Daily Digest: Wednesday 8th May
USA
In the absence of any major macroeconomic catalysts, US equity index performances were largely sideward. The Nasdaq 100 ($NDX) experienced a 6.44 point (0.04%) decline, falling to 18,085.01 at the close while the S&P 500 ($SPX) fell 0.01 points (0%) to 5,187.69. The Dow ($INDU) was the only major index to close higher, rising 171.27 points (0.44%) to 39,055.53.
Europe
The UK’s FTSE 100 (FTSE) extended its streak of gains as prices rose for a fourth consecutive session, breaking a new record close at 8,354.05. The index rose 40.378 points (0.49%) with 73 of the indexes constituents closing higher while 25 closed lower. Sentiment toward European equities was also positive, the STOXX 600 (€SXXP) rose 1.7 points (0.34% to 515.77, the CAC (€FCHI) rose 55.73 points (0.68%) to 8,131.41, and the DAX (€GDAXI) rose 68.33 points (0.37%) to 18,498.38.
Rest of the World
The Nikkei 225 (¥N225) suffered a turn in momentum, erasing yesterday’s gains as prices moved 632.71 points (1.63%) to 38,202.37. Traders met heavy resistance around the indexes intraday highs at 38,825, with a price reversal occurring into the close breaking support at 38,434. Despite FX market intervention occurring on two occasions last week, the JPY was pushed lower against the USD, trading at 155.645 as of 20:23 GMT.
The Shanghai Stock Exchange Composite Index (¥SSE) experienced a similar turn in momentum as prices fell 19.2583 points (0.61%) to 3,128.48. Meanwhile, the Indian Nifty 50 (₹NSEI) was a non-mover through the session closing at 22,302.50.
Commodities
US crude oil inventories experienced there first weekly drawdown of May, falling by 1.4 million barrels against analysts expectations of 1 million. WTI prices rose 1.02% to $79.18 per barrel, marking a third consecutive session of gains.
As geopolitical tensions ease alongside inflationary concerns gold experienced a second session of sell offs, with the asset trading down 0.32% at $2,316.70 per ounce as of 21:00 GMT.
What To Watch Tomorrow
BOE Interest Rate Decision
BOE Monetary Policy Statement
US Unemployment Claims
Sources:
https://uk.finance.yahoo.com/world-indices/
https://uk.finance.yahoo.com/commodities
https://www.londonstockexchange.com/indices/ftse-100
https://www.binance.com/en-GB/price/bitcoin
https://www.binance.com/en-GB/price/ethereum
https://qontigo.com/index/sxxp/
Stock Market Activity Today & Latest Stock Market Trends | Nasdaq
https://coinmarketcap.com/charts/#market-cap
https://www.forexfactory.com
Definitions:
YoY - Year on Year, or, Year over Year
MoM - Month on Month, or, Month over Month
QoQ - Quarter on Quarter, or, Quarter over Quarter
ECB - European Central Bank
BOJ - Bank of Japan
Fed - Federal Reserve
BOE - Bank of England
SNB - Swiss National Bank
DOJ - Department of Justice