General Sentiment

Market sentiment was turned over this Monday morning from Fridays “in the red” as investors eye Jerome Powell’s testimony later for more clues on economic recovery from the new delta strain and updates on the timeline of asset tapering. Upcoming inflation data is also in the books for this week.

Christine Lagarde also said the ECB will change its guidance on its policy at the next meeting taking a toll on investors' focus.

Equities

Asian stocks made up for its losses from Friday with Japan’s Nikkei up by 2.27% and on Wall Street, the 3 major indices closed off to record highs on Friday with financials taking lead followed by energy and materials, Meanwhile growth stocks edged lower earlier in the week.

Big banks will start off their quarterly earning season and on top of the list is JP Morgan. 

Currency Market

The dollar inched up 0.03% to 92.14 as investors await the inflation trajectory.

The sterling inched higher to 1.3904 by 0.03%.

The USD/JPY rose 0.01%to 110.16 after PPI grew 5% year on year and 0.6% month on month.

Commodities: Gold

Gold fell from its Friday rebound as covid-19 restrictive measures in countries like Australia and South Korea weigh on the yellow metal. Gold fell 0.40% to $1803.

Commodities: Oil

Oil slipped this morning, on oversupply worries and no progress with OPEC+ dispute. Brent fell 17 cents to $75.40, and WTI fell 0.2% to $74.44