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Market News 【TOP1 Morning】Gold jumps above $1750,Dollar slides as Fed decision,Oil falls further on demand outlook

【TOP1 Morning】Gold jumps above $1750,Dollar slides as Fed decision,Oil falls further on demand outlook

Dow climbs 189 points to close above 33,000 for the first time; Morgan Stanley to offer bitcoin funds to wealthy. Tesla is in a bubble and it’s ‘going down,’ top fund manager says.

TOPONE Markets Analyst
2021-03-18
765

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Yesterday Market Review


Gold-gold rose


Gold prices jumped on Wednesday, hitting their highs of the day following the Federal Reserve’s decision.


The spot gold closed at $1744.70 per ounce; the volatility within the day is $1723.86-$1751.52.


The silver closed at $26.276 the volatility within the day is $25.737-$26.501.


The Federal Reserve on Wednesday sharply ramped up its expectations for economic growth but indicated that there are no expected interest rate hikes through 2023 despite an improving outlook and a turn this year to higher inflation.


Gold prices have come under pressure this year as a recent spike in 10-year U.S. Treasury yields weighed on the non-yielding commodity.


“From a technical point of view, a clear climb above $1,740 would open space for further gains, while a decline below the $1,700 mark will show weakness,” ActivTrades chief analyst Carlo Alberto De Casa said.


Morgan Stanley is the first big U.S. bank to offer its wealth management clients access to bitcoin funds, CNBC has learned exclusively.


The investment bank, a giant in the wealth management with $4 trillion in client assets, told its financial advisors Wednesday in an internal memo that the bank is launching access to three funds that enable ownership of bitcoin, according to people with direct knowledge of the matter.


The move, a significant step for the acceptance of bitcoin as an asset class, was made by Morgan Stanley after clients demanded exposure to the cryptocurrency, said the people, who declined to be identified sharing details about the bank’s internal communications. Bitcoin’s rally in the past year has put Wall Street firms under pressure to consider getting involved in the nascent asset class.


Bitcoin rebounded again on Thursday morning, approaching the $60,000 mark.


Forex - dollar fell


The U.S. dollar fell on Wednesday, after the Federal Reserve said it does not expect to raise interest rates through all of 2023, contrary to market expectations.


The U.S. dollar index closed at 91.40; the volatility within the day is 91.37-92.02.


The greenback had reversed its slide in recent sessions on a surge in U.S. Treasury yields due in part to growing expectations that the Fed may tighten rates earlier than thought on forecasts of a faster-than-expected economic recovery.


In a statement after the Fed held interest rates steady, the U.S. central bank said it expects a rapid jump in U.S. economic growth and inflation this year as the COVID-19 crisis winds down, and vowed to keep its target interest rate near zero for years to come.


After the Fed statement, eurodollar futures pared back bets on an interest rate hike by December 2022.

It has priced in so far a 90% chance of tightening by March 2023 and just two hikes for the whole of that year.


The euro rose 0.6% against the dollar to $1.197. Against the yen, the dollar fell 0.1% to 108.85 yen.


Oil-Oil fell


Oil slipped for a fourth day on Wednesday, weighed down by expectations of weaker demand in Europe and by rising U.S. crude inventories.


West Texas Intermediate crude settled at $64.412, the volatility within the day is $63.264-$65.383. International benchmark Brent crude closed at $67.497, the volatility within the day is$66.687-$68.504.


Several European countries have paused the use of AstraZeneca’s COVID-19 vaccine on worries over possible side effects. Germany is seeing rising coronavirus cases, Italy is imposing a nationwide Easter lockdown and France plans to enforce tougher curbs.


“The suspension will not do the bloc’s economic and fuel recovery any favours,” said Stephen Brennock of oil broker PVM. “The hope now is that Europe can get its sluggish vaccine rollout back on track.”


Further adding pressure, the International Energy Agency said in its monthly report that oil prices are unlikely to mount a dramatic and sustained surge and demand is not expected to return to pre-pandemic levels until 2023.


Stocks


U.S. stocks erased earlier losses and jumped higher Wednesday after the Federal Reserve said it sees no interest rate hikes through 2023 and that it will let inflation run hotter than usual to ensure a full economic recovery.


The Dow Jones Industrial Average gained 189.42 points, or 0.6%, to 33,015.37. The S&P 500 erased a 0.7% loss and rose 0.3% to a record closing high of 3,974.12. The Nasdaq Composite wiped out earlier losses and ended the day 0.4% higher at 13,525.20. The tech-heavy benchmark fell 1.5% at one point as growth stocks came under pressure amid surging bond yields again.


Apple (AAPL-US) fell 0.65% to $124.76. Apple could release new iPads as soon as April, according to a report in Bloomberg.


The new iPads will be part of Apple’s high-end iPad Pro line and could feature improved cameras, a faster processor, and a new type of Mini-LED display on the largest iPad with improved brightness and contrast.


Shares of Disney gained 0.5% after CEO Bob Chapek told CNBC that California’s two Disneyland theme parks will reopen on April 30. McDonald’s climbed 1.9% after Deutsche Bank upgraded the stock to buy from hold.


Shares of Teladoc, a provider of virtual doctor visits, dipped as much as 8% Wednesday after Amazon announced it plans to roll out its telehealth service for its employees nationally.


Tesla (TSLA-US) rose 3.68% to $701.81.


Shares of the electric car maker Tesla are going to see sharp falls as interest rates increase after the coronavirus crisis, Lansdowne Partners fund manager Per Lekander told CNBC.


Lekander told CNBC’s “Squawk Box Europe” Tuesday that he thinks Tesla is in a bubble and that he’s short on Elon Musk’s firm, meaning he will profit if the value of Tesla’s stock falls.


Focus Today


20:00(GMT+8): United Kingdom BoE Interest Rate Decision;


20:30(GMT+8): United States Continuing Jobless Claims (06/MAR), Forecast: 4070K, Previous: 4144K;

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