Stock market snapshot as of [16/5/2019 3:11 PM]
- Washington’s confirmed ban of Huawei and 70 affiliates, inevitably exacerbating a trade dispute with Beijing, vies with stronger earnings and signs of bargain hunting as chief influences on global shares
- A positive start despite the White House’s efforts, joins other clues suggesting risky markets could soon draw a line under weakness that became pronounced last month. Indications are technical and also structural, including JPMorgan’s Treasury survey pointing to profit taking in the safe-haven asset sometime soon
- Housing starts and permits showing a spring rebound, jobless claims stuck near rock-bottom and another ebullient regional U.S. manufacturing index are further positives for risk appetite
- But the China-tariff theme keeps showing up elsewhere. Burberry shares are the worst large-cap fallers in Europe after lacklustre earnings, with dependence on China and the Asia-Pacific dragging revenues
- Walmart took the tariff end of prevailing concerns, warning that “increased tariffs lead to increased prices”. The stock rises 3% though. Like Macy’s on Wednesday, Walmart backs the view that a rebound of traditional retailers may be underway. The biggest bricks & mortar retailer in the world posted a 19th-consecutive quarter of same-store sales growth
Upcoming corporate highlights
BMO: before market open AMC: after market close NTS: no time specified
Upcoming economic highlights
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.