US Opening

Written on
UCapital24 2022-05-19 13:56:28

Key Global Events
Negative opening on Wall Street (Nasdaq -0.34% S&P500 -0.78% and Dow Jones -0.72%) in the wake of yesterday's sell-off and a lower European session, the Ftse Mib (-0.54) down by half a percentage point the smallest decline among the lists of the old continent). The macroeconomic picture does not help with the weak data from overseas, the Philadelphia Fed index stood at 2.6 points compared to the 16 expected by the market (17.6 the reading in April).

The sell-off on the main lists was triggered by the disappointing quarterly results from overseas, in particular from consumer goods and large-scale distribution companies, which then triggered the wave of sales on the Nasdaq and on the entire technology sector.
Target in particular, lost the (-24.93%) and experienced the worst session since 1987, after cutting profit forecasts, due to higher costs. The actions of other giants of the
retailers such as Walmart (-6.79%) and Macy's (-10.66%) were dragged down by the whirlwind of sales.

Emerging markets are alarming after Sri Lanka defaulted on its debt following non-payment of interest on bonds and loans.

Forex - From the words of Christine Lagarde in consequence of the minutes of the ECB in the late morning, the desire for the increase expected by the market after the end of Qe emerges by the end of the third quarter.
The particularly weak dollar fell against all major currencies.
The Swiss franc and the yen appreciated. EURUSD at 1.0554 (+ 0.85%) GBPUSD at 1.2477 (+ 1.14%) USDJPY down 127.33 (-0.67%).

Commodities - Russian Deputy Minister Novak, said Moscow will send refused oil from European countries to Asia and other regions.
WTI down 2.5% to $ 104 a barrel.

Indices - sell-off in Asia, the Hang Seng drops 2.7%, the Shanghai gains 0.36% and the Nikkei drops 1.89%.
The most penalized is Hnag Seng with the decline in the technology sector, with giants like Tencent losing more than 7 percentage points. To accentuate the losses then the news that some Chinese banks have suddenly frozen the current accounts of customers (178 million dollars) without explaining why.

Key Macroeconomic Data

Negative opening on Wall Street (Nasdaq -0.34% S&P500 -0.78% and Dow Jones -0.72%) in the wake of yesterday's sell-off and a lower European session, the Ftse Mib (-0.54) down by half a percentage point the smallest decline among the lists of the old continent).
JAP - Japan exports less than expected, the trade deficit rises to over 4 trillion yen in the first four months of 2022.

US - the Philadelphia Fed index stood at 2.6 points compared to the 16 expected by the market (17.6 April reading).
Claims for unemployment benefits rose more than expected 18,000 to 218,000 (200,000 consensus and 197,000 prior).
At 4:00 pm the April existing home sales will be released.