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Stock Futures Trade Higher


30 March 2022 Written by Naeem Aslam  AvaTrade Chief Market Analyst Naeem Aslam

US futures and European futures are trading higher despite a weak reading of German GfK Consumer Climate data. The data came in at -15.5 while the forecast was for -14.6. This economic data set is an essential reading to gauge economic sentiment in the biggest economy of the Eurozone. 

Economic data 

In terms of economic data, we have the US Consumer Confidence and JOLTS Job opening data which is hitting the tape later in the day. The JOLTS Job opening number will be released at 15:00, and the forecast is for 11.00M, while the Consumer Confidence, which is also coming out at the same time, is expected to come in at 106.9.

We also have the FOMC member, John C. Williams speaking today. The FOMC would have hiked interest rates by 50bps in March. The war has exacerbated the ongoing inflation situation, which worries many Fed members, including Williams.

Jerome Powell, the Fed Chair, has already said that the Fed isn’t comfortable classifying inflation as transitory anymore. Any hawkish commentary from Williams is likely to push the dollar index higher, but traders are likely to remain sceptical about 50 basis points interest rate hike during their next meeting.  

Oil Prices

Oil prices are caught in a downward spiral, and yesterday we saw the most significant one-day sell-off since March 15. The sell-off in oil prices is mainly due to the concerns among traders about the new lockdown in China, which has sent oil prices tumbling. Interestingly, this has occurred ahead of the OPEC meeting, taking place on Thursday this week. So far, traders have been worried about the supply shortage due to the increase in oil demand and geopolitical tensions. However, China is one of the biggest consumers of oil, and the cities that have gone under a full lockdown are the backbone of China. Shutting down these cities means a severe reduction in oil.

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