Daily Digest: Friday 10th May
USA
US equities continued to trade higher through Friday as the Dow index extended its streak of gains to eight days. The Dow ($INDU) led session gains rising 125.08 points (0.32%) to 39,512.84, while the Nasdaq 100 ($NDX) rose 47.72 points (0.26%) to 18,161.18, and the S&P 500 ($SPX) rose 8.6 points (0.16%) to 5,222.68.
Europe
For the second consecutive session, the focus of European traders laid on the UK in terms of macroeconomic data prints as Q1 GDP for 2024 was reported. QoQ figures came in at 0.6%, ahead of analyst estimates indicating stronger than forecasted economic growth. The FTSE 100 (FTSE) continued upward, breaking a new record close for a sixth consecutive session, having risen 52.41 points (0.63%) to 8,433.76. Friday’s performance has taken FTSE gains to 3.2% during the last week as traders solidify long bets on UK equities.
Once again European equities trended upward, driven by positive economic outlooks alongside wavering inflation concerns. The Pan European STOXX 600 (€SXXP) rose 3.99 points (0.77%) to 520.76, while the French CAC (€FCHI) rose 31.49 points (0.38%) to 8,219.14, and the German DAX (€GDAXI) rose 86.25 points (0.46%) to 18,772.85.
Rest of the World
The Nikkei 225 (¥N225) ended the week with a move to the upside, rising 155.13 points (0.41%) to 38,229.11 erasing yesterday’s losses. Once again, traders exercised support between 38,140 and 38,180, forming an area of price stability, stemming declines and stabilising prices as markets made a move to the downside mid session. Despite closing two of four sessions lower, the index managed to close 0.59% higher than it’s Tuesday opening level. A continued depreciation of the JPY has supported upside equity movements, as the currency continues to fall against the USD, with the pair trading at 155.8 as of 17:37 GMT. As previously noted, as the Yen depreciates, the cost of Japanese equities become relatively cheap compared to their domestic alternatives, encouraging foreign capital inflows.
The Shanghai Stock Exchange Composite Index (¥SSE) inched higher to end the week on a similarly positive note, rising 0.23 points (0.0072%) to 3,154.55. Performances throughout the week had been mixed, though the prevailing directional trend of movement was upward with the index gaining 0.70% on its Monday opening price.
Despite a brief rally on Friday as prices moved 97.7 points higher to 22,055.20, the Nifty 50 (₹NSEI) ended the week 2.32% lower than its Monday opening level.
Commodities
WTI crude ended a four day streak of gains as prices moved 1.11% lower, trading at $78.38 per barrel as of 21:00 GMT.
Gold prices closed higher for a second consecutive session extending gains 1.29% to $2,370.50 per ounce as of 21:00 GMT.
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