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European equity markets ended today's trading mostly lower, however, the scale of the declines from the first half of the day was cut in part closer to the close of trading. The DE30 lost 0.66% and the UK100 lost 0.12%
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The Reserve Bank of Australia raised interest rates by 50 points to 0.85%. Most economists were expecting a 25 or 40 points hike.
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We are experiencing high volatility on Wall Street today. Despite the initial declines in the US benchmarks, all indices are trading higher right now. The US2000 is the leader of the gains, up more than 0.9%.
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Investors' attention was captured today by the retail sector, which lost due to weaker forecasts, inventory problems. Target announced a short-term decline in earnings due to order cancellations and discounting of unwanted merchandise. The company pointed to a weaker operating margin forecast for Q2, at nearly 2%. By comparison, the Q1 margin was 5.3%.
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ExxonMobil broke through the psychological barrier of $100 per share today after nearly 8 years. Strong economic conditions, high forecasts and supply uncertainty in the oil market are supporting valuations of the international oil giants.
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Oil retreated slightly at the end of the session amid the release of new EIA forecasts of higher production in the US and from the OPEC cartel. Goldman Sachs expects a $140 price, but indicates that demand destruction, which could permanently change the trend in the oil market, is only possible at $160. Yellen indicates that due to environmental factors and independence from the energy commodity market, mining-related companies should take advantage of the last moments to increase production.
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Gold remains in consolidation near the level of $1850 per ounce.
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In the cryptocurrency market, we are seeing weak sentiment today. Despite positive reports from PayPal, which announced that it will launch the ability to transfer, send and receive Bitcoin, Ethereum, Bitcoin Cash and Litecoin, no price reactions were seen. At the time of this writing, BTC is trading below the psychological barrier of $30,000 and Ethereum is down below $1,800.
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