Bullish News for European Stocks
What’s in Today’s Report:
- Bullish News for European Stocks
- Why Did Stocks Drop?
- Chart: Long-Term Bearish Reversal in Dow Theory
Futures are rebounding from yesterday’s ~1% pullback amid progress towards a ceasefire deal between Russia and Ukraine, “cool” inflation data overseas, and trader positioning into the Fed decision this afternoon.
Economically, Eurozone HICP (their CPI equivalent) fell from 2.5% Y/Y to 2.3% vs. (E) 2.4% in February, which is being well received by investors in pre-market trade as the Fed decision comes into focus.
There are no notable economic reports today although there is a 4-Month Treasury Bill auction at 11:30 a.m. ET that could shed light on near-term Fed policy rate expectations with the Fed announcement and Powell’s press conference looming later this afternoon.
The FOMC meeting announcement will hit the wires at 2:00 p.m. ET shortly before Fed Chair Powell’s mid-afternoon press conference (2:30 p.m. ET) which will almost certainly be the “main event” of the trading session as investors look for clarity on monetary policy outlook given the recent escalation in trade war developments and the subsequent sense of market uncertainty that has come with it.
Finally, while earnings season is winding down, there are a few consumer-focused companies reporting quarterly results today: WSM ($2.91), GIS ($0.95), and FIVE ($3.38).
