Summary:

  • DAX outpaces other major stock indices from Europe

  • Commodities broadly advance

  • GBP traders await BoE decision

The early trading on Thursday brought moderate declines on the European stock markets. However, the German DAX remains resilient to this broad downbeat moods and is advancing almost 0.5%. The New Zealand currency is the weakest one in the G10 basket after RBNZ took a dovish stance. On the other hand, the Canadian dollar is advancing the most backed by the rise in the oil prices. Speaking of oil, Brent is slowly approaching the $78 handle while WTI may be eyeing $72. At noon BoE will make its rate decision followed by Mark Carney’s presser half an hour later.

Based on Coinmarketcap.com calculations the most common digital currencies were able to make the least gains over the past 30 days. Their outcome proved to be incomparably less impressive when we weigh them against some much less popular virtual coins. Among them one may single out EOS making a stunning 200% rate of return during the past month.

An advisory company Institutional Shareholder Services recommended Deutsche Bank’s shareholders to back the Bank’s chairman Paul Achleitner at the upcoming annual general meeting. The main reason for such recommendation is not the performance of the current head of supervisory board but the fact that those who oppose him failed to propose any better candidate for this post.

The New Zealand dollar took a hit after the RBNZ left rates unchanged and equipped investors with a bunch of dovish stuff. The central bank, being steered by a new governor Adrian Orr, adjusted its inflation path slightly downwards seeing the annual CPI rate at 1.6% in 2019 instead of 1.8% predicted in February.

The latest lacklustre inflation readings combined with a deterioration of soft indicators and more dovish stance of the UK central bankers, especially governor Carney, have smashed the chance of a rate hike at today’s meeting. A month ago OIS-implied probability of a rate hike at May’s meeting was almost 90% while today it is just 12.6%.