18th May 2018
Indices
DOW30 -0.22%, S&P500 -0.09%, NASDAQ -0.21%, DAX30 +0.91%, FTSE100 +0.70%, NIKKEI225 +0.53%
US stocks fell on Thursday after President Trump laid doubt about the effectiveness of the trade talks between the US and China which kicked off today. Trump commented ‘Will that be successful? I tend to doubt it. The reason I doubt it is because China has become very spoiled. The European Union has become very spoiled. Other countries have become very spoiled, because they always got 100% of whatever they wanted from the United States’
The Dow closed 54.95 points lower at 24,713.98, down 0.22%. The S&P500 fared better with a drop of 0.09%, whilst the Nasdaq closed 0.21% lower at 7,382.47.
10-year treasury yields traded above 3.1% for the first time since 2011, adding to the pressure on stocks.
FTSE100 trending higher since March 23rd. Support at 7,710 on an ascending scale
FX
EURUSD -0.11%, GBPUSD +0.22%, USDJPY +0.34%, AUDUSD -0.03%, EURGBP -0.30%, USDCAD +0.14%
10-Year US Treasury yields traded 3.122% on Thursday, pushing the USD to four month highs against the Japanese Yen. US economic data came in mixed with no major data scheduled for Friday. Initial jobless claims increased more than expected last week, coming in at 222,000 against an estimate of 215,000. Philadelphia manufacturing activity jumped to 34.4 in May from 23.2 in April – this far exceeded market expectations of 21.0.
AUDUSD in a reverse Head & Shoulder pattern, targeting 0.7710 on breakout of the neckline at 0.7560
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