MARKET ANALYSIS 23/05/2017

Terrorist attack shocks the UK
A deadly attack during a concert in Manchester sent shockwaves through Britain. Following the attack, UK politicians agreed to suspend their election campaigning until further notice, despite the election taking place in two weeks.
 
Today’s highlights: Global markets seen mixed
·         Wall Street closes higher: All three major indices closed in the green yesterday. The Nasdaq (NSDQ100) led the way, registering gains of 0.82%.

 

·         Asia seen lower: Leading indices were trading in the red this morning. The Nikkei, China50 and ASX 200 all registered losses in early trading.

 

·         Oil prices slip: Despite an expected announcement that OPEC and other major producers will extend the production cut by 9 months, oil prices were lower this morning. Goldman Sachs issued a statement saying that while the production freeze should normalize the market by early 2018, the global glut could return later next year.

 

·         Cryptocurrencies retreat from all-time highs: After both Bitcoin and Ethereum climbed to new records yesterday, they reverted to losses. However, both were still maintaining relatively high price levels and seen climbing back this morning.

 

·         Euro nearing six-month high: The EU’s currency showed gains against many of its major peers, including the US Dollar and British Pound.

 

·         Europe opens mixed: The FTSE opened 7 points higher, while the DAX and CAC opened 1 and 2 points lower respectively.

 

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