Don’t buy anything just because US stocks are expensive! | MarketTalk: What’s up today? | Swissquote

Show notes

The Chinese returned from their Lunar New Year holiday having traveled and spent more this year than before the pandemic. The early trading hours were cheery, but enthusiasm left its place to doom and gloom quickly as the Chinese equities found it hard to extend gains. Equities in Europe however extended gains to a fresh ytd high, and the Stoxx 600 index continues to trade at a spitting distance from an ATH even though France lowered its growth forecast for 2024 to 1%. US will be back today with retailer earnings. Nvidia will go to the earnings confessional tomorrow after the bell.
In the FX, the fear that a delay in Federal Reserve (Fed) rate cut translates into a stronger dollar. The dollar index saw support near its 100-DMA yesterday and the EURUSD failed to clear its own 100-DMA to the upside. The latest Reserve Bank of Australia (RBA) meeting minutes revealed that the policymakers considered to hold rates steady or a case for a 25 bp hike. And the latest FOMC minutes due Wednesday will give more clarity on if and how the Fed members reacted to last year’s skyrocketing rate cut expectations. From what they publicly say, they think that the expectations went well ahead of themselves. There will hardly be a rate cut announced from a major central bank before June.
Elsewhere, nat gas futures continue their race to the bottom as crude oil tests important Fibonacci resistance to the upside.
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