By Tyler Durden
Global markets started the new week and quarter with very muted trading in Asia as most key markets including Australia, New Zealand , Hong Kong, Canada, UK and most parts of Europe remain closed for Easter holidays. US stock futures are lower…
…and equities in Asia have given up the gains seen early in the session amid fears of escalating trade wars, while European markets remain offline.
As a reminder, overnight China announced that that starting Monday it would impose tariffs on U.S. products including frozen pork, wine and certain fruits and nuts in response to U.S. duties on imports of aluminum and steel.
MSCI’s world equity index ended up 1.2% last week, but it lost about 1.5% in the first quarter, pushed away from record highs as tensions over global trade escalated, turmoil in the White House deepened and market-leading technology firms wobbled on fears of regulation and other issues. Still, so far the S&P 500 has tested and held the 200d MA twice and has again begun to bounce / stabilize, as all eyes remain on this key technical support level.
“We expect strong and broad-based growth to continue globally,” wrote strategists at Barclays who warned that …read more