Thursday 1 April 2021 10:36 am

City A.M. TV: Daily Market Snapshot (video)

Price action was reasonably encouraging for the bulls yesterday, with a number of major indices closing higher on the session.

That included the tech/growth areas of the market, such the NASDAQ100 (+1.5%) and the Philly SOX (+2.6%); as well as some of the ‘reflation’ parts of the market (e.g. Russell 2000/US mid-caps, +1.1%). With that, S&P500 futures (+0.5%) closed at 3,967, and within a handful of points of the all-time closing high on 17th March (at 3,974). In the UK, meanwhile, both the mid and large cap indices have continued to track sideways (with modest losses yesterday).

Read more: FTSE 100 opens higher with all eyes on manufacturing data

Today is the first business day of a new month. As such, key macro data includes the manufacturing PMIs from across the global economy as well as the key US ISM manufacturing release. Those give early insights into the state of economic activity last month. Elsewhere there’s also an OPEC+ meeting discussing the state of the global supply and demand of oil (under renewed lockdown in Europe) and, therefore, whether or not to further extend production cuts.