Wednesday Morning Reads

Wednesday Morning Reads











The S&P 500 futures trade 11 points, or 0.3%, above fair value.

Equity indices in the Asia-Pacific region ended the midweek session on a mixed note. Japanese officials will determine later this month whether foreign spectators will be allowed at the Tokyo Olympics. The South Korean government is reportedly planning to invest KRW200 bln in automotive semiconductor technology. Reserve Bank of Australia Governor Lowe said that Australia's employment has nearly recovered to pre-pandemic levels but a case for extending asset purchases will still be considered later in the year.

  • In economic data:
    • China's February CPI 0.6% m/m (expected 0.4%; last 1.0%); -0.2% yr/yr (expected -0.4%; last -0.3%). February PPI 1.7% yr/yr (expected 1.5%; last 0.3%). February new loans CNY1.36 trln (expected CNY950.00 bln; last CNY3.58 trln) and February total social financing CNY1.71 trln (expected CNY950.00 bln; last CNY5.170 trln)
    • Australia's January Building Approvals -19.4% m/m (expected -19.4%; last 10.9%) and March Westpac Consumer Sentiment 2.6% m/m (last 1.9%)
    • New Zealand's February Electronic Card Retail Sales -2.5% m/m (last -0.3%); -5.3% yr/yr (last 1.9%)

---Equity Markets---

  • Japan's Nikkei: UNCH
  • Hong Kong's Hang Seng: +0.5%
  • China's Shanghai Composite: -0.1%
  • India's Sensex: +0.5%
  • South Korea's Kospi: -0.6%
  • Australia's ASX All Ordinaries: -0.8%

Major European indices trade mostly higher while UK's FTSE (-0.2%) underperforms. The EU will reportedly pursue legal action against the U.K. after the British government extended the grace period for customs inspections of food products going into Northern Ireland, in-line with reports from late last week. There is growing speculation that the European Central Bank will act to counter the recent rise in government bond yields. Inditex, which owns Zara and other brands, expects sales levels to normalize quickly once the remaining 15% of its global stores reopen by mid-April.

  • Economic data was limited:
    • Italy's January PPI 1.4% m/m (last 0.5%); -0.3% yr/yr (last -1.8%)

---Equity Markets---

  • STOXX Europe 600: +0.4%
  • Germany's DAX: +0.6%
  • U.K.'s FTSE 100: -0.2%
  • France's CAC 40: +0.8%
  • Italy's FTSE MIB: +0.4%
  • Spain's IBEX 35: +0.4%

Known to most as Uranium Pinto Beans, Jason has more than 15 years under his belt of trading stocks, options and currencies. His expertise primarily lies in chart analysis, and he has a strong eye for undervalued stock. Because he’s got the ability to identify great risk/reward trades he usually enjoys taking the path less traveled and reaping the benefits from the adventure.

He is a co-founder of Option Millionaires, and he is best known for his weekly webinars with Scott, as well as his high level training webinars and charts found in the forums.

More Posts by UPB: View All | Private Twitter Feed: Access Now! (For Diamond Members)