US index futures are slightly lower today but remain on an upward trajectory, with the US500 trading around 6,920 points, just 100 points shy of its all-time high. Key macroeconomic data releases today include the NFIB small business sentiment index and the March PPI inflation report, which could influence market sentiment. Additionally, central bankers from the Fed and ECB are set to discuss the economic outlook, potentially impacting interest rate expectations.

In Asia, the Hang Seng index has retraced much of its recent gains following disappointing export growth figures from China, which came in at 2.5% YoY, significantly below forecasts. The trade balance also fell short of expectations, indicating potential headwinds for the global economy. Meanwhile, expectations for the upcoming US earnings season remain optimistic, with analysts raising profit forecasts amid a declining price-to-earnings ratio for S&P 500 companies.

A notable takeaway is the recent strength in Bitcoin, which has surged above $74,000, reflecting improved sentiment towards risk assets as the US dollar weakens. This trend, alongside declining US bond yields, could signal a shift in investor appetite, warranting close attention in the coming sessions.

Source: xtb.com