- The last trading session of April on world markets brings a deterioration in investor sentiment. European indices DAX and CAC40 lost today almost 1%. On Wall Street, US100 and US500 futures contracts are losing 1.1% and 0.9%, respectively, ahead of tomorrow's FOMC meeting
- The U.S. Employment Cost Index for the first quarter of 2024 rose 1.2%, above the estimates of analysts surveyed by Bloomberg (the estimate was for a 1.0% quarterly increase), illustrating persistent wage pressures that may discourage the U.S. Fed from cutting interest rates faster.
- The data, combined with a weaker consumer confidence reading for April, may have spooked the market somewhat, especially after the recent very weak GDP reading in the U.S., which raised truly stagflationary fears about the world's main economy.
- Nearly 76.5 percent of all Wall Street-listed companies are currently trading with intraday declines. The technology Nasdaq is losing 1.08% at the time of writing this post, the S&P500 index is off 0.87%, and the Russell 2000, which brings together smaller companies by capitalization, is losing 1.47%.
- US macro data came today weaker than expected. US CB Consumer Confidence came in 97 vs 104 exp. and 103.1 revised, previously data. US Chicago PMI came also weaker than expected, showing 37.9 vs 45 and 41.4 previously
- According to US BLS US compensation costs for civilian workers increased 4.2% for the 12-month period ending in March 2024 and increased 4.8% in March 2023. Wages and salaries increased 4.4% for the 12-month period
- On Wall Street today, investors' attention is mainly attracted by the strong results of PayPal, as well as the raised financial forecasts of Coca-Cola and Eli Lilly. Sales of the McDonald's company turned out to be lower than forecasts, but shares quickly returned to growth.
- The most important report of the day as far as the US market and the Big-Tech sector is concerned will be Amazon's (AMZN.US) quarterly report today. The results will be presented to the public after the end of the cash session on Wall Street
- In the FX market, the U.S. dollar and the euro are currently the best performers, with large declines seen in the Antipodean currencies (Australian dollar and New Zealand dollar).
- Canada's GDP grew in April, at a rate of 0.2% m/m versus 0.3% forecast and 0.4% previously. As a result, the Canadian dollar lost heavily today, with the USDCAD recording an impressive 0.7% rally
- USDCAD's rise supported by a strengthening dollar index, with contracts (USDIDX) gaining 0.55% ahead of tomorrow's Fed decision and Jerome Powell's conference. Yields on 10-year U.S. Treasury bonds gain 0.05% today and climb above 4.66%
- According to US State Dept. the US has not seen a credible Israeli plan that would address the varying areas of concerns in Rafah. Futures on Oil (Brent) loses more than 1% today, with NATGAS losing more than 4%
- Wheat prices on the CBOT exchange traded down 0.5% today and initially defended strong support at $600 per bushel. However, weather forecasts point to heavy rainfall in Russia, which could increase estimated supply. The commodity market's attention is drawn today by nearly 4% declines in cotton contracts
- A powerful plunge is also observed today in the precious metals market. Nearly 1.75 percent declines are seen in gold, while silver has already seen a 2.7 percent downward movement.
- Cryptocurrency market sentiment remains very weak. Bitcoin is losing 5 percent and defending the $60,000 level, while Ethereum has settled below $3,000. Investors react to outflows from U.S. ETFs and weak spot funds on ETH and BTC, debuting today in Hong Kong
- The U.S. DEA may reclassify marijuana as a lower-hazard drug, the Associated Press reported, which has sharply strengthened the stock of companies linked to the sector, with Canopy Growth shares already gaining nearly 25%.
- US Treasury Secretary Yellen is 'concerned' with rising US debt and deficit. However, according to her statement, it is highly likely shelter inflation will fall in the next year.
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