Global stocks recorded the worst weekly slump since February. Share market on Friday ended in the green, with the Dow Jones rose 1.1% and the S&P 500 rose 1.5%. Nasdaq climbed 2.3% as growth and tech stocks rebounded. Futures in Australia, Hong Kong, and Japan all pointing higher on Monday morning after easing commodity prices and concerns on rising inflation ease upon softer US data.
US yields fell on Friday after weaker-than-expected US April retail sales data. 10-year yields fell by 3 points and eased near 1.635%. US 2-year yields fell by 1 point to near 0.15%.
FX trading is steady on early Monday. the US dollar was weaker against major currencies on Friday according to ZERO Markets’ MetaTrader 4 platform. EUR/USD rose from lows near 1.2094 to highs around $1.2145. AUD/USD rose from lows near $0.7728 to highs around $0.7786.
Global oil prices rebounded by 2.5% on Friday on the back of equities recovery and a weaker dollar. Brent crude rose by 2.5% to $US 69.71 a barrel.
Precious metals trading on Thursday saw gold rose by 0.8% to near $US1838 an ounce. Iron ore prices plunged by 10% off the highs by 10% $209.35 a tonne amid efforts by China to clamp down on surging prices.
Lastly, cryptocurrency trading declined to the lowest level near $45,000 since February after Elon Musk implied on Twitter Sunday that Tesla may sell or has sold its cryptocurrency holdings.
Key events this week:
- China industrial production, retail sales data (Monday)
- RBA minutes (Tuesday)
- Fed minutes (Wednesday)
- Australia employment data (Thursday)
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