Global share markets were mixed ahead of the US FOMC meeting. US technology stocks fell after earning releases, Tesla fell by 4.5% with 3M down 2.6%. The S&P500 and Nasdaq fell by 0.9 points and 48.5 points from record high respectively. While the Dow rose by 3 points or 0.1%. Index futures in Japan, Hong Kong, and Australia are pointing towards a flat start.
US Treasury yields climbed overnight. US 10-year yields rose by 6 points to near 1.63%. Meanwhile, US 2-year yields were flat near 0.18%. This renewed rise in yields is in anticipation of the updates on government and central bank stimulus this Wednesday.
According to ZERO Markets’ MetaTrader 5 platform, the US dollar was mixed against major currencies overnight. EUR/USD rose from lows near 1.2056 highs around $1.2090. AUD/USD fell from highs near $0.78 to lows around $0.776.
Commodity trading on Friday saw global oil prices rose 1.5% higher after strong US economic data. The OPEC+ producer group is looking to stick to plans to raise output slightly from May 1. Brent crude rose 1.2% to $US 66.41 a barrel.
Base metal prices rose between 0.2 – 1.8% on Tuesday on the prospects of a large US infrastructure package. Precious metals including gold, were flat near $US1778.8 an ounce. Iron ore prices lifted 1.3% to an all-time high of 193.85 a tonne.
Key events this week:
- FOMC meeting (Wednesday)
- US first-quarter GDP (Friday)
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