Round up of today’s market news

North American News

US Stock Market Ends Day with Mixed Results

• Dow Industrial Average rose thanks to Unitedhealth

The major US stock indices are ending the day with mixed results. The Dow industrial average closed modestly higher helped by a surge in UnitedHealth. Its shares rose $23.26 or 5.22% to $468.89. The S&P and NASDAQ index both fell modestly.

A snapshot of the market closes shows:

• Dow industrial average rose 63.84 points or 0.17% at 37798.98
• S&P index fell -10.41 points or -0.21% at 5051.40
• NASDAQ index fell -19.77 points or -0.12% at 15865.25.

The small-cap Russell 2000 was the worst performer with a decline of -8.23 points or -0.42% at 1967.47

Atlanta Fed GDPNow Q1 growth estimate 2.9% versus 2.8% yesterday

• The US Advanced GDP for Q1 will be released on April 25

The Atlanta Fed GDPNow growth estimate for Q1 rose to 2.9% from 2.8% yesterday (their most recent report). In their own words:

The GDPNow model estimate for real GDP growth (seasonally adjusted annual rate) in the first quarter of 2024 is 2.9 percent on April 16, up from 2.8 percent on April 15. After this morning’s housing starts report from the US Census Bureau and industrial production report from the Federal Reserve Board of Governors, the nowcasts of first-quarter real personal consumption expenditures growth and first-quarter real gross private domestic investment growth increased from 3.4 percent and 3.4 percent, respectively, to 3.5 percent and 3.7 percent.

US housing starts for March 1.321M vs 1.487M estimate

• The US housing starts and building permits for March 2024

Housing starts for March lower than expectations

• Prior month housing starts 1.521M revised up to 1.549M
• Housing starts.1.321M vs 1.487M estimate
• Housing starts MoM -14.7% vs +10.7% last month
• Single‐family housing starts in March were at a rate of 1,022,000; this is 12.4 percent (±12.5 percent)* below the revised February figure of 1,167,000.
• The March rate for multifamily housing start units in buildings with five units or more was 290,000.

Building permits for March lower than expectations

• Prior month building permits 1.518M revised up to 1.523M.
• Building permits 1.458M vs 1.515M estimate.
• Building permits MoM -4.3% vs +1.9% last month.
• Single-family housing building permits in March were at a rate of 973,000, marking a 5.7% decrease from the revised February rate of 1,032,000.
• Building permits for units in buildings with five or more units were recorded at a rate of 433,000 in March.

Housing completions:

• Privately-owned housing completions in March were at a seasonally adjusted annual rate of 1,469,000, which is 13.5% lower than the revised February estimate of 1,698,000.
• This rate is also 3.9% below the rate from March 2023, which was 1,528,000.
• Single-family housing completions in March were at a rate of 947,000, down 10.5% from the revised February rate of 1,058,000.
• Completions for units in buildings with five units or more were recorded at a rate of 502,000 in March.

US March industrial production +0.4% versus 0.4% expected

• US industrial production capacity utilization for March 2024

• Prior month 0.1% revised to 0.4%
• Industrial production 0.4% versus 0.4% expected. Largest increase sense August 2023
• Capacity utilization 78.4% versus 78.5% expected
• Prior month capacity utilization 78.3% revised lower to 78.2%.
• Manufacturing output for March 0.5% versus 0.3% expected. Prior month revised higher to 1.2% from 0.8% previously reported.

Notes from the Fed:

• Industrial production increased by 0.4% in March, though it saw a decline of 1.8% at an annual rate for the first quarter.
• Manufacturing output rose by 0.5% in March, with motor vehicles and parts production up by 3.1%.
• Excluding motor vehicles and parts, factory output increased by 0.3%.
• The mining index declined by 1.4%, while the utilities index saw a 2% increase.
• Total industrial production in March remained unchanged from the previous year, standing at 102.7% of its 2017 average.
• Capacity utilization for the industrial sector improved to 78.4% in March, still 1.2 percentage points below the long-run average from 1972 to 2023.

Goldman Sachs warns trend following hedge funds could sell up to US$42bn over next month

The note from Goldman Sachs, published on Friday, comes via Reuters. CTAs (commodity trading advisers) are the trend-following hedge funds GS is referring to here:

• could sell between $20 billion and $42 billion in U.S. equities over the next month if the stock market continues to retreat
• S&P 500 below 5,135 points “would flip short-term trend from more positive to negative” among trend-following hedge funds, triggering equity sales

Fed’s Powell: Recent data shows a lack of progress on inflation this year

• Comments from the Fed Chairman

• Two-month core PCE was little changed in March, according to estimates
• Labor market moving into better balance
• The performance of the US has been quite strong
• Recent data have not given greater confidence in inflation
• We took a cautious approach to not overreact to declines last year
• Restrictive policy needs further time to work
• The current situation is not the standard case of inflation driven by overheated demand

Fed Gov. Jefferson: If inflation is more persistent, holding rates in place for longer

• Fed Gov. Jefferson speaking

• If incoming data suggest inflation is more persistent than I currently expect it will be appropriate to hold in place current restrictive stance of policy for longer
• Outlook is still quite in certain
• Recent readings on both job gains in inflation have come in higher than expected.
• In March, headline PCE was 2.7% over past 12 months based on Fed staff estimates core PCE at 2.8%
• Despite considerable progress in lowering inflation, job not yet done.
• My baseline outlook remains inflation will decline further with policy rate at current level.
• My baseline outlook is also for labor market remaining strong, demand and supply continuing to rebalance
• compared to Q4 2023 I expect Q1 economic growth to slow down but remain solid as indicated by February and March retail sales data.
• I am fully committed to getting inflation back to 2%.

Treasury Secretary Yellen: US inflation is significantly down from peak

Treasury Secretary Yellen is on the wires saying:

• US inflation is significantly down from peak but more work to do.
• Global economic performance has been powered in part by a strong US economy
• US labor market is remarkably healthy
• We recognize global recovery has been uneven, and are working to mitigate risks and support long-term growth
• There’s much broader diplomatic effort to induce Iran to constrain its destabilizing behavior.
• We have been working to diminish Iran’s ability to export oil, there may be more that we can do.
• We absolutely are committed to Ukraine’s support. No substitute for Congress providing military and budgetary support.
• Important to unlock value from frozen Russian assets; fear that Russia may be encouraged by debate over Ukraine aid.
• We’re looking at a series of possibilities ranging from seizing assets to using them as collateral.
• EU has already acted to separate interest from assets held by Euroclear, moving to use these assets to help Ukraine.
• Entire world is highly reliant on China in number of areas including solar panels, there is no level playing field.
• Massive subsidies going to certain sectors in China, and capacity utilization is very low, exceeds global demand.
• This isn’t a level playing field, creates risks that we’re clearly seeking to mitigate.
• Accept Biden’s view that U.S. steel should remain in American hands.
• Reduction of inflation pressure is happening slowly. Despite tight monetary policy.
• Proceeds from increased exports in March will impact the FX market only in the coming months due to payments delay.
• General disinflationary trend still remains, but is not so strong now.
• Asked about Russia’s threat to retaliate if its frozen assets are seized, says we are looking at the risks.
• Overall I believe there are ways of managing the risks, particularly if G7 acts in unison on Russian assets.

JP Morgan says earnings beats don’t mean prices higher this season

• JPM citing 4 reasons

Analsyts at JP Morgan expect companies to beat in earnings, but that’s not necessarily enough to send prices higher.

“The likely earnings beats do not necessarily mean that equities will advance during the reporting season,”

JPM argue that weighing on prices are:

• the equity market has already strongly re-rated during Q1
• fears over sticky inflation
• fears over geopolitical uncertainty
• interest rate concerns, these “spiking for the ‘wrong reason’”

US trade chief says ‘taking a serious look’ at tools to deal with China

• Some excerpts from the upcoming testimony from US trade representative, Katherine Tai, later today

• China’s policies are causing vulnerabilities in multiple sectors
• This is harming American workers and businesses, creating real risks for our supply chains
• Government will be ‘taking a serious look’ at trade tools to deal with threats posed by China’s policies
• That includes a review of Trump-era tariffs on Chinese imports i.e. China Section 301 tariffs
• We want competition with China, not conflict

Fed rate cut expectations – Société Générale expect no interest rate cut in 2024

• And, from Barclays, project a cut from the FOMC in December 2024, from September previously

Société Générale has revised its forecasts for the Federal Open Market Committee (FOMC), now see no cut in Fed Funds until 2025:

SG cite continued strong US economic data helping to fuel continued above target inflation

• “Consumer prices picked up significantly in the early months of 2024 compared to the latter half of 2023.”
• “The Fed probably perceives this as a temporary three-month fluctuation. Nevertheless, this development may have shaken their confidence, which seems unlikely to recover in time for rate cuts this year.”

Fed’s Daly says inflation bumps along the way are not particularly surpsising

• Fed officials playing down inflation ‘bumps’ is the new ‘transitory’.

Federal Reserve Bank of San Francisco President Mary Daly:

• Recent inflation data was not surprising
• Inflation bumps along the way isn’t particularly surprising
• Don’t want to end up with too-strong, or too-weak policy response
• Worst thing to do is act urgently when urgency isn’t necessary
• Inflation above target, need to be confident it’s on the way to target before can react
• No urgency to cut rates
• Can’t just look at published information, that’s backwards looking
• Economy growing at a solid rate, labour market is still strong, inflation above target
• Our progress on inflation has been significant, but we are still not there yet
• We don’t know if R-star (more commonly written by the economists as r*) has risen
• its reasonable to think r* is between 0.5 and 1
• Labor force supply increase would be an upside surprise, but I can’t count on it to make policy

Canada March CPI 2.9% y/y vs 2.9% expected

• Canada March 2024 inflation data

• Prior was 2.8% y/y
• CPI m/m +0.6% vs +0.7% expected

Core measures

• CPI Bank of Canada core y/y +2.0% vs 2.1% prior
• CPI Bank of Canada core m/m +0.5% versus +0.1% prior
• Core CPI MoM SA -0.1% vs -0.1% prior (revised to 0.0%)
• Trim 3.1% versus 3.2% prior (was expected at 3.2%)
• Median 2.8% versus 3.1% prior
• Common 2.9% versus 3.1% prior

BOC’s Macklem: Supply has played a much bigger role than we’re used to

• Comments from the BOC Governor

• Supply has played a much bigger role in inflation than we’re used to
• Monetary is getting more traction in Canada (vs US)
• I think economic strength in Q1 will be sustained through 2024

Canada March housing starts 242.2K vs 245.0K expected

• Canada March 2024 housing starts data

• Prior was 253.5K (revised to 260.0K)
• Starts down 1.6%

Canadian retail spending picked up in March – RBC

• RBC is out with its latest Canadian card data

“March RBC consumer spending data suggests Canadian household spending is still running cold (on a per-person basis) but there are early signs of thawing,” RBC writes. “We look for Canadian consumer spending to remain soft in the first half of this year before ticking higher in the second half.”

Commodities

Gold price rally stalls as Fed to delay rate cuts later this year

• Gold price falls as receding Fed rate cut hopes limit demand.
• Strong US Retail Sales fuel uncertainty over the timing of the Fed interest-rate cuts.
• Worsening Middle East tensions keep supporting the Gold price.

Gold drops after facing selling pressure near the crucial resistance of $2,400 in Tuesday’s early American session. The precious metal comes under pressure as the US Dollar and Treasury yields extend their upside after strong March United States Retail Sales data added to doubts about when the Federal Reserve will deliver an initial rate cut.

10-year US Treasury yields rise to 4.68%, refreshing a five-month high. Financial markets anticipate that the Fed will begin reducing its key borrowing rates from September.

Comex Gold Market Movers: price eases on stronger USD, though downside seems limited

• The global risk sentiment remains fragile amid the worsening Middle East crisis and speculations that the Federal Reserve will keep rates higher for longer, which, in turn, acts as a tailwind for the Comex Gold price.
• Investors have been pushing back their expectations about the timing of the first interest rate cut by the Fed to September from June in the wake of concerns about sticky inflation and a resilient US economy.
• The bets were reaffirmed by stronger-than-expected US Retail Sales data released on Monday, which indicated that consumer spending remains strong and could underpin inflation in the coming months.
• The US Census Bureau reported that Retail Sales rose by 0.7% MoM in March as compared to consensus estimates for a 0.3% increase and the previous month’s upwardly revised growth of 0.9%.
• The yield on the benchmark 10-year US government bond shot to the highest level since November, though the disappointing release of the Empire State Manufacturing Index capped the upside.
• Meanwhile, fears over Middle East tensions spreading beyond Gaza keep the safe-haven demand strong. Investors worry about a further escalation in the Israel-Iran tensions after Israel’s military Chief of Staff Herzi Halev said they would respond to Iran’s attack on their territory, in which hundreds of drones and missiles were fired, AlJazeera reports. US President Joe Biden said it won’t support the counterattack from Israel.

Silver bounces off 200 hour MA on the last 2-tests

The price of silver moved to a high on Friday at $29.79. That got within $0.30 of the 2021 high at $30.09. The 2020 high reached $29.86. So there are 3 highs from 3 different years with $0.30. Those highs are the highest since 2013. Getting above them would open the door to the upside.

Natural Gas back to flat with markets looking for direction

• Natural Gas prices show sensitivity towards the situation in the Middle East.
• Markets see sanctions being issued out of US and Europe on Iran. 
• The US Dollar Index pops back above 106.00 though faces some selling pressure.

Nat Gas prices are getting nervous and torn between two main forces. On one hand the geopolitical risk for a surge in Gas prices is not to be overlooked with the Israel War Cabinet convening at time of writing on which steps Israel will take to retaliate against Iran after the attacks over the weekend. Meanwhile several Federal Reserve officials are confirming rates steady for longer, which could mean a slowdown in demand at hand for the coming months until that first rate cut taking place.

EU News

European indices close lower on the day

• Sharp declines in the major European indices today

London/European traders are looking toward the exit with the major indices all falling sharply today. The closing levels show:

• German DAX, -1.57%
• France CAC, -1.4%
• UK FTSE 100 under -1.82%
• Spain’s Ibex, -1.50%
• Italy’s FTSE MIB, -1.65%

Eurozone February trade balance €23.6 billion vs €11.4 billion prior

• Latest data released by Eurostat – 16 April 2024

After adjusting for seasonal swings, the euro area trade surplus was seen at €17.9 billion in February. That is down from the €27.1 billion surplus in January. Exports were seen down 0.2% on the month while imports were up 4.2% on the month.

UK February ILO unemployment rate 4.2% vs 4.0% expected

• Latest data released by ONS – 16 April 2024

• Prior 3.9%
• Employment change -156k vs 58k expected
• Prior -21k
• Average weekly earnings +5.6% vs +5.5% 3m/y expected
• Prior +5.6%
• Average weekly earnings (ex bonus) +6.0% vs +5.8% 3m/y expected
• Prior +6.1%
• March payrolls change -67k
• Prior 20k; revised to -18k

Germany March wholesale price index +0.2% vs -0.1% m/m prior

• Latest data released by Destatis – 16 April 2024

Wholesale prices were up slightly in March but nothing too outstanding. Compared to a year ago, prices are seen down by 3.0%. That continues to underscore some easing in price pressures in the bigger picture at least.

Germany April ZEW survey current conditions -79.2 vs -76.0 expected

• Latest data released by ZEW – 16 April 2024

• Prior -80.5
• Economic sentiment (Outlook) 42.9 vs 35.0 expected
• Prior 31.7

Italy March final CPI +1.2% vs +1.3% y/y prelim

• Latest data released by Istat – 16 April 2024

• Prior +0.8%
• HICP +1.2% vs +1.3% y/y prelim
• Prior +0.8%

ECB Pres. Lagarde: We will cut rates soon, barring any major surprises

• ECB Pres. Lagarde speaking on CNBC

• We will cut rates soon, barring any major surprises.
• Geopolitical events impact on commodity prices not very significant so far.
• We are observing a disinflationary process that is moving according to our expectations.
• Subject to no development of additional shock, it will be time to moderate restrictive monetary policy in reasonably short order
• We are not pre-committing to a path of rate cuts
• There is still huge uncertainty out there.
• ECB must be cautious and must look at the data to confirm our perspective.
• Declines to comment on market pricing for three rate cuts in 2024.
• We believe that rates are restrictive enough and they are producing an effect on inflation.
• April and May will be a key confidence on inflation.
• The path to 2% inflation will be bumpy. The rate decline is not linear.
• We expect inflation to fluctuate around the line that is currently going lower.
• What is most different between the US and EU is the behavior of the consumer
• EU consumers are very cautious and continue to save.
• The American consumer consumes and the level of savings is less than EU.
• Fiscal policy was significantly higher in the US and targeted toward the consumers.
• We are data dependent, we are not Fed dependent.
• We have to attentive to exchange rates and the value of the currency.
• Lagarde refuses to comment on whether the EURUSD goes to parity is a good thing or a bad thing.
• We will be single-mindedly be focused of price stability and 2% target.

ECB’s Villeroy: Expected June rate cut to be followed by others with gradualism

• Villeroy on the path for rates

• Expected June cut to be followed by others with ‘pragmatic and agile gradualism’
• We will obviously monitor possible consequences from Middle East developments

ECB’s Rehn reaffirms June rate cut if there are no inflation setbacks

• Remarks by ECB policymaker, Olli Rehn

• If June assessment confirms inflation convergence towards target, we could cut rates
• This assumes there will be no further setbacks, for instance in geopolitics and energy prices
• Future rate decisions will ensure that policy stays sufficiently restrictive for as long as necessary

Deutsche now sees the ECB delivering 75 bps worth of rate cuts for this year

• The firm had previously penciled in 125 bps worth of rate cuts by the ECB for 2024

The 75 bps total fits well with what traders have priced in for the ECB currently. As things stand, money markets are expecting 80 bps worth of rate cuts by the central bank.

Asia-Pacific-World News

China reports air passenger numbers +37.7% y/y in Q1 2024

• State media with the info

China air passenger numbers +37.7% y/y in Q1 2024

• to nearly 180 mln trips
• +10.2% from Q1 2019

Total cargo turnover 34.93 billion ton-kilometers, up 45.6% year-on-year

• +12.9% compared to the same period in 2019

Xi says China and Germany have huge potential for win-win cooperation

• China president, Xi Jinping, meets with German chancellor, Olaf Scholz, in Beijing

• China and Germany have hug potential for win-win cooperation that needs to be tapped
• A mutually beneficial cooperation is not a risk, but a guarantee for stable bilateral relations
• Chin and Germany industrial, supply chains are deeply embedded in each other
• Both countries should be wary of protectionism, should look at production capacity issues ‘objectively’

China: March Industrial output +4.5%y/y (expected +5.4%) Retail sales +3.1% (4.5% exp)

• Retail sales, Industrial production, Unemployment rate, Investment data

• Urban Jobless Rate 5.2%
• expected 5.2%, prior 5.3%
• Property Investment YTD -9.5% y/y
• expected -9.2%, prior -9.0%
• Residential Property Sales YTD -30.7% y/y
• prior -32.7%
• Industrial Production YTD +6.1% y/y
• expected 6.0%, prior 7.0%
• Retail Sales YTD +4.70% y/y
• prior +5.50%

China’s Statistics bureau says its expects a mild recovery in consumer inflation

• China’s National Bureau of Statistics (NBS)

• Consumer inflation will show a mild recovery
• China’s economy made a good start to the year with positive factors standing out
• laying a strong foundation for achieving the annual development targets
• China will actively cultivate and develop new quality productive forces and strengthen the implementation of macro policies
• Will continue to effectively pursue high-quality economic growth and appropriately increase economic output
• it is necessary to further enhance market confidence and the economic dynamic amid a complicated external environment and critical stage in Chinese economic adjustment and transition

China Q1 2024 GDP growth 5.3% y/y (expected +5.0%)

• Economic growth data from China for the January – March quarter

Economic growth data from China for the January – March quarter

• 5.3% y/y
• expected +5.0%, prior 5.2%
• +1.6% q/q
• prior +1.0%

China March new house prices -0.3% m/m (prior also -0.3%)

• China’s property sector

New house prices -0.3% m/m

• prior -0.3%

For the y/y, -2.2%

• prior -1.4%

China’s Foreign Minister expresses support in phone call with Iranian counterpart

China’s foreign minister, in a phone call with Iranian counterpart:

• China strongly condemns and resolutely opposes the attack on the Iranian embassy in Syria, incident a serious violation of international law and ‘unacceptable’
• China appreciated Iran’s emphasis on not targeting regional countries and neighbouring countries
• ‘It is believed that Iran will be able to grasp the situation well and avoid further instability while safeguarding Iran’s sovereignty and dignity’
• Chinese side noted Iran’s statement saying Iran’s actions were limited and it exercised rights of self-defense against attack on embassy

IMF: Persistent inflation could trigger instability

• IMF comments on global economy and policy in its Global Financial Stability Report

The International Monetary Fund is commenting in its Global Financial Stability Report:

• International Monetary Fund notes that confidence in an economic ‘soft landing’ is growing in financial markets, but persistent inflation could trigger instability.
• In its Global Financial Stability Report, IMF suggests that central banks should avoid premature policy easing.
• IMF comments that the banking sector overall appears well-positioned to weather commercial real estate stress, but some firms and regions could face ‘painful losses’.
• IMF urges financial firms and regulators to further build safeguards against the growing rate of cyberattacks.
• IMF states that opacity and a lack of data in the growing private credit market pose a potential risk to the financial system

Australia weekly consumer confidence survey +1.6 points on the week to 83.5

• ANZ-Roy Morgan Australian Consumer Confidence

ANZ-Roy Morgan Australian Consumer Confidence report for the week.

ANZ says:

• confidence remains low, averaging 83pts in 2024
• is 30pts below the series’ pre-COVID (1990-2019) average

Japan chief cabinet secretary Hayashi – Prepared to take all measures on fx

• Hayashi with the more forthright remarks

Japan chief cabinet secretary Hayashi:

• Won’t comment on forex levels, currency intervention
• Important for currencies to move in stable manner reflecting fundamentals
• Excessive fx volatility undesirable
• Closely watching fx moves
• Prepared to take all measures on fx

Bank of Japan to place less emphasis on inflation rate when setting monetary policy

• The Bank of Japan is shifting to a more discretionary approach

Reuters carried this report, citing unnamed sources for their information:

• The Bank of Japan is shifting to a more discretionary approach in setting policy
• less emphasis on inflation … “Various data must be scrutinised, not just the inflation outlook” . such as consumption, wages and the broader economy
• BOJ is expected to project inflation to stay around its 2% target through early 2027

BOJ next meet on April 25 & 26, and will issue fresh quarterly growth and CPI projections

S Korean Vice Finance Minister says will take immediate bold measures against excess moves

South Korea Vice Fin Min:

• To take immediate, bold measures in case of excessive market volatility

Cryptocurrency News

Ethereum price crash follows wider crypto market dump as long traders see high liquidations

• Ethereum risk reversal sunk by 20% on Tuesday following nervousness surrounding the recent crypto market crash.
• ETH liquidated long positions reached $67.37 million in the past 24 hours as short traders prevailed.
• Glassnode shared insights into the recent Ethereum issuance reduction proposal that has sparked criticism from the crypto community.

Ethereum’s price briefly dipped below $3,000 on Tuesday after tensions surrounding a potential Iran-Israel conflict suppressed the effect of Hong Kong’s spot ETH approval. Regardless of the price dump, the recent ETH issuance reduction proposal has made the rounds again according to reports.

3 Chinese asset managers have received initial approval to offer BTC & ETH backed ETFs

• Moves to secure Hong Kong’s role as a hub for crypto

Chinese media outlet Caixin with the info (gated)

• Three Chinese asset managers have received initial approval to offer exchange-traded funds (ETFs) backed by spot virtual assets such as Bitcoin in Hong Kong, as part of the city’s ongoing efforts to turn itself into a global cryptocurrency hub.
• Hong Kong’s Securities and Futures Commission (SFC) gave the go-ahead in principle to Harvest Global Investments Ltd., Bosera Asset Management (International) Co. Ltd. and China Asset Management (Hong Kong) Ltd., according to separate announcements released Monday by the trio.
• They are all Hong Kong subsidiaries of major Chinese mainland mutual fund companies.

Shiba Inu hits new milestone, over $9 billion worth of SHIB tokens burnt

• Shiba Inu has burned over $9 billion worth of SHIB tokens from the total supply. 
• SHIB holders have consistently realized losses throughout April, nearly $45 million. 
• SHIB is likely primed for a recovery, backed by bullish on-chain metrics. 

Shiba Inu, the second-largest meme coin in the crypto ecosystem, recently hit a milestone in the volume of tokens burned. Shiba Inu has burnt over 410.72 trillion SHIB tokens since the inception of the burn mechanism in the project, worth over $9 billion.

Shiba Inu price is likely to recover, as on-chain metrics from Santiment paint a bullish picture for the meme coin. 

PancakeSwap loses nearly 3% value intraday as the DEX crosses $1 billion in trade volume

• PancakeSwap announced that the exchange has reached $1 billion in trade volume on the Base chain.
• CAKE holders have consistently realized losses on the DEX token in April 2024. 
• CAKE price wiped out nearly 3% of its value on Tuesday. 

Decentralized exchange (DEX) PancakeSwap (CAKE) announced in an official tweet that it has crossed $1 billion in trade volume on the Layer 2 chain, Base. CAKE on-chain metrics support the thesis of a recovery in the DEX token’s price. 

CAKE price is $2.694 at the time of writing. 

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