Capitol Commodity Hedging Services

Capitol Commodity Hedging Services

  • United States, IN, Indianapolis
Today's Economic & #Commodity #Futures Perspectives

Weekly global market focus
Markets remain patient so far on slow-moving US/Chinese trade talks
Key issue is the length of Brexit deadline extension at Wednesday's EU summit
Q1 earnings growth expected -2.2% y/y as earnings season begins

Weekly global market focus -- The U.S. markets this week will focus on (1) Fed policy as the March 19-20 FOMC meeting minutes are released this Wednesday and as President Trump last week stepped up his demands for the Fed to cut interest rates and to even restart quantitative easing, (2) any fresh news on the US/Chinese trade talks which now move back into a telephone mode following the face-to-face round of talks in the past two weeks, (3) market perceptions of the strength of the U.S. economy, which improved after last Friday's stronger-than-expected March payroll report of +196,000, (4) the beginning of Q1 earnings season with banks such as JPMorgan and Wells Fargo reporting on Friday, and (5) May WTI crude oil prices which rallied to a new 5-month high last Friday on tight OPEC+ compliance with its production cuts, reduced production by Iran and Venezuela, and new fighting in Libya.

The European markets this week will focus mainly on Wednesday's ECB meeting, which may produce some additional details on the ECB's new round of TLTRO loans to banks. The markets will also be interested to see how concerned ECB President Draghi is about the weak Eurozone economy. The markets are waiting to see if EU ambassadors and trade ministers will approve the mandate that is necessary for EU Trade Commissioner Malmstrom to begin trade talks with the U.S. and prevent President Trump from executing his threat to slap tariffs on imported autos.

Important European economic data this week includes...
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