Daily summary: Crypto and equities sink, US500 tests 4,000 pts

6:55 PM 9 May 2022

European blue chips indices dropped over 2%
US futures drop - Nasdaq down 3.5%, S&P 500 tests 4,000 pts area
Oil pulls bank after Saudi Arabia lowered export prices to Asia and Europe, and on overall risk-off attitude in the market
Cryptocurrencies sink. Bitcoin dropped below $31,000 while Ethereum trades 8% lower
Precious metals pull back on the back of US dollar strength. Palladium gains as UK plans to impose tariffs on commodity from Russia and Belarus
EUR, JPY and USD are the best performing major currencies while AUD and NZD lag the most
Stricter lockdowns in parts of Shanghai
ECB members are getting more hawkish, Holzmann sees need for 2-3 rate hikes this year
Palantir plunges 20% after Q1 earnings. Guidance for Q2 disappoints

Risk assets like oil, crypto and equities are experiencing a sell-off today. While there were no clear news for the drop, the fact that it has been steadily progressing throughout the day strongly hints that it is simply continuation of the move started ahead of the weekend.

Market continues to sell off amid risk of a global economic slowdown resulting from pandemic situation in China or tighter monetary policy. Pandemic in China is far from over and restrictions are not only being imposed in new place of the country but also become more stricter. This will magnify supply chain disruptions going forward what will have an impact on the global economy. Apart from that, central banks are getting more and more hawkish. Even in a central bank like ECB number of hawks is growing. Holzmann is the latest to call for rate hikes - he sees a need for 2- or 3 in 2022. This could explain EUR resilience to today's risk-off moods. Oil is also experiencing a heavy selling. While overall risk-off attitude is playing a key factor, it should be noted that Saudi Arabia decided to lower export prices for Light Arab crude to Asia and Europe.

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US500 tests 4,000 pts mark as risk assets sell-off on concerns over state of global economy. Source: xStation5

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