Top 5 Things to Know in the Market on Monday

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Top 5 Things to Know in the Market on Monday

© Reuters. – Here are the top five things you need to know in financial markets on Monday, April 1:

1. Goldman, Citigroup set to report Q1 earnings

Goldman Sachs (NYSE:) and Citigroup (NYSE:) will be the market focus on Monday as both banks report first-quarter earnings ahead of the open, to be followed by Bank of America (NYSE:) on Tuesday and Morgan Stanley (NYSE:) on Wednesday.

JP Morgan (NYSE:) set the bar high on Friday with record revenue and profit in the first quarter, setting a positive tone for the earnings season.

Overall, this reporting period is expected to be a disappointment. FactSet expects earnings for companies in the to decline 4.2%, which would be the first year-over-year decline since the second quarter of 2016.

2. Global stocks pause near 6-month high

on Monday after stocks ended at a six-month high last week and traders looked ahead to a holiday-shortened week full of earnings and key economic data.

Although most major financial markets will be closed on Friday for the start of the Easter holidays, several companies are set to report earnings stateside, while the U.S. will also produce economic updates on the housing market, retail sales, industrial production and trade.

China will grab the spotlight on Wednesday as releases its first-quarter economic growth figures. The data will arrive as markets continue to eye developments in trade talks between Washington and Beijing.

“Were hopeful that were getting close to the final round of concluding issues,” U.S. Treasure Secretary Steven Mnuchin said on Saturday, propping up optimism that the worlds two largest economies can reach an agreement to avoid a full blown trade war. Reuters reported Monday that U.S. negotiators have tempered demands that China curb industrial subsidies as a condition for a trade deal after strong resistance from Beijing.

While waiting for bank earnings ahead of the open, U.S. futures pointed to a muted open. At 5:44 AM ET (9:44 GMT), the blue-chip gained 41 points, or 0.2%, traded flat, while the was also unchanged.

Elsewhere, European stock markets struggled to hold gains despite a .

Earlier, Asian stocks saw mixed trade with Chinas off 0.3%, while Japans ended 1.4% higher.

3. Trump blames Fed for subdued stocks, Draghi backs Powell

U.S. President Donald Trump took another shot at Federal Reserve policy over the weekend, blaming interest rate hikes for putting the brakes on U.S. stocks and growth.

“If the Fed had done its job properly, which it has not, the stock market would have been up 5,000 to 10,000 additional points and GDP would have been well over 4%,” Trump tweeted on Sunday.

European Central Bank President Mario Draghi had already come out on Saturday to show his support for the U.S. central bank. After several prior attacks from Trump against the Fed, Draghi noted that he was “certainly worried about central bank independence” and especially “in the most important jurisdiction in the world”.

4. Oil dips ahead of OPEC meeting

An increase in U.S. drilling activity was sufficient to put while traders looked forward to a meeting of major oil producers to take place this week.

fell 55 cents, or 0.9%, to $63.34 by 5:44 AM ET (9:44 GMT), while traded down 52 cents, or 0.7%, to $71.03.

After oil pocketed yet another weekly gains, data from Baker Hughes showed on Friday that the , an early indicator of future output in the U.S., rose by two units this week after the prevRead More – Source

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