Skip to content

XTB TRADEBEAT

US equities seem exhausted, attention turns to G7 summit

Summary:

  • US equities do not seem eager to maintain rally

  • Japanese yen trades as the best G10 currency as investors shift to less risky assets

  • The outcome of the G7 summit starting today in Canada may shake the markets

US equities post minor declines during the final trading session of the week. All three major indices from Wall Street trader lower on the day with Nasdaq being a subject to the biggest decline. Speaking of Nasdaq index Monster Beverage surges on the analysts’ positive review of the yesterday’s shareholder meeting.

Taking a look at the headline reading one could say that the Canadian labour market report for May was disappointing. A drop of 7.5k in total employment was probably the main cause of the initial weakness of the CAD as the details of the report do not look bad at all.

Two the German companies, Deutsche Bank and Allianz, have partnered with car exchange Auto1 and set up a company called “Auto1 Fintech”. The Auto1 exchange buys used cars from individuals and resells them to the car dealers.The aim of new entity is to offer car financing through blockchain technology.

Asian trading is bringing quite massive falls across equity markets even as Wall Street closed yesterday little changed while there is more talk about a possible RRR cut in China.However, the trade data from China was in the spotlight, and even as a trade surplus declined in May in general, all eyes were turned to a balance with the US, and it even widened.

Investors have been recently equipped with some reasons to be more wary of buying riskier assets among these reasons one may single out the G7 summit kicking off today in Canada as well as the trade data from China which, again, wreaked havoc across the board.

 

Disclaimer

This article is provided for general information purposes only. Any opinions, analyses, prices or other content is provided for educational purposes and does not constitute investment advice or a recommendation. Any research has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such is considered to be a marketing communication. Any information provided does not have regard to the specific investment objectives, financial situation and needs of any specific person who may receive it.

Past performance is not necessarily indicative of future results, and any person acting on this information does so entirely at their own risk, we do not accept liability for any loss or damage, including without limitation, any loss of profit, which may arise directly or indirectly from the use of or reliance on such information.