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New Fed Chair Testifies

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WORLD HEADLINES – Global stocks rose to three-week highs on Tuesday, helped by a decline in borrowing costs ahead of Federal Reserve Chairman Jerome Powell’s first testimony before the United States Congress later in the day.

STOCKS – Japan’s Nikkei rose 1.1 percent to three-week highs while MSCI’s broadest index of Asia-Pacific shares outside Japan also hit a three-week high before giving up gains on profit-taking in Chinese shares.

BONDS – The 10-year U.S. Treasuries yield eased to 2.866 percent, dropping further from its four-year peak of 2.957 percent touched on Feb. 21, driven by month-end buying as well as position adjustments ahead of Powell’s testimony.

COMMODITIES – Oil prices erased earlier gains as investor concerns about rising U.S. oil output offset signs of stronger demand and faith in the ability of OPEC production curbs to curtail supply.

CURRENCIES – Most currencies traded sideways ahead of the US trading session.

ECONOMIC DATA – Fed Chair Powell Testifies  and US  Core Durable Goods Orders m/m due at 8:30,  CB Consumer Confidence at 10:00, CNY  Manufacturing PMI at 20:00 ET.

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