Central Banks and Airlines In Focus

Overnight, the Reserve Bank of Australia raised its Overnight Cash Rate by 0.25% to 4.10%. Tomorrow the Bank of Canada and the Federal Reserve Board are releasing interest rate decisions and for the Fed, member forecasts on the economy and interest rates.

Investors appear to be waiting for commentary on inflation and monetary policy to determine their next moves. Currencies are quiet today as are equities. US index futures are trading flat to up 0.2% digesting Monday’s rebound, while in Europe, the DAX is up 0.4% and the FTSE is up 0.8%. Overnight, the Nikkei and the Hang Seng finished essentially flat.

Amid ongoing attacks against infrastructure and shipping disruptions Crude Oil is climbing today with Brent and US Crude up 2.4%. Trading near $95.00/bbl, US Crude appears to be settling into a $90.00-$100.00/bbl range. Interestingly, despite rising fuel costs, Delta Air Lines boosted its revenue forecast and maintained its earnings forecast for this quarter, noting strong travel demand. Its shares are up 5.0% premarket.

Metals action is mixed today. Gold is up 0.3%, but Silver is down 0.3%. Copper is down 1.2% indicating ongoing concern that war disruptions may impact the global economy and resource demand.

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