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April 5th news, despite another sharp sell-off in the U.S. stock market on Friday, Nike (NKE.N) shares bucked the trend and closed up 3%, making it the only component of the Dow Jones Index that rose. Nike was able to close higher thanks to key progress in tariffs. Trump said Vietnamese leaders expressed interest in reaching a new trade agreement with the United States to reduce tariffs on U.S. goods to zero. In response to trade and geopolitical issues, Nike has moved most of its production to Vietnam, but the Trump administrations new import tax policy may offset the benefits of this transfer. Whether Vietnam can reach a suitable new trade agreement with the United States has quickly become a key business performance and valuation catalyst for Nike.On April 5, California Governor Gavin Newsom posted a video on his social platform on April 4 saying that the Trump administration’s tariff policy "cannot represent all Americans." He has asked the California government to look for new opportunities to expand trade cooperation and said that "California is a stable trading partner."On April 5, Fitz-Gerald Group CIO Keith Fitz-Gerald said in the latest CNBC show that although he was frustrated by the recent sell-off of Tesla, he still believed in the companys long-term prospects. "I think if we look at FSD, we look at autonomous driving, we look at everything Tesla is involved in, if you take Musk himself out of the "equation" for a few minutes, you cant deny that this company continues to change the earth. So, this is one of the moments where I have to hold my nose (ignore the sell-off), and Im going to keep waiting anyway, and I hope that when the sell-off is over, I hold enough Tesla shares."On April 5, a spokesperson for the U.S. Department of Homeland Security said on the 4th that the deportation emails sent recently to a number of Ukrainians legally residing in the United States were "mistakenly sent" and that the Ukrainian humanitarian temporary residence program established after the outbreak of the Russia-Ukraine conflict in 2022 has not been terminated.On April 5, the U.S. Space Force official website announced that Musks SpaceX, United Launch Alliance and Blue Origin won the U.S. Space Forces rocket launch contract totaling $13.5 billion, valid until 2029. It is reported that these three companies will be responsible for sending some of the Pentagons most sensitive and complex satellites into space. Among them, SpaceX will undertake 28 missions and win a $5.9 billion contract. The United Launch Alliance (ULA), a joint venture between Boeing and Lockheed Martin, undertakes 19 missions with a total contract value of $5.3 billion. Blue Origin, founded by Bezos, won 7 missions with a total contract value of $2.3 billion.

AUD / USD Rises To 0.6640 As Australian Employment Improves

Daniel Rogers

Mar 16, 2023 14:12

As a consequence of the upbeat Employment data from the Australian Bureau of Statistics, the AUD/USD pair has extended its recovery to near 0.6640. The Australian economy added 64,600 new employment in February, exceeding the consensus estimate of 48,500. The Australian economy reported 11.5K unemployment in January. From estimates of 3.6% and the previous issuance of 3.7%, the unemployment rate has been further reduced to 3.5%.

 

The Reserve Bank of Australia (RBA), which is drafting a plan to reduce inflation, will encounter additional challenges as a consequence of positive Australian labor market data. As a larger labor force in action would exacerbate inflationary pressures, RBA Governor Philip Lowe may continue to target higher rates.

 

Earlier, Australian Consumer Inflation Expectations (Mar) data indicated that inflation projections for the next 12 months decreased to 5.0% from the consensus of 5.4% and the previous release of 5.1%.

 

In the meantime, S&P500 futures are showing modest gains during the Asian session, which could be considered a dead cat bounce following the volatility on Wednesday. The debacle of Credit Suisse following the failure of Silicon Valley Bank (SVB) has increased the risk of global banking turmoil. According to one school of thought, the Federal Reserve (Fed) and other western central banks' rapid and precipitous interest rate increases contributed to the collapse of the global banking system.

 

As investors anticipate a less hawkish interest rate decision from the Federal Reserve (Fed) next week, the US Dollar Index (DXY) is looking to extend its correction below 104.60. After a fleeting upswing in January, the United States' inflation has retreated, dampening expectations for a hawkish stance from Fed chair Jerome Powell.