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Dovish is the verdict (for now) on European Central Bank

10 March, 2018, 01:11 | Author: Samuel Sharp
  • Eyeing the easy money exit: Five questions for the ECB

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At the same time the US Dollar is a holding pattern this morning as markets remain cautious following Trump's signing of an order introducing trade tariffs on metal imports.

Late in the session, President Trump imposed import tariffs on steel and aluminum, while softening his stance by announcing exemptions for Canada and Mexico, and leaving open the chance for other countries to obtain their own. Technology shares paced gains.

Silver was down 0.2% at $16.47/oz, while platinum fell 0.4% to $948.70/oz after touching its lowest since January 4 at $943.

The European Central Bank (ECB) dropped its easing bias on Thursday, fueling expectations that it will normalize monetary policy in the euro area. The trade-weighted index slipped to 74.64 from 74.73. "It's a highly complex situation that investors have to try to game, where they believe these [Nafta] negotiations will finally land", said Chad Morganlander, a portfolio manager at Washington Crossing Advisors, said by phone.

Trump's impromptu announcement last week that he meant to slap 25 percent taxes on steel imports and 10 percent on aluminium revived the spectre of a trade war between the United States and major trade allies like Canada or the European Union.

"We are convinced that disputes should be discussed and resolved in a multilateral framework", Draghi said.

As for the Euro, the European Central Bank outlook as well as any developments with Italy's hung parliament could influence the shared currency. Predictions are for the BoJ to maintain its loose monetary policy as inflation continues to undershoot its target of 2.0%.

The U.S. Federal Reserve's Lael Brainard said she had greater confidence that gradual interest rate increases were needed. The index found support in Rolls-Royce Holdings (LON:RR), whose shares rallied 11.64 percent after the British engine maker reported that it had returned to annual profit past year.

Half an hour before the close of trade on Thursday, the EuroStoxx 50 was up 1.05% at 3,415. The French CAC 40 rose by 0.22% lifted by utilities, the Italian FTSE MIB 100 climbed by 0.17% and the UK's FTSE 100 was flat.

Portuguese bond yields, hovering close to Thursday's six-week low around 1.79 percent, was set for its biggest weekly fall since September, of around 13 bps.

The British pound declined 0.6 percent to $1.3814, the first retreat in more than a week.

The Dow Jones Industrial Average rose 93.85 points, or 0.38 percent, to 24,895.21, the S&P 500 gained 12.17 points, or 0.45 percent, to 2,738.97, and the Nasdaq Composite added 31.30 points, or 0.42 percent, to 7,427.95.

On the currency markets the dovish message won out.

Natural gas prices finished lower on Thursday after the U.S. Energy Information Administration reported that domestic supplies of natural gas fell by 57 billion cubic feet for the week-ended March 2.

West Texas Intermediate crude fell 1.4 percent to $60.30 a barrel.

Spot gold was down 0.4 percent at $1,320.67 per ounce.



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