Daily market update 24/5: #2
US markets will open this morning on the heels of fresh all-time highs reached last Friday, as both the S&P500 and NSDQ100 indices closed at record levels. The recent boost was caused by positive earnings reports released by key companies such as Google and Starbucks. The latter also recorded an all-time high, joined by several other stocks, including Microsoft, McDonald's and BeyondMeat.
The cryptocurrency market was volatile over the weekend, repeatedly rising and falling. After falling below the $10,000 mark on Friday, Bitcoin climbed above it on Saturday, only to fall to as low as $9,200 the next day, then finally recovering to around $9,600 at the time of writing.
Markets in the East were on the decline this morning, as the HKG50 index was down more than 1.5% at the time of writing, joined by the China50 and JPN225 indices. The losses are attributed to negative market sentiment surrounding the upcoming trade talks between US and China, which will restart later this week.
After closing in the green on Friday, oil prices were once again on the decline this morning, as concerns of a global economic slowdown weighed on markets.
Several key central banks will be announcing rate decisions this week, impacting their respective local markets and the global market. Tomorrow, the Bank of Japan will announce its rate decisions, followed by the Fed's rate decision on Wednesday and the Bank of England on Thursday.
The UK100 opened nearly flat, while the GER30 and FRA40 opened 27 and 18 lower, respectively.
