#WTI:
U.S. energy firms added two natural gas rigs and kept the number of oil rigs unchanged last week, energy services firm Baker Hughes Co said. The combined oil and gas rig count, an early indicator of future output, rose two to 432 in the week to April 9, its highest since April 2020, Baker Hughes said in its closely followed weekly report. That puts the rig count up 77% since falling to a record low of 244 in August 2020, according to Baker Hughes data going back to 1940. The total count, however, is still 170 rigs, or 28%, below this time last year. It will take a long time for the rig count to rise above levels seen before April 2020 when drillers slashed 263 rigs from active duty as COVID-19 travel restrictions caused demand and prices to crash.
Trading recommendation: buy 58.50 and take profit 61.80.
#SP500:
The S&P 500 notched record closing highs on Friday after solid U.S. inflation data and an uptick in Treasury yields suggested the economic recovery from the pandemic-related recession was gaining momentum. Cyclical parts of the market like transports are being driven higher due to strong vaccination rates in the U.S., which suggests the economic reopening may accelerate. U.S. Federal Reserve Chairman Jerome Powell offered assurances that the central bank is far more concerned about the recent uptick in COVID-19 infections than inflationary pressures. We are waiting for new records in the US stock market!
Trading recommendation: Buy 4088 and take profit 4160.
#HSI:
China continued on a steady path towards economic recovery from COVID-19, as factory gate prices rose at their fastest annual pace since July 2018 in March. Data from the National Bureau of Statistics said that the producer price index grew 4.4% year-on-year in March. The People’s Bank of China shifted to a steadier stance as the country’s economic recovery solidified. The central bank rolled out measures including interest rate and reserve ratio cuts in early 2020 to counter COIVD-19's economic impact. The data is the latest indicator pointing towards solid economic growth during the first quarter of 2021. The manufacturing and non-manufacturing Purchasing Managers' Indexes released during the previous week indicated that China's manufacturing activity expanded at the quickest pace in three months in March. This is a positive signal for the Hong Kong stock market.
Trading recommendation: buy 28445 and take profit 29221.
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