After the Federal Reserve cut interest rates by 50 basis points in a flash, Wall Street staged a “major counterattack.” The three major U.S. stock indexes rose sharply after opening higher, with the Dow Jones Industrial Average rising nearly 1,200 points and regaining the 27,000-point mark. Analysts believe that on March 3, the first “Super Tuesday” of the US election year, preliminary vote counting results showed that in the 14 states holding primaries, former Vice President Biden led U.S. Senator Sanders by at least 9 points. The vote support in several states boosted market confidence.
Last night, EIA released the latest inventory report. The report showed that U.S. crude oil inventories increased by 784,000 last week. barrels to 444.1 million barrels, an increase of 2.644 million barrels is expected. The EIA said that U.S. crude oil production reached 13.1 million barrels per day last week, hitting a record high, and refinery capacity utilization fell by 1% to 86.9%. In addition, Saudi Arabia proposed that OPEC+ reduce production by 1.2 million barrels per day, but Russia opposed Saudi Arabia’s proposal to significantly reduce production.
It is worth noting that due to the sudden tension in India’s epidemic prevention and control, India will no longer extend the 5% import tariff on Malay palm oil, and Ramadan stocking, the Palm oil futures rose 4.36%. According to reports, on March 4, the Indian Ministry of Health held a press conference to announce that the number of confirmed cases of COVID-19 in India had risen to 28. There were 22 new cases that day, including 15 Italian tourists who had tested positive earlier and an Indian who worked as a driver for the tour group.
As of early morning closing today, the US S&P 500 index rose 4.22%, the European Stoxx50 index rose 1.19%, the U.S. dollar index rose 0.26%, WTI crude oil rose 0.21%, and Brent crude oil rose 0.19 %, London copper rose 0.62%, gold fell 0.24%, U.S. soybeans rose 0.29%, U.S. soybean meal fell 0.61%, U.S. soybean oil rose 1.92%, U.S. sugar fell 2.39%, U.S. cotton rose 0.41%, CRB index fell 0.16%, BDI The index rose 2.37%, and the offshore RMB CNH rose 0.35% to 6.9222.
U.S. stocks rebounded strongly, with the Dow soaring nearly 1,200 points
The three major U.S. stock indexes rose sharply after opening higher, with the Dow Jones Industrial Average rising nearly 1,200 points and regaining the 27,000-point mark.
As of the close, the S&P 500 index closed up 126.75 points, or 4.22%, at 3130.12 points ; The Dow closed up 1,173.45 points, or 4.53%, at 27,090.86 points; the Nasdaq closed up 334.00 points, or 3.85%, at 9,018.09 points.
What happened in the overnight market?
March 3, the first “Super Tuesday” of the US election year, was a turning point in the Democratic presidential primaries. Preliminary vote counting results show that among the 14 states holding primaries, former Vice President Biden and U.S. Senator Sanders have clear advantages. Since then, the Democratic Party’s primary election has been transformed from a large-scale melee of multiple heroes to a battle between two heroes, and has reproduced the confrontation between moderates and progressives, establishment factions and “outsiders” in the Democratic Party in the 2016 general election.
(Image source : Observer Network)
The “battle between the two heroes” in the US election has basically been established
On March 3, 14 U.S. states, American Samoa and overseas Democrats held primaries, covering about 40% of the U.S. population, and will determine more than three Democratic National Convention representatives who have the right to vote for the presidential candidate nomination. One-third of the vote, hence the name “Super Tuesday.”
Judging from the preliminary results, Biden has won at least 9 states. He has clear advantages among suburban voters and African-American voters, establishing his position as the leader of moderates in the Democratic Party. Sanders, a left-wing progressive, has made great gains in big vote-getters such as California, especially among young voters and Hispanic voters. Former New York City Mayor Bloomberg and U.S. Senator Warren, who had some voices in the past, performed mediocrely.
In general, Biden used “Super Tuesday” to sweep away the early decline in the primary election, which can be called a “resurrection”, while Sanders’s performance is still eye-catching and continues to pose a strong challenge . The next phase of the Democratic Party’s election campaign will inevitably revolve around 77-year-old Biden and 78-year-old Sanders.
Observers believe that although the two-hero pattern of the Democratic presidential primaries has basically been formed, there is still suspense about who will win. As the next election campaign unfolds, candidates other than Biden and Sanders are bound to make choices about whether to continue participating in the war. By then, the picture of who will challenge Trump will be clearer.
“Small non-agricultural” data exceeded expectations
March 4 On the evening of the same day, the United States released ADP employment data for February. The data showed that US dollar ADP employment increased by 183,000 in February, which was better than the expected increase of 170,000. The previous value was significantly revised down from an increase of 291,000 to an increase of 209,000.
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According to reports, on March 4, the Indian Ministry of Health held a press conference to announce that the number of confirmed cases of new coronary pneumonia in India had risen to 28. There were 22 new cases that day, including 15 Italian tourists who had tested positive earlier and an Indian who worked as a driver for the tour group.
Screenshot of Indian media reports
Some analysts believe that because buyers prepare goods before the Muslim holy month of Ramadan, the Middle East Good purchasing prospects related to Ramadan emerged in Africa and Africa, and expectations of a decline in palm oil production in 2019/2020 also boosted prices. It is understood that demand for palm oil usually picks up one or two months before Ramadan, as importers hoard palm oil in anticipation of increased demand for food preparations for the festival, which this year is scheduled to start on April 23. The market will remain supported until the latest supply and demand data from the Malaysian Palm Oil Board (MPOB) is released on March 10. </p
