NAB – The Morning Call · Mixed sentiment sees markets move sideways

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Mixed sentiment sees markets move sideways

By phildobbie — 2 months ago

Friday 26th March 2021

It’s been another mixed session. NAB’s Gavin Friend says, on the one side there’s the tantalising prospect of an economic reopening in the northern hemisphere that is almost touchable, but there’s also the issues around vaccine production and, in Europe, concerns about how many people are prepared to take it. Equity markets are subdued, with another move away from tech stocks. Interest in the 7 year bond auction in the US was better than last time, but still cautious. Whilst most Fed speakers reiterate that, even though economic growth might be higher than expected by the year end, interest rates won’t budge till 2024, although Bostick predicts a much shorter timescale. Jo Biden, meanwhile, has doubled his forecast for the number of jabs in American arms in his first 100 days in office. And oil prices rose again as the Suez Canal remains closed, possibly for days, maybe even weeks.

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Phil Dobbie @phildobbie·

Markets have reassessed the risk of inflation. On today’s podcast NAB’s Rodrigo Catril says the fear for equity markets is a Fed that might raise interest rates aggressively if it is behind the curve. https://t.co/WgAPDfpAzS

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Phil Dobbie @phildobbie·

Markets are optimistic despite slow retail sales, lower consumer confidence and rising inflation expectations. NAB’s Rodrigo Catril says there’s an acceptance that much of these are short term effects. https://t.co/mk8X8viEMv

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