Stock market snapshot as of [06/6/2019 0550 GMT]
- The U.S. benchmark stock markets continued to soar yesterday, 05 Jun where the S&P 500 had recorded a gain of 0.82% with a daily close at 2826 that was above the 2802/12 key medium-term resistance. The corrective down move in place since 01 May 2019 has been invalidated (click here for the update). The S&P 500 E-Mini futures has managed to recover from its earlier Asian session losses today where it printed a current intraday low of 2812 to trade back up at 2826, the closing level of yesterday, U.S. session.
- Market participants have ignored the negative impact that a deal has not been reached between U.S and Mexico and failure to reach a deal by Friday shall see the risk of a 5% tariff on Mexican goods to take effect next Monday, 10 June. The on-going optimism in the global stock markets have been driven by an increasing dovish U.S. central bank where Fed Chair Powell has echoed similar remarks from his dovish colleagues that the Fed is open to a rate cut.
- The bearish force has also taken a retreat in Asian stock markets with mix performances as at today’s Asian mid-session where modest gains have been recorded in the ASX 200 and Nikkei 225; up by 0.38% and 0.17% respectively.
- European stock indices CFD futures are not showing any significant movement where the FTSE 100 is up by 0.06% while the German DAX has dropped by -0.28%.
- Key European/UK data and events to take note later will be BoE Governor’s speech, Eurozone Q1 GDP follow by ECB monetary policy announcement.
*Data from Refinitiv. Index names may not reflect tradable instruments and not all markets are available in all regions.
GAIN Capital UK Limited (trading as “City Index”) is an execution-only service provider. This material, whether or not it states any opinions, is for general information purposes only and it does not take into account your personal circumstances or objectives. This material has been prepared using the thoughts and opinions of the author and these may change. However, City Index does not plan to provide further updates to any material once published and it is not under any obligation to keep this material up to date. This material is short term in nature and may only relate to facts and circumstances existing at a specific time or day. Nothing in this material is (or should be considered to be) financial, investment, legal, tax or other advice and no reliance should be placed on it.
No opinion given in this material constitutes a recommendation by City Index or the author that any particular investment, security, transaction or investment strategy is suitable for any specific person. The material has not been prepared in accordance with legal requirements designed to promote the independence of investment research. Although City Index is not specifically prevented from dealing before providing this material, City Index does not seek to take advantage of the material prior to its dissemination. This material is not intended for distribution to, or use by, any person in any country or jurisdiction where such distribution or use would be contrary to local law or regulation.