- European indices ended today's session mostly lower. Dax fell by 1.64% and CAC 40 lost 1.73% as inflation and growth concerns still weigh on market sentiment;
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Markets today focused on US and Canadian labor market data. The report from the States turned out to be rather positive, thus showing the strength of the labor market, while wage pressure eased a bit;
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US Nonfarm payrolls grew by 428K the same as in March after being downwardly revised, and roughly 40K more than market forecasts;
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The Canadian economy added 15.3K jobs in April of 2022, following a 75K increase in March and widely missed market forecasts of 55K. The unemployment rate was unchanged at an annualized rate of 5.2%;
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Some sources report that the agreement regarding the EU embargo on oil imports from Russia is nearly finalized. Oil prices have been clearly gaining among this speculations, and the materialization of this scenario may spark additional buying pressure. Nevertheless, everything will depend on details such as the duration of the embargo any potential exceptions;
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Gas prices fell nearly 7.5% and it seems that recent bullish rally lost its steam following the news of reduced demand and stable inventories levels;
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Wall Street indices managed to erase some of the early losses. The Dow is trading 0.7% lower, S&P 500 lost 0.8%, while the Nasdaq Composite slid more than 1.3%;
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The crypto market also remains under sellers' pressure, although buyers also attempt to push the prices higher. Bitcoin price returned above $36000;
Today's session on the equity market was very volatile. The European indices ended trading in red, but the Wall Street bulls are not putting down their arms. The US indices started the sessions lower, after the better-than-expected NFP report fueled concerns about more aggressive interest rate hikes by the Fed. The US100 even broke below an important support, but later in the session the buyers became active and the main Wall Street benchmarks managed to recoup some of the losses. Nevertheless, the sentiment remains bearish and a lot will depend on macroeconomic data, especially the US CPI inflation reading, which will be released on Wednesday.
US30 - despite negative start of the session market bulls manage to launched an impressive recovery move and erased most of the losses. US30 bounced off major support at 32400 pts which is marked with previous price reactions and is currently testing local resistance at 32770 pts. Nevertheless as long as index sits below the 33280 pts level, the main sentiment remains bearish. Source: xStation5
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