From Marc to Market:
Overview: The capital markets are subdued through the early European morning. The continued sell-off of the yen (almost 5% this month) and anticipation of more share buybacks in China helped lift equities in the Asia Pacific after the strong performance of the US indices yesterday. The S&P 500 closed above its 200-day moving average for the first time in a month and reached its highest level since February 9. The NASDAQ closed at its best level since February 16, around 13% above the March 14 low. European shares are threatening to snap a five-day advance. US futures are better offered. The sell-off in bonds may be taking a breather in Europe, where yields are mostly 3-4 bp lower. The 10-year Treasury yield poked above 2.40% before softening to around 2.36%. The dollar is firm against most of the major currencies, while emerging market currencies are mixed. The JP Morgan Emerging Market Currency Index is posting a small gain for the second consecutive session.
Gold is flattish in a a little more than a $5-range on either side of $1925, the middle of the $1900-$1950 broader range. May WTI is s firmer, above $111 in the European morning. A move above yesterday's $113.35 high could signal another run at the high from earlier this month around $126.40. US natgas is consolidating after yesterday's nearly 6% rally. Europe's natgas benchmark is up almost 4% after yesterday's 3.4% advance. It fell almost 5% on Monday. Iron ore rose nearly 2% today, its first gain of the week. It lost about 4.7% over the past two sessions. Copper is quiet inside yesterday's narrow range. May wheat is edging higher and recouping yesterday's small decline. It is consolidating after rallying 5.2% on Monday.Asia Pacific
Chinese tech companies are in play. Alibaba announced it was expanding its share buyback efforts yesterday and Xiaomi did the same today. More tech firms, rich in cash, are expected to follow suit in the coming days. Hong Kong Technology Index has rallied 40% from last week's low, which still leaves it around 50% below last year's peak....
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