What’s in Today’s Report:
- The Easiest Way To Explain This Market To Clients
- Technical Market Update (Volume Not Confirming The Rally)
- A More “Hawkish” Fed than we think?
Futures and global markets are moderately higher as global economic data beat expectations, furthering hopes of a global growth rebound.
March Chinese exports handily beat estimates, rising 14.2% vs. (E) 8.4% while EU Industrial Production wasn’t as bad as feared (-0.2% vs. (E ) -0.6%).
Focus turns to earnings this morning as all eyes will be on three big banks: JPM ($2.32), WFC ($1.08), PNC ($2.59). If they post solid numbers, then combined with the good Chinese economic data, we could see an extension of this rally.
Outside of earnings, we do get Import/Export Prices (E: 0.4%/0.3%) and Consumer Sentiment (E: 98.0). Plus, Powell speaks to House Democrats but no comments on policy are expected and none of those events should move markets.