Technology companies fall on fears of new sanctions on China
The UK labor market report was mixed. In the three months to May 2024, the number of people employed in the United Kingdom rose by 19,000 after falling by 139,000 in the previous period and exceeded market estimates. This marked the first rise in job creation in the three months to December 2023. Average weekly earnings, including bonuses in the UK for the three months to May 2024, rose 5.7% year-on-year to £689 a week, down 5.9% in each of the previous two periods and in line with estimates of 5.7%.
WTI crude oil prices climbed above $83 a barrel on Thursday, extending gains from the previous session, thanks to a larger-than-expected drawdown in US crude inventories. According to the EIA, the US crude oil inventories fell by 4.87 million barrels in the week ended July 12, marking the third straight week of decline and exceeding the market estimates for a 0.8 million barrel decline. It is the longest stretch of inventory declines since September.
Asian markets traded mixed yesterday. Japan’s Nikkei 225 (JP225) was down 0.43%, China’s FTSE China A50 (CHA50) added 0.46%, Hong Kong’s Hang Seng (HK50) was up 0.06% and Australia’s ASX 200 (AU200) was positive 0.73%.
Australia added more jobs than expected in June amid strong job openings and a high participation rate, although the unemployment rate rose to 4.1% from 4%. The Reserve Bank of Australia is expected to keep interest rates unchanged in August. Still, some traders continue to bet on another rate hike amid persistent inflationary pressures and a tight labor market. The RBA is also expected to ease policy much later than other major central banks.
S&P 500 (US500) 5,588.27 −78.93 (−1.39%)
Dow Jones (US30) 41,198.08 +243.60 (+0.59%)
DAX (DE40) 18,437.30 −80.73 (−0.44%)
FTSE 100 (UK100) 8,187.46 +22.56 (+0.28%)
USD Index 103.74 −0.53 (−0.51%)
News feed for: 2024.07.18
- Japan Trade Balance (m/m) at 02:50 (GMT+3);
- Australia Unemployment Rate (m/m) at 04:30 (GMT+3);
- UK Average Earnings Index (m/m) at 09:00 (GMT+3);
- UK Claimant Count Change (m/m) at 09:00 (GMT+3);
- UK Unemployment Rate (m/m) at 09:00 (GMT+3);
- Eurozone ECB Interest Rate Decision at 15:15 (GMT+3);
- Eurozone Monetary Policy Statement at 15:15 (GMT+3);
- US Initial Jobless Claims (w/w) at 15:30 (GMT+3);
- Eurozone ECB Press Conference at 15:45 (GMT+3);
- Eurozone President Lagarde Speaks (m/m) at 17:15 (GMT+3);
- US Natural Gas Storage (w/w) at 17:30 (GMT+3).
This article reflects a personal opinion and should not be interpreted as an investment advice, and/or offer, and/or a persistent request for carrying out financial transactions, and/or a guarantee, and/or a forecast of future events.
