European Equity Market Handover It is all about Powell today

Stock market snapshot as of [4/6/2019 3:03 PM]

To understand why risky assets are rallying on Tuesday, it helps to bear in mind that the grinding month-long stock market sell-off has clearly gone hand-in-hand with a rally in U.S. Treasurys of similar magnitude
With the chair of the Federal Reserve speaking as this article is being published, bond investors are alert to the risk that Jerome Powell might damp rate-cut talk
So far, the chairman sounds only slightly dovish: highlights include that he said the Fed is ready to act “as appropriate” – Treasury prices are trimming some of Tuesday’s falls
The 10-year yield was up 6 basis a little earlier, at a still depressed 2.12%, approaching the July 2017 cycle low of 2.03%
Lightened sentiment encourages buyers into Wall Street indices, with much of Europe rallying too
The Reserve Bank of Australia’s possible leading-edge cut this morning may be another factor
Talk that Congressional Republicans might block tariffs on Mexico may also be in the frame

Corporate News

European shares are being led by Germany’s BASF heavyweight. The chemical company contributes most to the region’s STOXX 600 index with a 3% rise on speculation that it could sell its construction chemicals arm for $3bn
U.S. shares are partly unwinding Monday’s sharper-than-market sell-off in big techs, in reaction to looming probes by the Department of Justice and Federal Trade Commission
Navistar is among the heavier U.S. risers as the truck maker hoists revenue forecasts
Uber was up 2% a little earlier after getting a buy rating from Goldman Sachs

Upcoming corporate highlights

Upcoming economic highlights

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