That was quick but not unexpected whatsoever. This means the bloc will stick to increasing oil output by 432k bpd in June. Will this be the shortest OPEC+ ministerial meeting on record? Perhaps but it will be close. In any case, carry on as you will.

Prior 21.39kUS-based employers announced 24,286 cuts in April, a 14% increase from March. Of note, it is the first time this year job cuts were higher than the corresponding month a year earlier (April 2021 was 22,913). That said, so far this year, employers announced plans to cut 79,982 job cuts – the lowest recorded January to April total on survey record. Challenger notes that:“Job cut plans appear to be on the rise, particularly as companies assess market conditions, inflation risks, and capital spending. Despite this, job openings are still at record highs. Workers who are being cut will have lots of opportunities and will likely land quickly.“

Headlines:FOMC day is finally upon usEU’s von der Leyen: We will phase out Russian supply of crude oil within six monthsLatest EU sanctions will also target Russia’s top bankSNB’s Maechler: A strong franc helps to guard against inflationUS MBA mortgage applications w.e. 29 April +2.5% vs -8.3% priorEurozone March retail sales -0.4% vs -0.1% m/m expectedEurozone April final services PMI 57.7 vs 57.7 prelimGermany March trade balance €3.2 billion vs €9.8 billion expectedUK March mortgage approvals 70.69k vs 70.78k expectedMarkets:AUD leads, CHF lags on teh dayEuropean equities lower; S&P 500 futures up 0.4%US 10-year yields up 0.8 bps to 2.965%Gold up 0.1% to $1,868.82WTI crude up 4.4% to $106.92Bitcoin up 3.3% to $39,017It was very much a placeholder session as we await the FOMC meeting later today.There were light changes among major currencies, though the dollar is resting a touch softer for the time being. That said, the moves are relatively light all things considered.EUR/USD stuck in a narrow range around 1.0510-20 levels while USD/JPY did see a light retreat from 130.05 to 129.90. Commodity currencies are faring better as US futures inched up and the loonie benefited from stronger oil prices.AUD/USD is up 0.5% to 0.7130 from around 0.7110 earlier in the day. Meanwhile, USD/CAD inched lower from 1.2830 to 1.2805 as oil rallied after the EU proposed a phased embargo of Russian crude oil supply. WTI crude moved up over 4% to near $107 currently.The bond market remains tentative as all eyes are on the Fed while equities are having a mixed showing with European indices holding slightly lower while US futures are up a touch on the day.The Fed holds all the cards for what comes next, so let’s see what Powell & co. has to offer later in the day. May the 4th be with you~

Prior -8.3% Market index 351.8 vs 343.1 prior Purchase index 244.4 vs 234.7 prior Refinancing index 932.3 vs 930.7 prior 30-year mortgage rate 5.36% vs 5.37% prior Mortgage activity in the US saw a bit of a rise in the past week but it doesn’t take away from the sharp declining trend amid the surge in rates since the turn of the year. The 30-year mortgage rate is seen moderating as yields also stall somewhat ahead of the Fed but alongside higher house prices in general, this still sends some mixed signals about the housing market. US dollar

Thinks that inflation will come back down but have to be vigilantDeterioration in consumer climate could weigh on economyA strong franc helps against inflation, helps to reduce the price of importsDespite rising market interest rates, we remain in a world of very accommodative financial conditionsIt’s not exactly a shift in thinking in the SNB. Maechler is just mainly alluding to the fact that the franc has remained ’strong‘ and inadvertently that is helping the Swiss economy guard against inflation pressures.

There’s only one notable expiry on the board for today, as highlighted in bold.But even then, the one for EUR/USD at 1.0600 should not be of much significance in all honesty. It is all about the Fed today and price action in the lead up to the main event is likely to stay more subdued overall. As such, the expiry should roll off without a hitch and without much interest considering the nature of today’s market.For more information on how to use this data, you may refer to this post here.

Prior +0.3%; revised to +0.4%
Retail sales +0.8% vs +1.4% y/y expected
Prior +5.0%; revised to +5.2%

Euro area retail sales fell by more than expected in March as price pressures start to bite at consumption activity in the region. Looking at the details, the volume of retail trade decreased by 2.9% on the month for
automotive fuels, and by 1.2% for non-food products, while it increased by 0.8% for food, drinks and tobacco.

The ‚zero COVID‘ policy continues in China. We’ll see how much more they can tolerate this but as mentioned earlier in the week:“At this point, one has to wonder if China will ever draw the line on the economic costs of its current ‚zero COVID‘ policy. But considering its sense of pride and ego, it may not be until when the infection becomes much more endemic to the global audience. Otherwise, it would look as though that Xi’s strategy has failed and that is something which he surely will not allow.For markets, that just means more disruptions to supply chains in general and the reverberations of higher costs and inflation in terms of raw materials and shipping will continue to play out for a more prolonged period.“

Today, investing in
stocks via computer or smartphone has become mainstream. But in the past, when stock investments were not entirely digitized,
companies needed to issue paper-based stock certificates to provide their
shareholders evidence of their stock ownerships. 

 

Stock Certificates Explained

 

Stock certificates are
proof of ownership of shares provided by the issuing company to its
shareholders. Before the internet and electronic trading platforms, investors
had to buy and sell shares in person or through their brokers.

 

Trading commissions
back in the day were pretty expensive, and once the stock purchase is complete,
the investor receives a stock certificate that contains important details,
including:

·      Shareholder’s name

·      Number of shares owned

·      Type of Stock

·      Date of purchase

·      The Committee on
Uniform Securities Identification Procedures (CUSIP) number

·      Signature of the
individual authorized to issue the certificate

·      Corporate seal

 

Prior to digitizing
transaction records, investors only had stock certificates as evidence of
owning shares of stock. If they were looking to sell the shares, they first
needed to show these paper-based documents to a broker. The broker would then
return the certificates to the issuing company for sale.

 

Stock Certificates in
the Present Day

 

Today, stock
certificates are not as common as they were many years ago. They now even have
significant costs to delay or cancel a request. In addition, as the investing
and trading space transforms digitally, many companies are slowly putting an
end to issuing stock certificates.

 

It is still possible to
own a stock certificate in some cases, although you need to do two things.
First, find a company that still provides stock certificates. Second, find out
whether the advantages and disadvantages of having a stock certificate would
work for your needs.

 

As for the issuing
company, they are two ways they obtain this type of paper document: With the
broker you bought the shares from or directly through the transfer agent.

Brokers: Brokers keep records
of all the purchases necessary to secure a stock certificate on their clients’
behalf. You can contact the broker via the customer service department and
inquire about the process you need to go through to exchange your electronic
shares for paper-based stock certificates.

 

Transfer Agents: Transfer agents allow
you to obtain stock certificates directly. You can find a transfer agent’s
contact information on the investor relations section of the company’s website
or by contacting the investor relations department.

 

Once you have the
transfer agent’s contact details, you can get in touch with them to learn the
process and costs of converting your electronic shares to paper stock
certificates.  

 

Found an Old Stock
Certificate, What to Do?

 

Old stock certificates
may either still be valuable or have value as collectibles. First, check
whether the company on the certificate is still operating. If it is, you can
reach out to the investor relations department to ask about the stock
certificate’s validity and value.

 

Keep in mind that there
is a high possibility that paper stock certificates have been converted to
digital shares.

 

If you’re having a
tough time finding the company, you can ask your online broker for help. Your
broker can try looking for the company with CUSIP, as it is related to the share’s
genetic code and has all the information on a trade.

 

Perhaps online brokers
provide such a service because they expect their clients to transfer the assets
in their brokerage accounts.

 

If the stock
certificate has no value anymore, the issuing company might consider buying it
as a collectible, a practice known as scripophily.

The Fed is stealing the spotlight but let’s not forget that the BOE is another major central bank that will be announcing its policy decision this week. In case you missed their previous decision in March:

BOE raises bank rate by 25 bps from 0.50% to 0.75%
Sterling falls as traders sense BOE hesitancy

In some sense, the lack of firm conviction in tightening more aggressively has contributed to the pound’s recent demise (alongside a surging US dollar) with GBP/USD having sunk from 1.3200 all the way to test 1.2500 in the past few sessions.
At this stage, the BOE needs to hike the bank rate by another 25 bps to 1.00% purely out of credibility. As much as policymakers are seemingly hesitant to commit to much more or be even more aggressive, they can’t ignore the sort of ideals that they have vouched for to begin this tightening cycle.
The BOE was one of the early adopters in justifying that rate hikes are needed to combat inflation and since then, there hasn’t been much let up in price pressures to dissuade them of that view. Instead, it is the economy and the cost-of-living crisis that is putting them between a rock and a hard place now, considering that rate hikes won’t do much to resolve the inflation issue.
It will be interesting to see how they balance that out and if they will be one of the first central banks to advocate for rate hikes and then back away as quickly as you can say ‚transitory‘. I mean that may very well be the case for higher rates at the end of the day. Talk about irony.