MACRO MORNING NOTE| Cohn Out, Tariffs In, NoKo & Trump To Meet, Global Stocks Mixed
SBA’s Alastair Williamson concludes the Macro Morning Note from Baltimore, Maryland
Global stock markets were mixed on Friday, with Asia mostly advancing while a majority of Euro-Zone markets lost ground after President Trump announced tariffs on aluminum and steel imports (exempting Canada and Mexico). South Korea’s KOSPI closed higher 1.1% on news Trump will visit North Korea’s leader in May.
“More-realistic expectations are setting in,” said Takahiro Sekido, Japan strategist at Bank of Tokyo-Mitsubishi UFJ, referring to the upcoming Trump/Kim meeting.
Keeping Score in Europe: France’s CAC -.15% at 5,246, Germany’s DAX -.40% at 12,291, and Britain’s FTSE flat at 7,202.
Meanwhile, S&P futures are flat at 2,736, where jobs data later this morning will provide more clues on the economic situation stateside. The dollar was steady in the low 90-handle and the UST10Y resides at the 2.88 mark.
BBG’s key events for the remainder of this week:
- The Chinese People’s Political Consultative Conference runs through March 15 and overlaps with the National People’s Congress meetings in Beijing, through March 20.
- U.S. monthly payrolls data come Friday.
Keeping Score in Asia: Japan’s Nikkei225 +.47% at 21,469, South Korea’s KOSPI +1.1% at 2,459, Hong Kong’s Hang Seng +.96%, Mainland China’s Shanghai composite +.58% 3,307, Mainland China’s Shenzhen composite +1.56% at 1,885, Austraila’s ASX200 +.34% at 5,963.
Countdown: 12 days until next rate hike
SPX500 nearing the supply line of the channel of death
BTC <200sma (daily)
HYG having trouble bouncing above 50sma
SPX500 testing 50sma (daily)
SPX500 decoupled oil
WTI rejecting R1 61.25 which risks pivot 54 reversion
Copper resistance 3.30
GSCI Industrial Metals appear to have topped?
UST10Y 2.971 R3 ceiling, if the 3% level is violated, then it is all over — quick move to 4%…
DXY 90.81 S1 resistance, there are no confirmations for reversal
What comes after sync growth narrative?
Valuations are stretched…