To The Moon

Wall Street's gains stalled as Friday's inflation data came into focus among investors, while Chinese stocks rebounded on strong earnings from state-owned companies.

🇺🇸 S&P 500: -0.28% 📉

🇺🇸 Nasdaq: -0.42% 📉

🇪🇺 Stoxx 600: 0.24% 📈

🇯🇵 Nikkei 225 Index: -0.04% 📉

🇭🇰 Hang Seng Index: 0.88% 📈

🇨🇳 CSI 300 Index: 0.51% 📈

• U.S. stocks were weak, with the S&P 500 and Nasdaq falling for their third straight session, down -0.3% and -0.4% respectively, as investors awaited economic data in a holiday-shortened week to assess the Fed's policy path .

• U.S. durable goods rose 1.4% year-over-year, beating expectations for a 1.2% year-over-year increase, with orders for transportation equipment and machinery rising and manufacturing constrained by expectations of higher interest rates.

• U.S. consumer confidence remained steady at 104.7 in March, albeit below expectations of 106.9, with Americans feeling optimistic about current conditions but slightly pessimistic about future prospects.

• The Nikkei 225 index was flat, down from record highs, as mixed inflation data complicated the Bank of Japan's path to raising interest rates, and a solid rise in the services producer index suggested companies continued to pass on labor costs, helped by continued Prospects for wage growth, while core CPI disappointed.

• The Bank of Japan's February core CPI came in weaker than expected at 2.3% year-on-year, missing expectations of 2.5% and having been gradually decelerating since peaking in October 2023.

• Asia-Pacific markets rebounded, with Hong Kong's Hang Seng Index and China's CSI 300 rising 0.9% and 0.5% respectively, as earnings from China Merchants Bank and China Resources Land exceeded expectations, easing concerns about the health of companies, while China's central bank governor weighed in on the property market. Upbeat comments further bolstered the market's optimism.

💡 Things you need to know today: 💡

1. After the Port of Baltimore closed due to a collision with the Dali ship that resulted in the collapse of the Francis Scott Key Bridge, logistics providers rushed to update customers on import and export conditions. Relief efforts are ongoing and significant cargo diversions are expected in the coming weeks and months.

Port of Baltimore

2. Cocoa futures for May delivery have soared to a record $10,080 per metric ton, with costs tripling in the past year and rising 129% by 2024. Big chocolate companies are taking hedging measures to stabilize prices, but ongoing supply shortages in West Africa pose imminent challenges for consumers.

Cocoa

3. Financial regulatory agencies in China's Hunan Province, Liaoning Province, Xi'an City and Chongqing City announced the revocation of the business licenses of financial asset exchanges within their respective jurisdictions to strengthen financial supervision and respond to potential financial risks.

4. China's National Financial Regulatory Authority (NFRA) announced plans to reduce the down payment ratio for passenger car loans, indicating that it will strengthen supervision of auto credit.

5. Shares of Trump Media & Technology Group soared more than 36% on their first day of trading on Tuesday, valuing them at more than $9 billion, which may reflect more of the enthusiasm of Trump supporters than any support for the company. Reasonable estimates of underlying business prospects.

Trumph Social

✅ KEY TAKEAWAYS:

The market showed signs of expanding, with more cyclical sectors taking the lead and strong data suggesting the economy remains in good shape, but sentiment remained cautious as inflation data came under scrutiny.

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