Market Wrap: 30 March 2023

Market Wrap: 30 March 2023

Europe Stock Futures Rise After Wall Street Rally: 

  • Nasdaq 100 enters bull market in highest close since August
  • The dollar and Treasuries flat after calmest day in a month

European equity futures rose while contacts for the US fluctuated along with Asian stocks in listless trading Thursday. The dollar and Treasuries were confined to range-bound trading. 

Euro Stoxx 50 futures climbed around 0.6% while those for the S&P 500 and Nasdaq 100 swung between small gains and losses. 

Key indexes around Asia held to moves of of 1% or less, underscoring the subdued trade. Japanese stocks fell, Chinese shares whipsawed and Australian and South Korean markets eked out increases. The discordant moves were partly attributed to quarter-end rebalancing.

An initial advance in Hong Kong-listed tech companies fizzled while shares in Alibaba Group Holding Ltd. edged higher. Chief executive Daniel Zhang said the company would consider gradually giving up control of some of its main businesses. His short briefing Thursday came after an overhaul announced earlier in the week that sparked a 12% rally in the stock on Wednesday.

The muted action contrasted with gains overnight on Wall Street that pushed the Nasdaq 100 into a bull market amid bets that a peak in interest rates is near and bank turmoil will continue to ease. The index rose 1.9%, which cemented its 20% rebound from a low in December. 

The tech-heavy index, which includes Apple Inc., Microsoft Corp., and, closed at the highest level since August in a sign investors are preparing for the Federal Reserve to end its interest rate hiking cycle and potentially pivot to looser policy later this year.

Treasuries were flat across the curve extending muted action on Wednesday when the 10-year benchmark moving by the smallest margin in more than a month. Australian and New Zealand government bond yields were moderately higher.

The dollar pared an earlier advance in Asia on Thursday after strengthening as investors digested the latest remarks by Fed officials and looked ahead to core PCE data for clues on how the Fed’s next move. Investors now expect US rates to sit around 4.3% by the end of the year, around 70 basis points lower than the current level.


“The Fed remains in a very difficult position,” wrote Chris Senyek of Wolfe Research in a note. “With banks stabilizing, inflation still way above target, the labor market still historically strong, and the Fed desperately needing to rebuild credibility, our sense is that the FOMC will hike by 25 basis points on May 3.”


Investors digested a busy day of Chinese earnings that included Agricultural Bank of China Ltd., Industrial & Commercial Bank of China Ltd., Bank of China Ltd., Bank of Communications Co., Air China Ltd., Country Garden Holdings, Citic Securities Co. and Great Wall Motor Co.

“Analysts are revising up their earnings,” said Audrey Goh, senior cross-asset strategist for Standard Chartered Wealth Management, speaking about Chinese equities on Bloomberg Television. “Consumption, fixed asset investments as well as even the distressed property sector are starting to show some signs of life and recovery.”

Elsewhere in markets, oil held its drop as lagging US diesel demand overshadowed a disruption to shipments from Turkey. Gold steadied and Bitcoin hovered above $28,000. 

Key events this week:

  • Eurozone economic confidence, consumer confidence, Thursday
  • US GDP, initial jobless claims, Thursday
  • Boston Fed President Susan Collins and Richmond Fed President Thomas Barkin speaks at event. Treasury Secretary Janet Yellen also speaks, Thursday
  • China PMI, Friday
  • Eurozone CPI, unemployment, Friday
  • US consumer income, PCE deflator, University of Michigan consumer sentiment, Friday
  • ECB President Christine Lagarde speaks, Friday
  • New York Fed President John Williams speaks, Friday



Trade the global markets with a broker that has integrity, honesty and transparency at its core


Market Wrap: 24 August 2023

Stocks Rally on Tech Optimism, Fed Rate Outlook:  Lackluster US, Europe economic data opens door for rate pause Nvidia’s bullish sales outlook prompts after-hours stock

Read More »

Market Wrap: 15 August 2023

Yuan Falls on PBOC Rate Cuts; Asian Stocks Mixed:  Japan’s economy shows resilience as growth beats estimates Economic woes mount in China as post-pandemic recovery

Read More »

Market Wrap: 11 August 2023

China Tech Pulls Asian Stocks Lower; Dollar Steady:  US core CPI posts smallest back-to-back increases in two years Daly says Fed has ‘more work to

Read More »

Market Wrap: 31 July 2023

Asian Stocks Echo US Rally on Soft Landing Hopes:  Yen declines after unscheduled Bank of Japan bond buying China manufacturing PMI data shows contraction in

Read More »

Market Wrap: 27 July 2023

Stocks Rise, Dollar Slips as Rates Peak in Sight:  ECB will raise rates by another quarter-point, survey shows US data Thursday include GDP, initial jobless

Read More »

This website is owned and operated by the Ox Securities group of companies, which include:
Ox Securities Pty Ltd registered address Level 37, 1 Macquarie Place, Sydney NSW 2000 Australia. AFSL 438402 ACN 163 551 602
Ox Securities Limited (SV) registered address Suite 305, Griffith Corporate Centre, Beachmont, Kingstown, St Vincent and the Grenadines
Risk Warning: The information contained on this website is general in nature and does not constitute advice or a recommendation to act upon the information or an offer. The information on this website does not take into account your personal objectives, circumstances, financial situations or needs. You are strongly recommended to seek independent professional advice before opening an account with us and/or acquiring our services/products. Ox Securities Limited (SV) do not accept applications from residents of the United States of America and Australia
Before you decide whether or not to invest any products referred to on this website, being over the counter (OTC) derivatives, it is important for you to read and consider our Financial Services Guide (FSG), Product Disclosure Statement (PDS), and Terms and Conditions (T&C), and ensure that you fully understand the risks involved. Fees, charges and commissions apply. OTC derivatives, including margin foreign exchange contracts and contract for differences, are leveraged products that carry a high level of risk to your capital. Trading is not suitable for everyone. You may incur losses that are substantially greater than your initial investment. You do not own, or have any rights to, the underlying assets which the OTC derivative is referring to. You should only trade with money you can afford to lose. There are also risks associated with online trading including, but not limited to, hardware and/or software failures, and disruptions to communication systems and internet connectivity.

Copyright © OxSecurities 2020. All rights reserved