The Fort Worth Press - Stock markets drift into Easter break

USD -
AED 3.67299
AFN 69.016748
ALL 89.186026
AMD 387.538268
ANG 1.80335
AOA 932.503248
ARS 965.263098
AUD 1.463585
AWG 1.8025
AZN 1.70233
BAM 1.76103
BBD 2.020377
BDT 119.575005
BGN 1.759205
BHD 0.376839
BIF 2900.890518
BMD 1
BND 1.292196
BOB 6.929588
BRL 5.5378
BSD 1.00063
BTN 83.591514
BWP 13.17486
BYN 3.274176
BYR 19600
BZD 2.016955
CAD 1.352201
CDF 2870.000264
CHF 0.847955
CLF 0.033444
CLP 922.809752
CNY 7.039499
CNH 7.040898
COP 4161.75
CRC 518.908698
CUC 1
CUP 26.5
CVE 99.284171
CZK 22.632903
DJF 178.185371
DKK 6.71232
DOP 60.120656
DZD 132.546656
EGP 48.704014
ERN 15
ETB 119.291554
EUR 0.89997
FJD 2.19398
FKP 0.761559
GBP 0.74893
GEL 2.714981
GGP 0.761559
GHS 15.74014
GIP 0.761559
GMD 69.000074
GNF 8644.954484
GTQ 7.74003
GYD 209.346299
HKD 7.782965
HNL 24.842428
HRK 6.799011
HTG 131.87585
HUF 355.358989
IDR 15180.65
ILS 3.79281
IMP 0.761559
INR 83.617499
IQD 1310.834782
IRR 42092.517591
ISK 136.509935
JEP 0.761559
JMD 157.212318
JOD 0.708702
JPY 144.187502
KES 129.079974
KGS 84.250268
KHR 4065.406676
KMF 441.350226
KPW 899.999433
KRW 1334.225018
KWD 0.30518
KYD 0.833881
KZT 481.131651
LAK 22095.263821
LBP 89606.428957
LKR 304.819961
LRD 200.12786
LSL 17.404556
LTL 2.95274
LVL 0.60489
LYD 4.75155
MAD 9.6953
MDL 17.446425
MGA 4544.39042
MKD 55.343203
MMK 3247.960992
MNT 3397.999955
MOP 8.024834
MRU 39.625428
MUR 46.098241
MVR 15.35992
MWK 1735.098145
MXN 19.381297
MYR 4.173498
MZN 63.849728
NAD 17.404713
NGN 1616.049654
NIO 36.827272
NOK 10.472335
NPR 133.744823
NZD 1.595762
OMR 0.384945
PAB 1.00063
PEN 3.7613
PGK 3.974428
PHP 56.172993
PKR 278.075185
PLN 3.843863
PYG 7788.687944
QAR 3.646227
RON 4.4773
RSD 105.356002
RUB 92.500382
RWF 1350.26112
SAR 3.751968
SBD 8.299327
SCR 13.94804
SDG 601.495108
SEK 10.18913
SGD 1.29011
SHP 0.761559
SLE 22.847303
SLL 20969.494858
SOS 571.853052
SRD 30.435501
STD 20697.981008
SVC 8.755706
SYP 2512.529936
SZL 17.396903
THB 32.955501
TJS 10.636779
TMT 3.5
TND 3.034846
TOP 2.342098
TRY 34.15405
TTD 6.803591
TWD 31.990496
TZS 2730.000086
UAH 41.432109
UGX 3701.602737
UYU 41.644531
UZS 12738.159553
VEF 3622552.534434
VES 36.767113
VND 24610
VUV 118.722009
WST 2.797463
XAF 590.632991
XAG 0.032578
XAU 0.000381
XCD 2.70255
XDR 0.740231
XOF 590.640968
XPF 107.383396
YER 250.324997
ZAR 17.359535
ZMK 9001.218042
ZMW 26.541868
ZWL 321.999592
  • RBGPF

    62.3600

    62.36

    +100%

  • BCC

    4.1500

    141.65

    +2.93%

  • NGG

    0.9300

    70.48

    +1.32%

  • VOD

    0.1000

    10.11

    +0.99%

  • RYCEF

    0.0200

    7.08

    +0.28%

  • CMSC

    -0.0800

    25.07

    -0.32%

  • RIO

    1.0100

    64.58

    +1.56%

  • BCE

    0.0600

    35.1

    +0.17%

  • SCS

    0.0900

    13.01

    +0.69%

  • CMSD

    -0.0150

    25.005

    -0.06%

  • RELX

    0.8700

    48.86

    +1.78%

  • JRI

    -0.0200

    13.3

    -0.15%

  • GSK

    0.0600

    40.86

    +0.15%

  • AZN

    -1.2400

    77.14

    -1.61%

  • BTI

    0.4600

    37.9

    +1.21%

  • BP

    0.2200

    32.86

    +0.67%

Stock markets drift into Easter break
Stock markets drift into Easter break / Photo: © AFP/File

Stock markets drift into Easter break

US and European stock markets drifted Thursday heading into the Easter break, with traders still focused on inflation and the outlook for interest rates.

Text size:

The broad-based S&P 500 -- which hit another record a day earlier -- and the blue-chip Dow both edged higher in midday trading, while the tech-heavy Nasdaq dipped.

In Europe, London hit a one-year high while Frankfurt inched higher and Paris ended flat.

European stock markets will be closed both Friday and Monday for a long Easter holiday. Wall Street will be closed on Good Friday but reopens Monday.

Asian indices closed mixed after a Federal Reserve official floated the idea of delaying or reducing cuts to US interest rates, boosting the dollar.

The yen steadied having hit a 34-year low against the dollar on Wednesday. Oil prices rose more than one percent on persistent concerns over the possibility of tight supplies.

Major stock markets "are still hovering around record levels, and market optimism remains high", said Pierre Veyret, analyst at ActivTrades.

"Investors continue to bet on upcoming rate cuts from central banks around the world."

The US Federal Reserve, the European Central Bank and the Bank of England have paused their rate hike campaigns as inflation has slowed but remains elevated, fuelling speculation on when they will start cutting borrowing costs.

A recent market rally has started to peter out as traders assess the outlook for US monetary policy, with a string of above-forecast inflation and economic data leading some to question whether the Fed can stick to its projection of three cuts this year.

Confidence has not been helped by comments from Fed officials in the past week.

"Nothing is settled when it comes to the timing of rate cuts in the US and elsewhere, and, in our view this is the key theme that will drive markets in Q2 (the second quarter)," said Kathleen Brooks, research director at XTB.

The US Commerce Department made a surprise upward revision Thursday to fourth-quarter GDP growth, to an annual rate of 3.4 percent, but analysts noted this was backward-looking information.

But it would reinforce the belief that the economy performed better than anticipated despite the Fed holding interest rates at elevated levels, said Patrick O'Hare of Briefing.com.

Initial jobless claims decreased for the week ending March 23, with the relatively low level suggesting employment conditions were still favourable for economic growth, he added.

Attention moves to the release Friday of the personal consumption expenditures (PCE) index -- the Fed's preferred gauge of inflation -- which is expected to show a slight rise.

"Many are concerned that it could tick higher, just as CPI (consumer prices) and PPI (wholesale prices) did earlier this month," said David Morrison, senior market analyst at Trade Nation.

Even if the prospect of rate cuts recedes, the equities narrative remains positive according to Chris Beauchamp at online trading platform IG.

"The carrot of rate cuts continues to be dangled in front of investors, but the real story is the rebound in earnings over the past year, with further growth expected in the first quarter according to current forecasts," he said.

With the first quarter ending this week, companies are to begin

- Key figures around 1630 GMT -

New York - Dow: UP less than at 39,782.52 points

New York - S&P 500: UP less than 0.1 percent at 5,253.13

New York - Nasdaq Composite: DOWN less than 0.1 percent at 16,391.90

London - FTSE 100: UP 0.3 percent at 7,952.62 (close)

Paris - CAC 40: FLAT at 8,205.81 (close)

Frankfurt - DAX: UP less than 0.1 percent at 18,492.49 (close)

EURO STOXX 50: FLAT at 5,083.42 (close)

Tokyo - Nikkei 225: DOWN 1.5 percent at 40,168.07 (close)

Hong Kong - Hang Seng Index: UP 0.9 percent at 16,541.42 (close)

Shanghai - Composite: UP 0.6 percent at 3,010.66 (close)

Dollar/yen: DOWN at 151.29 yen from 151.34 yen on Wednesday

Euro/dollar: DOWN at $1.0802 from $1.0831

Pound/dollar: UP at $1.2643 from $1.2641

Euro/pound: DOWN at 85.45 pence from 85.66 pence

Brent North Sea Crude: UP 1.4 percent at $87.31 per barrel

West Texas Intermediate: UP 1.7 percent at $82.69 per barrel

burs-rl/jj

L.Coleman--TFWP