- European indices finished today's session mostly in green with DAX rebounding 1.56% led by an over 3% gain in retail and tech shares supported by solid factory orders data for Germany and industrial production for Spain. In contrast, retail sales for the Euro Area disappointed.
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FTSE 100 jumped 1.17% in a volatile session as investors mostly shrugged off prospects of Boris Johnson facing another confidence vote, following key cabinet resignations.
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Major Wall Street indexes swing between gains and losses following another set of mixed economic data and hawkish FOMC minutes.
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Fed policymakers continued to anticipate that ongoing increases in the fed funds rate would be appropriate, and backed a 50 or 75 basis points hike in July, FOMC minutes from the June meeting showed. However officials are willing to take a more restrictive stance if elevated inflation pressures were to persist.
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US ISM Services PMI edged lower to 55.3 in June of from 55.9 in May, however weak employment sub-index point to weakening labor market
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Job openings in May tumbled by massive 427K, to 11.254 million, which is the biggest revised one-month drop since the covid crash
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Oil is trading lower amid heightened volatility on Wednesday. WTI oil fell over 2.5% after plunging over 8.0% in the previous session, while Brent dropped 4.5% and is approaching $ 100.00 per barrel, despite Norwegian oil and gas workers ended the strike.
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Kazakhstan said it would see options to reverse the Russian court rule to suspend the Caspian Pipeline Consortium for 30 days, which would further strain the ongoing historical crunch in the global oil market, although reports showed exports were still flowing.
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Gold extends decline to 9-month low around $ 1,735 an ounce amid stronger dollar. Silver briefly fell below $ 19.00, however managed to erase losses.
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Currently USD and JPY are the best performing major currencies while EUR and NZD lag the most.
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Major cryptocurrencies recorded only slight losses on Tuesday. Nevertheless Bitcoin is still trading above $20,100, while Ethereum defended $1100 level.
Silver price fell sharply today, however sellers failed to reach major support at $18.70, which is marked with lower limit of the 1:1 structure and 61.8% Fibonacci retracement of the upward wave started in March 2020. Source: xStation5
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