Tuesday, July 16, 2024
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Market News – Yields surge, stocks come under pressure

by xyonent
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Economic Indicators and Central Banks:

  • of FOMC’s long-term high interest rate policy, Growing concerns about rising interest rates are weighing on government bonds. Wall Street takes profits The recent record highs have caused stock prices to fall further.
  • The EGB weakened after improved German inflation and wages data.
  • US Yields Since the market breathed a sigh of relief after the Consumer Price Index (CPI) and retail sales fell, stocks have risen and are back near their highest levels since November.
  • Global stock markets are on track for their worst week since mid-April.
  • In New Zealand, The new government election The Treasury has promised tax cuts in its first budget, despite predicting a widening budget deficit and a slow return to surplus.

Asian & European Open:

  • Wall Street fell, led by the Dow Jones Industrial Average, down -1.06%. of S&P 500 Decreased by 0.74% Nasdaq -0.58% down. Several earnings reports were also disappointing. Salesforce Today was disappointing, HP BeatMeanwhile, retailers are in the spotlight and there are concerns they may be weakened.

Financial Market Performance:

  • of USD Index It benefited from the hawkish outlook and recovered above 105.
  • of USD/JPY The yen fell, the yen fell and then rose. 157.50 On Wednesday, it fell below the levels that sparked a recent spate of questionable behavior.
  • of land Losses mount as South Africa’s election vote count accelerates.
  • Money and oil Stable. USOIL Although well below this week’s highs, prices have stabilised since yesterday afternoon as traders focus on US stockpiles data due today and the OPEC+ meeting at the weekend for further clarity on the supply and demand outlook.

click here Access the economic calendar

Andrea Piccidi

Market Analyst

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