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April 22, 2016

 April 22, 2016

Time (GMT) Currency Event Previous Forecast
02:00 JPY Flash Manufacturing PMI 49.1 49.6
08:00 EUR Flash Manufacturing PMI 51.6 51.8
08:00 EUR Flash Services PMI 53.1 53.3
Day 1 EUR ECOFIN Meetings
All Day EUR Eurogroup Meetings
12:30 CAD Core CPI m/m 0.5% 0.4%
12:30 CAD Core Retail Sales m/m 1.2% -0.8%
13:45 USD Flash Manufacturing PMI 51.5 51.9

 

Global Commentary
Asian markets moved broadly higher Thursday, propelled by a good overnight session in the U.S. and higher crude prices.  Japan’s Nikkei outperformed the region, rising by 2.70% as it also got a boost from a weaker Yen.  Australia’s S&P/ASX 200 was 1.09% higher thanks to the higher crude prices.  Hong Kong’s Hang Seng also benefitted from higher crude prices as it tacked on 1.82%.  Mainland China wasn’t as fortunate though, with the Shanghai Composite ending 0.66% lower due to trader concerns over the possibility of less monetary stimulus from the People’s Bank of China.  Elsewhere Singapore’s Straits Times Index added 0.37%, and the South Korean Kospi was 0.81% higher.  European markets had a back and forth session that ended lower after the ECB stood pat on interest rates and kept a dovish tone.  The Stoxx Europe 600 was 0.33% lower, while Germany’s DAX added 0.14% and the CAC 40 in France was off by 0.20%.  London’s FTSE also snapped a three session winning streak as it fell 0.45%.  Markets in the U.S. fell on weaker crude and a mixed bag of earnings reports.  At the close the S&P 500 was off by 0.52%, the Dow dropped 0.63%, and the Nasdaq edged lower by 0.05%. 

FOREX

EUR – The Euro gave back early gains versus the USD and Yen to finish much weaker against both after the ECB kept to a very dovish stance.  Against the Pound the Euro was unchanged after trading in a tight daily range.

GBP – The Pound saw similar action to the Euro, against which it finished unchanged.  Versus the USD and Yen the Pound fell off earlier gains and ended the session softer.

USD – The USD firmed against the Euro and Pound, but finished softer versus the Yen.

JPY – The Yen firmed broadly against rivals in Thursday, reversing this week trend of weakness for the Japanese currency.

TRY – The Lira reversed the previous days’ gains, falling broadly against major currencies on Thursday.

RUB – Falling crude prices hurt Russia’s currency on Thursday and the Ruble gave back the previous days’ gains as it softened broadly against rival currencies in reaction to the fall in crude.


Commodities

Metals – As key outside markets turned bearish for the precious metals Thursday traders decided to step in and take profits, leaving both gold and silver with losses.  June gold was last down $3.40 an ounce at $1,251.00. May silver was last down $0.06 at $17.075.

Oil – Crude pulled back Thursday after two sessions of solid gains.  June WTI crude fell by $1.00, or 2.3%, to settle at $43.18 a barrel.


Indices

 S&P500 – The S&P started the day unchanged, but a mixed bag of earnings reports and falling crude weighed on the market, sending it steadily lower throughout the day to snap a three session winning streak.  Defensive sectors such as utilities and consumer staples were the hardest hit as the S&P ended the session 0.52% lower.

DAX – The DAX started the day modestly higher, but dropped into negative territory during the ECB press conference as it looked like the central bank was pulling back from additional stimulus for the time being.  A late rally pulled the market back into the black as it finished the day 0.14% higher.

Nikkei – The Nikkei jumped at the open as investors were encouraged by the overnight weakness of the Yen.  Firmer crude prices and a good overnight session in the U.S. also helped opening gains for the Japanese benchmark index.  After lunch the index made further gains to post a third consecutive winning session with a gain of 2.70%.


Stocks

Starbucks – Shares of the Seattle based coffee company got beaten up after hours yesterday, falling 3.81% after the company reported a strong quarter of revenue and profit growth.  The seemingly strange drop came as investors reacted to the company’s view of slowing growth in the future, reflecting a theme we continue to see this earnings season.  Yesterday’s drop leaves the stock in the black by just 1% for the year.  It is also facing resistance just a few dollars above its current share price, which could limit any possibility of a bounce following yesterday’s drop.  That said, the drop did take share price right to the 50 and 200 day moving average line, which would be an ideal place for a bounce as both are providing support.

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