Daily Digest: Friday 22nd March
USA
US index activity was mixed through Friday, the Nasdaq 100 ($NDX) rose 0.1% to 18,339.44, recording new record highs. On the other hand, the S&P 500 ($SPX) fell 0.14% to 5,234.18, and the Dow ($INDU) fell 0.77% to 39,475.90, erasing yesterday’s gains. The change in direction wasn’t sector specific, with most S&P 500 index constituents affected by a turn in momentum.
Reddit ($RDDT) shares took a tumble, falling 8.91% through Friday to $45.94.
Europe
The headline European data print for Friday was the UK’s Month-on-Month (MoM) retail sales figures. February data signalled a 0% MoM change in sales; 0.4% percentage points higher than analyst expectations (-0.4% exp). This suggests consumer sentiment remains strong within the UK, as higher spending persists, despite ongoing action from the BOE to stem inflation. A 0% change means retail sales figures remain at January’s level of 3.6%.
Off the back of a better-than-expected sales release, the FTSE 100 (FTSE) broke its 52-week peaks, rising 0.66% to a record close of 7,934.62, with the index approaching the untested 8,000 level.
Index activity across Central Europe was relatively strong, the STOXX 600 and Dax both managing to break new all-time highs at their respective intraday peaks. The STOXX (€SXXP) closed 0.022% up at 509.88, while the DAX (€GDAXI) rose 0.18% to a close of 18,212.63. Trading on the CAC 40 (€FCHI) was somewhat tainted with the index falling 0.34% to 8,151.92, as the index continues to trade under its 52-week peaks.
Rest of the World
Japanese Core CPI figures for February released on Thursday evening, falling in line with analyst expectations at 2.8%. This suggests that the BOJ will proceed on its current rate hike trajectory, as the inflation target remains at 2%. The Nikkei (¥N225) continued to strengthen following the nations CPI print, rising 0.18% to new highs, before closing at 40,888.43. Once again, equity traders were able to benefit from a weaker Yen. Despite finding support throughout Thursday around the ¥151 level, the Yen continued declines into Friday, with the currency falling against the dollar to ¥151.568 as of 11:50am GMT.
Chinese equity declines also persisted through Friday, with the Shanghai Stock Exchange Composite (¥SSE) Index falling 0.95% to 3,048.03. Meanwhile, trading on the Indian Nifty 50 (₹NSEI) saw preferable results, with the index rising 0.39% to 22,095.75, once again approaching its 52-week highs as traders rally behind strong growth outlooks.
Cryptocurrencies
Cryptocurrency struggles continued on Friday, with traders losing further ground across Bitcoin, Ethereum, and the major altcoins. The total cryptocurrency market capitalisation as of 8pm GMT was some $2.43 trillion dollars, having fallen from $2.49 trillion at 9pm yesterday. Bitcoins intraday lows were around $62,601, with the cryptocurrency trading at $63,501.67 by 8pm GMT, a 3.017% 24-hour loss. In terms of altcoins, Ethereum fell 2.55%, while Solana fell 2.59% and Cardano fell 3.05%.
Commodities
Crude Oil traders managed to stem losses with prices ending a two period loss streak, rising 0.087% to $80.82 per barrel.
Gold prices rose for a third consecutive 24hr period (9pm-9pm GMT), gaining 0.179% to $2,186.90 per ounce.
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
CPI - Consumer Price Index
PPI - Purchasing Price Index
ETF - Exchange Traded Fund