Despite concerns in the market regarding the fire sale of Archegos’ assets, the major global equity indices were largely unchanged on the day. In that respect they have held up well.
The MSCI world equity index, for example, eased off by a modest 0.3%, the S&P500 was essentially flat (-0.1%), while French, German and the broader European equity markets were all higher on the session. With that, the S&P500 remains just shy of its record closing high from 17th March (i.e. 3,974).
In the near term, therefore, the key question is whether the S&P500, and certain other indices, will push out to new highs in coming days and weeks? In that respect, the message of our short term bears watching closely, as we show in this brief clip.
Key macro data out today includes German CPI (the first estimate for March, at 1pm London time); as well as US house prices; and US consumer confidence (for March, at 3pm).
There’s also a speech by the Fed’s Quarles at the Peterson Institute (2pm), and Williams is moderating a discussion on “The role small businesses play in building financial resilience” (7:30pm).