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Home » Stock markets mixed to start the week

Stock markets mixed to start the week

by Stephen Soo
March 15, 2021 06:34
in Fundamental analysis
0
Stocks rebound marginally, dollar demand persists

The Shanghai Composite edged lower despite solid economic data out of China

Wall Street stocks ended mixed on Friday, with technology stocks leading losses amid a tick higher in Treasury yields due to concerns over fast-rising inflation. As a result, the Nasdaq dropped 0.6% but came off session lows. The Dow set a fresh record high and added 0.9% while the S&P 500 eked out a record closing high.

Today in Asia, equities were mostly lower as bond yields steadied ahead of a slew of central bank policy decisions in the week ahead. Chinese data showed that industrial production grew 35.1% year-on-year in February, above the 30% growth in forecasts while retail sales jumped 33.8% year-on-year, against the predicted 32% growth. However, the Shanghai Composite was down 0.96%. Japan’s Nikkei 225 gained 0.17% while Hong Kong’s Hang Seng index rose 0.33%. Australia’s S&P/ASX 200 was little changed.

European stocks opened marginally higher to start the week. The pan-European Stoxx 600 climbed 0.7% in early trade, with investors shifting focus to this week’s Federal Reserve meeting. On the negative side, worries about a third wave of coronavirus infections in the region cap gains in equities. Of note, according to the latest reports, German ICU doctors urge an immediate return to partial lockdown.

Meanwhile, dollar demand continues to dominate currency markets as bond yields stay elevated while traders are getting more cautious ahead of global central banks meetings that would set a fresh tone for USD pairs. EURUSD remains under pressure since Friday while holding above the 1.1900 figure that represents the immediate support. If this level gives up any time soon, the 1.1830 area will come back into market focus.

Elsewhere, bitcoin price surged to fresh all-time highs in the $61,750 region on Saturday before retreating marginally. BTCUSD pair has settled above the $57,000 figure on Monday, and it looks like the digital currency could regain upside momentum following the current bearish correction.

Tags: BTCUSDDOW JONESEURUSDNasdaqNikkeiS&P 500Stoxx 600
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Stephen Soo

Stephen Soo

Stephen's specialty is fundamental analysis. He graduated from the Booth School of Business, the University of Chicago. Stephen currently cooperates with several news agencies, and on FWNews he publishes macroeconomic news and reviews on brokerage companies.

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