- U.S. indexes are trading a weak session amid growing concerns about the continued health of the economy. However, the Nasdaq 100 managed to make up for some of the sell-off and is losing 0.6%, the S&P500 and Dow Jones are trading about 0.5% lower
- The U.S. services PMI reading came in at 54.1 versus 54 forecast and 54.9 but the manufacturing PMI reading came in well below expectations at 46.3
- Mary Daly of the Fed indicated that while two more hikes seem warranted, it is uncertain whether they will take place. The Fed's Raphael Bostic, on the other hand, indicated that US interest rates should be maintained at current levels until the end of the year
- Bank of America pointed to record inflows into the financial sector and the highest outflows from technology stocks in 10 weeks, as well as a general deterioration in investor activity in the stock market
- After very weak PMI readings from the French and German economies, the CAC40 and DAX lost 0.55 and 1%, respectively, today, and the mood in the European session was downbeat
- Recessionary data from EMU's two largest economies put downward pressure on EURUSD. The currency pair lost heavily today and is trading near 1.089 versus 1.10 yesterday. The USDIDX dollar index rose 0.5%. Economic uncertainty also put pressure on the Canadian dollar, which lost more than 1% against the USD.
- Germany's PMI was the weakest since 2020, with the reading for manufacturing indicating 41 points versus 54.1 in services. In France, on the other hand, the PMI of the services sector turned out to be much weaker than 51 forecasts, at 47.3 , industry indicated 45.4
- Soybeans and corn extended declines today after rolling in an update on the weather forecast in the US, where rain is expected after a record drought. In Thursday commodity funds on the CBOT sold off contracts for both agricultural commodities
- Wheat contracts rose on the prospect of continued drought in the Great Plains area, with the market expecting lower US grain exports. The increase was also supported by estimated lower harvests in China and Argentina and the risk of Russia's failure to extend the Black Sea grain agreement
- Oil ends this week in mixed moods but Brent is still above 73 USD per barrel. NATGAS soars almost 6% to 2,76 USD per mmbtu
- Cryptocurrency market sentiment is great, with BITCOIN soaring to new this year's highs above $31,000. BITCOINCASH extends the rally and gains nearly 30%. The market is positive about institutional interest in Bitcoin ETFs. On the other hand, however, BINANCECOIN is reducing some of the gains in the face of the announcement of an order to halt cryptocurrency offerings in Belgium.
US30 stepped back from main resistance zone at 35,000 pts but is still much above trend line and 23.6 Fibonacci retracement of the upward wave from March 2020. Source: xStation5
