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Market sentiments remain pessimistic towards the end of the week, even though the US500 and US100 indices are recovering slight losses from earlier in the day. The US500 is trading just 0.05% lower, and the US100 is down by 0.25%.
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In Europe, the mood was more negative. Poland's WIG20 lost 0.33%, while Germany's DAX was down by more than 0.65%.
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Hong Kong's Hang Seng Index closed the day below the 18,000-point mark, reflecting a more than 20% decline from this year's peak and entering a technical bear market.
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Today's macroeconomic calendar did not have any significant events, other than retail sales from the UK, which were weaker than analysts expected. Year-over-year sales fell by 3.2%, and on a monthly basis, they decreased by 1.2%.
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Despite market concerns about the prolonged cycle of monetary tightening, a recent Reuters poll showed that most economists expect the Federal Reserve to maintain its interest rates in the upcoming September meeting. The probability of a recession in the US has also decreased to below 50%.
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Estée Lauder (ET.US) lowered its annual sales and profit forecasts due to a sluggish recovery in demand in the Asian retail sector and a decline in US demand, causing its shares to drop by 4.5%.
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One of the stronger currencies today is the Japanese yen, which is gaining against most currencies. The USDJPY is trading 0.55% lower. Meanwhile, the Swiss franc is the day's biggest loser.
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The sentiment in the commodities market has improved slightly. Precious metals are on the rise, except for gold, which remains around yesterday's closing levels. Industrial metals are also faring relatively well, with limited losses, and even slight gains observed for copper and zinc. Debt securities, including the American TNOTE and German BUNDY, are showing signs of a rebound.
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The sentiment in the cryptocurrency market has been weak for some time, with volatility at its lowest levels in 7 years. As expected, this period of consolidation and uncertainty ended with a sharp spike in volatility. The price of Bitcoin plunged to around $25,000 on the back of several negative pieces of news.
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Today, a court decision was anticipated regarding the case between Grayscale and the SEC about converting the Grayscale fund into a spot Bitcoin ETF. However, according to sources from Bloomberg, the decision has been postponed to next week.
Bitcoin falls below the psychological barrier of $26,000 and is testing the $25,500 area. It's worth noting that the current daily lows align with the 38.2% Fibonacci retracement of the upward wave that began in November 2022. Source: xStation 5.
