- U.S. stocks firmer after bullish comments from Fed’s Brainard
- Fed’s Brainard calling for sustained large-scale asset purchases by the Fed
- Oil firmer, gold weaker, currencies largely unchanged
Bias: Risk neutral
US stocks again rose overnight supported by comments from Fed’s Brainard calling for sustained large-scale asset purchases by the Fed. Bank shares were mixed after Wells Fargo reported weaker than expected earnings, while Moderna shares surged 17% on news that their was a “robust response” from its Corona Virus vaccination in a clinical trial.
Currency markets were again held within tight recent ranges, with the Big Dollar finishing close to flat on the day. The Aussie continues to hold just below 0.7000, while Sterling was weaker on a soft U.K. GDP report.
Oil prices continued to grind higher, while gold was weaker on the firmer U.S. equities.
Equities should find an opening pop this morning, supported by better U.S. markets overnight. Data today sees the Japanese Monetary Policy Statement, U.K. CPI and PPI and U.S. Empire State Manufacturing Index and Import Prices.