Spreadex Market Update
ECB meeting up next. UK shares hit 1-week high
Equities
- US stock markets saw mixed movements: the S&P 500 achieved a record high, largely due to Netflix's 11% surge following strong subscriber growth, while the Dow Jones Industrial Average fell slightly.
- Microsoft's market value surpassed $3 trillion, marking a significant milestone. The tech sector, particularly chipmakers, showed notable gains, influenced by positive earnings reports and anticipation of future growth.
- In the UK, the FTSE 100 index rose by 0.6%, buoyed by mining companies like Antofagasta and Anglo American, which benefited from China's recent monetary policy easing. The FTSE 250 index also gained, reflecting heightened investor optimism towards domestically oriented companies.
- Tesla's stock slipped 6% after missing earnings forecasts, contrasting with IBM's over 8% rise post-earnings announcement. These movements highlight the varied corporate health and investor expectations within the US market.
Forex
- The US dollar's stability near its six-week peak reflects market anticipation of upcoming US GDP figures and the Federal Reserve's policy direction. Traders have scaled back their expectations for early and deep rate cuts, adjusting their positions ahead of key economic data releases.
- The British pound strengthened after a survey indicated a stronger start to 2024 for the UK economy. This unexpected resilience reduced bets on immediate interest rate cuts by the Bank of England, influencing currency markets and underscoring the interplay between economic indicators and forex movements.
- The European Central Bank's upcoming policy meeting will see President Christine Lagarde comment on the likelihood of rate cuts this year and is expected to influence forex markets.
Elsewhere
- In commodities, the announcement of China's monetary easing prompted a surge in precious metal miners, with companies like Fresnillo Plc and Hochschild Mining reporting significant gains. This movement is indicative of the global impact of China's economic policies.
- Additionally, the focus is on corporate earnings from companies like Nokia, Intel, and Visa.
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