Much stronger day in Asia.
First positive read in three days, and a rejection of falling through 4900 points - positive, however one day doesn’t make a trend (but still).
The Trade day
AUD bounce back in Asian trade having lost 1% in the US. Interesting inflection point for the AUD – 75c is probably fair value, the question is – will RBA enter the currency war officially and cut rates because of the AUD? Jury is out (and is having a fierce debate in the jury room on this).
Sector surveying
The moves in WTI and Brent allowed a huge snap back in energy – the +3.2% move today still see the space well off where it started the week but it’s a very solid shift.
On oil, Russian output just hit a 30 year high in March – 10.9 million barrels a day. That comes on the back of Iran’s March output increasing by 250K a day to 2.2 million a day and are still 30% below sanction output levels. Not sure the oil price bounce will last that long on supply readings like that.
Watch this space!
STOCK WATCH
CTM – another tick of approval for this stellar stock announcing an online booking website with flybuys (coles) lead the charge in the 200 +6.6%
SAI – after Broadspectrum’s ‘mystery’ 7.8% pop yesterday SAI’s 4.35% decline today on volumes that were 7x normal makes me sit up and ask what’s going on here?
ON THE DIAL
Europe
Non-monetary policy ECB meeting – watch for any mention of helicopter funds from Draghi – EUR
US
FOMC Minutes – Dovish Fed or just a dovish Janet?
EIA Crude stock charge to April 1