Forex News March 16, 2022
Japan
On April 8, Japan will hold an auction to sell oil from its reserves. Roughly 1.89 million barrels, or 300,000 kilolitres, of oil will be auctioned. At the moment, this is just under half of Japan’s daily oil consumption. In other words, it makes no difference. For what it’s worth, the supply will be made available to the winning bidders on May 20.
China
- Chinese equities make a strong comeback on the day The Hang Seng tech index is up roughly 20% today, sending the main index up by 8% as sentiment in Chinese stocks improves after a dismal few weeks. The Shanghai Composite is currently up 3% on the day. Notably, the Hang Seng is finding support from its 2016 low. However, the rebound coincides with some encouraging remarks by China Vice Premier Liu on talks between US and Chinese regulators.
- Since the beginning of the year, the tech selloff has wiped out nearly a third of the market capitalisation. If nothing else, today is a good indication that investors are beginning to see value again.
Europe
• Solid gains at the open, Eurostoxx +1.6 percent, Germany DAX +2.3 percent, France CAC 40 +2.0 percent, UK FTSE +1.5 percent and Spain IBEX +1.7 percent.
So far today, the overall market vibes are positive as well. The S&P 500 futures are up 0.7 percent, while the Nasdaq futures are up 1.2 percent. In general, concerns about the Russia-Ukraine situation have subsided in recent sessions, but today it’s all about the Fed.
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