Friday Overview of the Global Markets

Sera Akinci  |  May / 4. Week
The S&P 500 and NASDAQ closed at record highs yesterday but this morning gave up 3 points with the NASDAQ 100 futures falling 4 points. The DOW Futures fell 0.09%- 19 points this morning at 10:57 GMT. Today, it is expected that the US will release revised figures on 1st quarter economic growth. A growth in the US economy is expected with a 0.9% annual rate in the 1st three months of the year. Attention also turns to the release of durable goods orders for April.  A decline of 1.2% is expected, whereas the core reading is expected to increase by 0.5%.


The forex industry today has been in decline in general:

Forex:

- EURUSD fell 0.04% to 1.1206 at 12:20 GMT
- GBPUSD fell 0.69% to 1.2853
- USDJPY fell 0.80% to 110.94
- USDCHF fell 0.08% to 0.9717
- USDCAD fell 0.27% to 1.3447
- USDCNH fell 0.44% to 6.8202

The GBP is under pressure as a result of the General Election set to be held on June 8th, with a fundamental dishonesty about the state of the British economy being propagated by both parties.

Indices:

- S&P 500 Futures fell 0.13% to 2,410.25
- NASDAQ Futures fell 0.08% to 5,777,62
- DOW30 went up 0.34% to 21,082.95
- DAX fell 0.49% to 12,560.00
- Nikkei 225 fell 0.64% to 19,686.84
- US Dollar Index fell 0.01% to 97.13
- Euro Index fell 0.09% to 90.38
 
Commodities:

- Gold increased 0.82% to 1,266.71
- Silver increased 0.59% to 17.294
- Copper fell 0.52% to 2.584
- Crude Oil fell 0.35% to 48.73
- Brent Oil fell 0.45% to 51.23
- Natural Gas increased 0.55% to 3.293

Oil prices rose this morning to recover after falling 5% with the decision of extending production cuts 9 months without any increase. This has left the markets disappointed but in the long-term, is expected to have a positive impact.

Bonds:

- US10-years Yield fell 0.92% to 2.234
- US30-years Yield fell 0.57% to 2.904
- US2-years Yield fell 0.95% to 1.286
- US5-years Yield fell 1.17% to 1.768
 
The US employment and inflation rate may not hinder interest rate hikes while the official report on employment is at the top of the list of important data; the list continues with inflation and personal expenditure data. Initial estimates predict that non-farm employment will increase by 176,000 in May. This expectation falls in line with the average increase in employment since the beginning of 2016. The number of Americans who work full-time, but work part-time due to economic reasons, is at its lowest level since April 2008.
 

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