Market News & Analysis

Stocks edge higher, Palladium tanks, Key Chinese data to come

Apr 30, 2019 | Market Update

High-impact economic news:

18:10 BOE Gov Carney Speaks 

Stocks edged higher in last night’s session, U.S. stocks had gains capped as investors wait on upcoming key news. The Nasdaq was the best performer adding a minor 0.15%. 2019 has been great for stocks in the U.S. so far with the S&P500 adding 17% and the Nasdaq adding 23%.

“This may be the busiest week of everything in terms of catalysts,” said Art Hogan, chief market strategist at National Securities. “It makes sense for us to be sideways heading into that at best.”

Mixed session overnight for commodities, oil added 20 cents in a bit of a technical pullback after President Trump’s comments dented the current rally. Supply remains tight and U.S. sanctions on Venezuela are also working to tighten global supply as fighting in Libya threatens to curb output there as well. Gold lost 7.55 in yesterday’s session and palladium slumped close to 7%, its biggest daily percentage drop in over two years.

With no key data risk majors ground out gains to the USD, the EUR adding just over 40 pips. The GBP lost ground to the USD and JPY while the other risk currencies gained. The USD also finished the session lower to the JPY. 

Traders will be looking to today’s Chinese data in the Asian session. China will be releasing its manufacturing data for April. the local currency (AUD) will be looking for a healthy figure. The ASX may see a falt open due to lacklustre overseas leads. 

Palladiums bad day at the office.

Good trading from EightCap

Sources – CNBC

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