Today the economic calendar opened up with better than expected PMI data from Australia, which set up something of a theme for the day.
The United Kingdom, however, published several underwhelming inflation reports, showing that the rate dropped in February, missing the forecasts by a lot. Still, UK PMIs were overall very positive, including the services sector.
The PMI numbers from Europe were also a pleasant surprise. Data from both the eurozone as a whole and Germany specifically was significantly better than the forecasts. Nevertheless, the impressive numbers did not do much to strengthen the euro because the data upon which the reports are based is at least a week old, and more lockdowns have been announced in Europe since then.
Later today the markets will be looking forward to the manufacturing PMI and durable goods orders from the United States, together with more comments by the Federal Reserve.
The major US stock indices today are all making gains thanks to the coronavirus once more taking charge of moving the markets. The tech-heavy Nasdaq 100 is set to win the most ground today.
A company to watch out for is Intel, who announced new plans to expand its market share and create its own chips, sending its share price 5% up. Meanwhile, the heavily-shorted GameStop, though reporting disappointing results yesterday, is once again gathering more investor interest due to its plans to transition into an e-commerce business.
Another risk-loving asset, Bitcoin, is up today as well because Tesla CEO Elon Musk announced customers will now be able to pay in Bitcoin for their cars, though exact pricing is still unavailable. Recall that cryptocurrencies always strengthen at signs of increased acceptance in everyday use.
Furthermore, oil prices will climb today due to the interruption of supply chains relying on the Suez Canal. A large container is currently blocking the canal and it may take a few days for it to be removed, unlocking the path for cargo once more.
The Brent crude rose to $62.50, while the WTI was up at $59.43 per barrel. There will be oil inventories data from the US later today that may further increase the volatility of oil prices.
