Markets Update Tuesday 29/06/2021 – Delta Marketing Incoming

Frankfurt – 29/06/2021

Delta Marketing Incoming

Recently, interest rate worries on Wall Street have dissipated somewhat, benefiting the highly valued technology stocks in particular. On Friday, the US markets will await the official June data from the labour market and hope for further indications of the Fed’s interest rate course. Traditionally, the data are an absolute highlight for the stock market, especially since the Fed is currently placing particular emphasis on the recovery of the labour market. The labour market has not yet reached its pre-crisis level, so the bank is holding still despite higher inflation dynamics.

Corona worries, however, are also being closely registered by US investors recently, which currently puts travel and leisure stocks under pressure. On the whole, however, investors were said to be more concerned about missing out.

The markets were mainly supported by the financial sector today. Leading banks have announced significant dividend increases after the supervisory authority had recently waved through the capital positions of the financial institutions as sufficient. Dividends that were not paid out because of the corona crisis are now to be compensated.

US Markets at a glance

The US stock market indices moved slightly upwards on Tuesday. The Dow Jones leading index searched for direction and finally closed with a slight plus of 0.03 per cent at 34,294.59 index points. Meanwhile, the NASDAQ Composite tech index also moved in a narrow range around the zero lines and was able to close with a gain of 0.19 per cent at 14,528.33 index units.

Investors focused on economic data, such as house prices in the USA, which continued to rise. The FHFA house price index rose by 15.7 per cent in April compared to the same month last year. Meanwhile, sentiment among US consumers brightened in June. In addition, investors are looking anxiously at the rapid spread of the delta variant of the coronavirus in many countries.

Far East Markets at a glance

Asia’s largest stock markets posted losses today. In Tokyo, the Japanese benchmark index Nikkei ultimately fell by 0.81 per cent to 28,812.61 points. The Shanghai Composite on the Chinese mainland lost 0.92 per cent to 3,573.18 points, while the Hang Seng index in Hong Kong was down 0.94 per cent to 28,994.10 points at the end of trading.

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Although Wall Street provided positive guidance the previous day, Asian indices were shrouded in red. Fears of the spread of the delta variant of the coronavirus weighed on the market, several market participants reported. Moreover, in countries like Japan, vaccination coverage is not too far advanced, Dow Jones Newswires wrote. The latest US airstrikes on targets in Syria and Iraq also caused restraint.

European Markets at a glance

On the European stock markets, the bulls retook the reins today. The EuroSTOXX 50 index started with a small gain and was able to expand this in the day. In the end, it recorded an increase of 0.43 per cent to 4,107.51 index units.

The mood on the Frankfurt trading floor was also positive, and the DAX was able to extend its initial gains in the day significantly. At times, it also managed to jump above the 15,700-point mark. At the end of Tuesday trading, the leading German index was up 0.88 per cent at 15,690.59 points. The TecDAX also gained after starting the trading session with little movement. It climbed to a new record high of 3,616.51 points. Finally, it went into the evening with a plus of 0.65 per cent at 3,605.48 points.

Despite the delta variant of the coronavirus, which is considered particularly contagious, the mood on the European markets remained positive. Data on business confidence in the eurozone, which was on the agenda today, further eased the situation on the stock market: Economic sentiment in the eurozone rose sharply again this month, climbing to its highest level in 21 years.

Forex, gold, oil and crypto

The euro regained the 1.19 US dollar mark in US trading. Shortly before the end of Wall Street, the common currency was trading at 1.1904 dollars on the forex market. Currencies considered safe-havens, such as the US dollar, the Japanese yen and the Swiss franc, were in greater demand today, given the rising delta corona fears worldwide.

Oil prices rose moderately on Tuesday until the evening and more than made up for earlier losses on the commodities market. A barrel of North Sea Brent crude trades for 75.06 US dollars, 38 cents more than the previous day. The barrel price for US West Texas Intermediate rose by 40 cents to 73.31 dollars. On the oil market, attention is increasingly focused on a meeting of the Opec+ oil alliance on Thursday. It is expected that the group will agree on an increase in production from August.

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The strengthening greenback also put the precious metals market under pressure. Gold dropped as low as $1,748 intraday before rebounding to $1,761 an ounce, a loss of more than $15 day-on-day. 

Digital asset bulls also remained in control on Tuesday, pushing the overall market capitalization to over $1.46 trillion. Bitcoin gained 3.6 per cent to $36,880, while Ethereum grew 3 per cent to $2,160. Most other altcoins faired better, for example, XRP rising 8 per cent to $0.70. 

Corporate and world economic news

Economic data

The demand for labour in Germany has continued its recovery. According to the Federal Agency, the job index of the Federal Employment Agency (BA-X) rose by 5 points to 114 points in June. For the first time, the BA-X thus reached the value of March 2020 again, i.e. the last reporting month before the effects of the pandemic measures became visible on the labour market.

The ifo employment barometer for Germany also rose strongly in June, climbing to 103.7 points from 100.2 in May. “The openings and booming industry are fuelling demand for labour,” the institute said. “German companies are increasingly looking for new employees.”

Economic sentiment in the eurozone rose sharply again in June, reaching its highest level in 21 years. The composite economic sentiment index rose to 117.9 points from 114.5 in the previous month. The index is now well above the long-term average and also above pre-crisis levels. Economists surveyed had only expected the index to rise to 116.5 points. 

Sentiment among US consumers brightened in June. The Conference Board announced that the consumer confidence index rose to 127.3. Economists surveyed by Dow Jones Newswires had forecast a reading of 118.7. 

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