The German automaker Volkswagen shares up for the fourth consecutive day. The stock is up more than 35% from Monday and the shares have gained 50% year-to-date.
The company said on Wednesday that it expects to deliver more than 450,000 electric vehicles (EVs) in 2021, more than double its 2020. "The Group aims to be the global market leader for electric mobility by 2025 at the latest," Volkswagen said in a release Tuesday.
“We successfully managed the coronavirus pandemic. After a challenging first half of the year, we fought back with strict cost discipline and a strong sales performance. Ralf Brandstätter, CEO of the Volkswagen Passenger Cars brand said.
Wall Street ended at a record high on Wednesday. Meanwhile, the US stock futures trading lower on Thursday after the US 10-year Treasury note soared to 1.72%, a fresh high since January of 2020.
Crude oil prices struggling to find the upside momentum. On Wednesday, during the North American session, the EIA released the latest inventory data. The EIA data showed the U.S. crude inventories rose by 2.4 million barrels for the week ended March 12.
In the currency market, the Dollar Index slightly rebounded from the early session lows. During the previous session, the index plunged to a 2-week low following the Fed dovish stance on interest rates and mixed views on the US economic recovery.
The safe-haven metal climbed to fresh weekly highs on Thursday after Federal Reserve said it doesn’t plan to raise interest rates until the end of 2023. While the metal slightly retreated from the daily tops during the European session.
On the data front, Australia's jobless rate fell to 5.8% in February, the lowest in 11 months while New Zealand's GDP slumped 1% in the last quarter.
On Wednesday, The FOMC has held rates at 0.25% as widely expected and the central bank signalled it will remain accommodative to the U.S. economy for some time to come. The Federal Reserve increased its forecast for inflation to 2.4% this year from the previous expectations of 1.8%.
Moving ahead today, the important events to watch:
UK – BOE interest rate decision and statement: GMT – 12.00
US – Initial jobless claims: GMT – 12.30
US –Fed manufacturing Index: GMT – 12.30
Worldwide, more than 121 million people have been confirmed infected and more than 2.67 million have died. The United States has confirmed over 29.5 million cases and has had more than 536,826 deaths from COVID-19, the highest totals in the world.
EUR/USD: The currency pair retreated back to below 1.1940 after it failed to break above the 1.2000 psychological area.
The important levels to watch for today: Support- 1.1930 and 1.1890 Resistance- 1.1960 and 1.20.
GOLD: The yellow metal fell almost 20$ from the fresh weekly highs. At the time of writing, the metal trades near the $1730 area.
The important levels to watch for today: Support- 1728 and 1720 Resistance- 1742 and 1750.
Quote of the day: Everyone has the brainpower to follow the stock market. If you made it through fifth-grade math, you can do it – Peter Lynch.
Read more- https://gulfbrokers.com/en/daily-market-report-267