1. Facebook 4.5% Higher As Zuckerberg Faces Senate
Facebook shares (FB) rose sharply on Tuesday after Chief Executive Mark Zuckerberg faced the Senate Panels. Zuckerberg apologised to lawmakers for failing to take “correct measures” to protect user data. Zuckerberg also admitted that Facebook failed to notify the FTC about the Cambridge Analytica situation and welcomed regulation on the platform. He then laid out his plans to protect the integrity of the platform which include restricting developers’ access to the level of information that had previously been made available. After the first two hours of questions were nearing an end, Facebook stock rallied by 4.5% before the US session close.*
2. Is There A Stop To The Oil Rush?
Oil prices have lost some ground this morning but are still trading near 4 year highs over warnings of western air strikes against Syria. On Tuesday WTI (USOIL) prices rose by nearly 4%, after the Chinese Leader eased trade war tensions with Donald Trump and the U.S. threatened to strike Syria over a chemical attack. The United States and its allies are currently considering a strike against Syrian President Bashar al-Assad’s forces after a suspected poison gas attack last weekend. The warnings pushed oil prices higher as a future air strike by the U.S. would inevitably affect the wider Middle East which is the world’s most important crude exporter.**
3. Three Upcoming Releases To Look Out for Today
We are in for some major data releases that can have a significant impact on the USD and oil (USOIL) prices. Specifically the U.S. Consumer Inflation report and the release of the Federal Reserve’s March meeting minutes are expected to affect the USD pairs. The FOMC minutes will guide expectations for future monetary policy and any hints of more rate hikes could push the USD higher against its rivals. Analysts expect March core consumer price index (CPI), to remain unchanged but a surprise result could also impact the USD. On the commodities front, the EIA (Energy Information Administration) Inventory Data is expected to show a modest build in U.S. stockpiles. Analysts forecast crude inventories rose by about 189,000 barrels in the week ended April 6. Anything below that number could help support the current oil rally.***
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***Source: Seeking Alpha