Morning wrap (07.05.2024)

6:42 AM 7 May 2024
  • Wall Street indices finished yesterday's trading higher. S&P 500 gained 0.75%, Dow Jones moved 0.25% higher, Nasdaq jumped 0.90% and small-cap Russell 2000 gained over 1.1%
  • Indices from Asia-Pacific traded mostly higher today - Nikkei and S&P/ASX 200 gained 1.3%, Kospi rallied 1.9%, indices from China traded mixed and Nifty 50 dropped 0.5%
  • European index futures point to a higher opening of the cash session on the Old Continent
  • AUD weakened after Reserve Bank of Australia left interest rates unchanged, in-line with markets expectations. Statement said that inflation is expected to take much longer to reach the target, but guidance on rates was left unchanged
  • However, RBA Governor Bullock said that the board discussed the option of raising rates
  • JPY weakened after Masato Kanda, Japan's key FX official, said that there is no need to intervene if the market is operating properly
  • Cryptocurrencies continue pullback launched on Monday. Bitcoin drops 0.4%, Ethereum trades 0.8% lower and Dogecoin declines 1.6%
  • Energy commodities trade mixed - oil trades flat while US natural gas prices drop
  • Precious metals trade mixed - gold drops 0.1%, silver declines 0.6%, platinum gains 0.5% and palladium jumps 0.8%
  • NZD and EUR are the best performing major currencies, while AUD and JPY lag the most
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