{"id":64340,"date":"2022-04-23T01:44:11","date_gmt":"2022-04-22T21:44:11","guid":{"rendered":"https:\/\/noortrends.ae\/en\/?p=64340"},"modified":"2022-04-23T01:44:14","modified_gmt":"2022-04-22T21:44:14","slug":"market-drivers-us-session-friday-22-april","status":"publish","type":"post","link":"https:\/\/noortrends.ae\/en\/market-drivers-us-session-friday-22-april\/04\/23\/market-updates\/","title":{"rendered":"Market Drivers \u2013 US Session \u2013 Friday 22 April"},"content":{"rendered":"\n

Total assets on the Fed\u2019s weekly balance sheet as of April 20, released this afternoon, declined to $8.955 trillion, roughly the same as on March 16 and below the levels of March 23 and April 13. Beyond the week-to-week ups and downs, caused by the peculiarities of Mortgage Backed Securities (MBS), which we\u2019ll get to in a moment, the balance sheet has flattened out. Balance sheet growth has ended. QE has ended. That part of the marvelous show is over.

Economic Data<\/strong>
The number of total active drilling rigs in the United States rose by 2 this week, after an increase of 4 rigs in the week prior, according to new data from published on Friday.

The total rig count increased to 695 this week\u2014257 rigs higher than the rig count this time in 2021 and the highest count since April 2020. Drilling has picked up substantially since the Russia invasion, adding 45 rigs in the last eight weeks.

Oil rigs in the United States rose this week by 1 rig to 549, while gas rigs rose by 1 to 144. Miscellaneous rigs stayed the same at 2. The rig count in the Permian Basin stayed the same this week at 334, while rigs in the Eagle Ford rose by only 1.

Manufacturing PMI was a little stronger than expected, but Services PMI was much weaker than expected. The Dollar Index (DXY) did not react to the latest PMI data release.

IHS Markit\u2019s headline Manufacturing PMI rose to 59.7 in April from 58.8 in March, above expectations for a slight decline to 58.2, according to a flash estimate released on Friday.

Conversely, the headline Services PMI, fell to 54.7 from 58.0, much worse than expectations for it to remain unchanged at 58.0 in April. That dragged the Composite PMI down to 55.1 in April from 57.7 in March, larger than the expected drop to 57.0.

Other Developments<\/strong><\/p>\n\n\n\n


Cleveland Fed President and FOMC member Lorreta Mester, speaking in an interview on CNBC, said on Friday that the Fed wants to see tighter financial conditions, though not all at once. \u201cWe are in a recalibration phase for monetary policy,\u201d she said, adding that the Fed\u2019s goal is to bring inflation under control, but also to sustain the expansion and maintain healthy labour markets.

French voters head to the polls on Sunday to cast their ballots in the final round of a close presidential race between incumbent President Emmanuel Macron and rival Marine Le Pen.

Centrist Macron was seen taking the lead against his far-right opponent in the final day of campaigning, taking a 57.5% lead over Le Pen\u2019s 42.5%. But the outcome is still unclear, according to top banks, which have predicted potential market upset if Le Pen happens to win. Wall Street also forecasts market upset if far-right candidate Marine Le Pen proves victorious.

US Treasury Secretary Janet Yellen said on Friday that it is worth considering steps to lower US tariffs on Chinese goods in order to ease inflation, and that there would be some \u201cdesirable effects\u201d of lowering tariffs.

Speaking in a CNBC interview earlier in the day, Yellen stated on Friday that the US economy is being very resilient in the face of a set of shocks and noted that inflation may have peaked, but that Russia\u2019s invasion of Ukraine will prolong inflationary pressures.

Also Read
<\/strong>US Rig Count Higher As Oil Rally Halts<\/a><\/p>\n\n\n\n

USD\/CAD Toward biggest One-Day Gain Since Nov.<\/a><\/p>\n\n\n\n

Oil slips, posts nearly 5% weekly loss on growth concerns<\/a><\/p>\n\n\n\n

Fed\u2019s Assets Retreat To Level Of 5 Weeks Ago<\/a> <\/p>\n\n\n\n

Mester: Fed moves to tighter financial conditions<\/a><\/p>\n\n\n\n

What Wall Street Expects From French Elections<\/a><\/p>\n\n\n\n

Why does Yellen Ponder lower US tariffs on Chinese goods?<\/a><\/p>\n\n\n\n

Canada Sees Positive signs for consumer spending in February, March<\/a><\/p>\n\n\n\n

Slowdown warnings flash for UK economy as inflation surges<\/a><\/p>\n\n\n\n

WTI trades around $100 as traders trapped by slowdowns, supply concerns<\/a><\/p>\n\n\n\n

US Flash Markit Manufacturing PMI rises to 59.7 in April versus 58.2 expected<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Total assets on the Fed\u2019s weekly balance sheet as of April 20, released this afternoon, declined to $8.955 trillion, roughly the same as on March 16 and below the levels of March 23 and April 13. Beyond the week-to-week ups and downs, caused by the peculiarities of Mortgage Backed Securities (MBS), which we\u2019ll get to …<\/p>\n","protected":false},"author":13,"featured_media":52794,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[38,37,36],"tags":[6832,6846,6834,7630,7184,6858,7485],"class_list":["post-64340","post","type-post","status-publish","format-standard","has-post-thumbnail","","category-commodities-news","category-forex-markets","category-market-updates","tag-china","tag-oil","tag-pmi","tag-qe","tag-tariff","tag-us-economy","tag-yellen"],"_links":{"self":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/64340","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/users\/13"}],"replies":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/comments?post=64340"}],"version-history":[{"count":2,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/64340\/revisions"}],"predecessor-version":[{"id":64344,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/64340\/revisions\/64344"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/media\/52794"}],"wp:attachment":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/media?parent=64340"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/categories?post=64340"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/tags?post=64340"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}