Daily digest market movers: Calm before the next storm
- Current US President Joe Biden and former US President Donald Trump both secured enough votes on Tuesday to deserve their nomination for their respective parties and are heading to November 5 for the Presidential election.
- Austrian Central Bank Governor Robert Holzmann said on Tuesday that should the European Central Bank (ECB) cut interest rates ahead of the Fed, that would mean substantial risk of an over-devalued Euro, which in its turn, could respark inflation again.
- At 11:00 GMT, the weekly Mortgage Applications number will be released. The previous week saw a jump of 9.7%.
- The US Treasury is set to allocate a 30-year Bond Auction at 17:00 GMT.
- Equities are sideways to lower after Asian indices refused to take over the positive close on Wall Street. Europe is the only green spot on the quote board, with both the German Dax and the European Stoxx 50 seeing mild gains.
- According to the CME Group’s FedWatch Tool, expectations for a Fed pause in the March 20 meeting are at 99%, while chances of a rate cut stand at 1%.
- The benchmark 10-year US Treasury Note trades around 4.15%, broadly higher for the week.
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