inflation measure, the core personal consumption expenditures (PCE) price index. Key developments that could influence markets include UK and US GDP data, German employment numbers, US consumer spending, and US University of Michigan consumer sentiment. #Yen #CurrencyTrading #Intervention #Gdp #Recession #Inflation https://www.tradingview.com/news/reuters.com,2024:newsml_L5N3G619P:0-yen-traders-on-tenterhooks/

In the Market: Fed piloting another tricky soft-landing ========== The Federal Reserve (Fed) is working towards achieving a soft landing for the U.S. economy by reducing cash in the financial system without disrupting markets. The Fed has already removed $1.4 trillion as it shrinks its balance sheet, and the focus is now on determining when to stop. The challenge lies in determining the right level of cash reserves in the banking system to prevent market freeze-up. Fed Chair Jerome Powell stated that policymakers are monitoring various indicators in money markets to determine when they are getting close to the right level. The Fed is trying to transition from abundant to ample reserves without making them scarce, but market signals are noisy and hard to interpret. The indicators being watched include bank reserves, key interest rates in money markets, and cash parked in the Fed's overnight reverse repurchase agreement facility. Market participants believe that the Fed is taking a more accommodative stance and has a decent shot at engineering a soft landing. It is expected that the Fed will announce tapering as early as May, reducing the cap on the amount of Treasuries it aims to offload every month by half to $30 billion. The Fed's drawdown of reserves is crucial to avoid sudden spikes in rates that could disrupt Treasury markets and funding for firms. Estimates of the minimum amount of bank reserves needed range from $2.5 trillion to $3.3 trillion, while current reserves total about $3.5 trillion. The distribution of reserves across banks is uneven, making it harder to determine what is sufficient. The Fed is also monitoring money market indicators such as the Fed funds rate, the benchmark Secured Overnight Financing Rate (SOFR), and the interest on reserve balances (IORB) that the Fed pays to banks. The Fed would want the Fed funds rate to be about 10 basis points higher than the current level and SOFR to go up 10-15 basis points higher. The rate would gradually rise as reserves fall, but imbalances in supply and demand could cause brief rate spikes. Traders and investors can access the full article by logging in or creating a free account. https://www.tradingview.com/news/reuters.com,2024:newsml_L2N3G434T:0-in-the-market-fed-piloting-another-tricky-soft-landing/

Boubyan Bank’s General Assembly approves the distribution of 8% in cash dividends and 6% in bonus shares ========== Boubyan Bank's General Assembly has approved the distribution of 8% in cash dividends and 6% in bonus shares. The bank's Chairman, Abdulaziz Abdullah Dakheel Al-Shaya, highlighted the success of the bank's 5-year strategy 'Boubyan 2023', which resulted in accelerated growth across financial indicators and market shares. The bank recorded a net profit of KD 80.4 million in 2023, with a growth rate of 39%. The total combined assets of Boubyan Bank Group increased to KD 8.4 billion, while customer deposits grew by 9% to reach KD 6.5 billion. The bank's Vice-Chairman, Adel Abdul Wahab Al-Majed, emphasized the bank's commitment to maintaining solid profitability and ongoing growth, as well as its vision to become the leading Islamic bank in innovating digital financial solutions. The General Assembly also approved the recommendation to distribute dividends to shareholders at the end of the financial year or semi-annually. Boubyan Bank received more than 20 awards and international ratings in 2023, and its ratings from Moody's, S&P, and Fitch remain stable. Nomo Bank, a subsidiary of Boubyan Bank Group, launched unique products and services in 2023 and aims to become the Islamic bank of choice for GCC customers in the United Kingdom. #BoubyanBank #Dividends #BonusShares #FinancialResults #Strategy #Growth #IslamicBank #DigitalBanking #Awards #NomoBank https://www.tradingview.com/news/reuters.com,2024-03-24:newsml_Zaw965Rk4:0-pressr-boubyan-bank-s-general-assembly-approves-the-distribution-of-8-in-cash-dividends-and-6-in-bonus-shares/

Oman Arab Bank supports the Dawam app for workforce development ========== Oman Arab Bank sponsors the Dawam App, an integrated solution for employment and freelance opportunities in Oman. The Dawam platform has over 150,000 users and 3,000 registered companies, connecting job seekers to potential employers and providing self-employment portals and training programs. The collaboration between OAB and the Dawam App reflects OAB's strategy to invest in initiatives that nurture talent, promote digital innovation, and contribute to the national economy. #OmanArabBank #DawamApp #WorkforceDevelopment #Employment #FreelanceOpportunities https://www.tradingview.com/news/reuters.com,2024-03-24:newsml_Zaw3J4WxG:0-pressr-oman-arab-bank-champions-future-workforce-development-by-supporting-the-new-dawam-app/