Another « green » day for US markets (the influence of the Irish on St Patrick's Day!?): S&P +3.21%, DJIA +2.48%, NSDQ +4.14%.
Housing starts unexpectedly jumped 22% in Feb. Apple and Microsoft up +4%, tech stocks generally higher.
Market speculating on the FED announcement this evening. No change in rates expected (no room left to cut!) but maybe more details on the plans to boost the economy.
S&P500 has rebounded 15% from its 12yr low on March 9th.
Gains in Asia: Nikkei +0.3%, Hang Seng +1.5%,
Oil price backs off from a 3 month high, trades @ $48.50.
Gold declines ($910); rising equities reduce demand for safe haven investments.
Investors attracted by higher yielding asset > Yen and $ weaker (€/$ @ 1.3014). Recovery in "risk appetite" boosts purchases of AU$ and NZ$ where interest rates are at 3.25% and 3% respectively.
VIX moving back towards 40.
10-2yr spread 151bps. 5yr CMS @ 2.82%, 3yr CMS 2.32%. Interest rates generally higher on the back of equity gains.
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