- European indices ended weekly trading in a bullish mood. The DE30 gained 1.52%, the FRA40 rose 1.72% and the UK 100 finished 1.06% higher. Sentiment improved after fresh GDP readings showed that the Eurozone economy grew by 0.7% q / q and 4% y / y, respectively, against expectations of 0.2% q / q and 3.4% y / y. r. Investors did not care too much about the fact that inflation soared to the level of 8.9% YoY (expected 8.6% YoY)
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The Dow is trading 0.60% higher, while the S&P 500 and Nasdaq jumped 1.1% and 1.45%, respectively, as upbeat guidance from technology giants overshadowed another slew of economic data.
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Amazon surged over 11% after the e-commerce titan beat Wall Street's quarterly revenue estimates while offering a solid financial outlook. Microsoft, Apple, and Alphabet have all also issued upbeat results in the future.
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The Fed's preferred inflation measure, the US core personal consumption expenditures price index, came slightly above expectations, suggesting that the peak of inflation is yet to come.
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The University of Michigan consumer sentiment rose to 51.5 in July from a record low of 50 in June, slightly above market estimates.
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Brent crude briefly rose to $106.50 per barrel and WTI tested $ 101.50 per barrel, however buyers failed to uphold momentum in the evening and gave away most of the early gains
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Gold rose sharply above $ 1760 per ounce, while silver broke above psychological resistance at $20.00 amid weaker dollar and lower bond yields,
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Currently CHF and JPY are the best performing major currencies while NZD and AUD lag the most.
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Crypto rally paused on Friday. Bitcoin price returned below $24.000, while Ethereum is testing support at $1700.
GOLD prices extended rally during today's session and broke above local resistance at 41760, which is marked with 78.6% Fibonacci retracement of the upward wave stated in March 2021. If current sentiment prevails, the next target for buyers is located at $1823. Source: xStation5
