The elephant in the room. | MarketTalk: What’s up today? | Swissquote

Show notes

US and European stocks were up on Wednesday. The US chipmakers dampened appetite across the Atlantic Ocean on news that the Biden Administration will bring more restrictions to the US chipmakers’ exports toward China, but Nasdaq still eked out gains.
Elsewhere, the major central bankers’ speeches were the same background music. The Federal Reserve’s (Fed) Powell, the Bank of England’s (BoE) Bailey, and the European Central Bank’s (ECB) Lagarde agreed that their fight against inflation wasn’t done yet, and that more rate hikes are on the pipeline, especially now that the US banks passed the Fed’s stress test. In Japan, however, there is no sign of life from the Bank of Japan (BoJ) just yet.
The dollar yen is now at the highest levels since November last year, a touch below the 145 mark, and on its way toward higher waters. Sentiment in euro is weak on mixed economic data.
In energy, US crude jumped off below the $67pb level on the back of an almost 10mio barrel decline in US crude inventories last week. There is now a triple bottom formation at around the $67pb level, and that could throw a floor under any short-term selloff in crude oil. But the $70pb resistance remains strong, and more offers are waiting into the 50-DMA.
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