Archives of “May 29, 2020” dayrss
For the week major indices close sharply higher
The major indices are closing the day lower with the UK’s FTSE 100 leading the way to the downside:
- German DAX, -1.6%
- France’s CAC, -1.5%
- UK’s FTSE 100, -2.5%
- Spain’s Ibex, -2.3%
- Italy’s FTSE MIB, -0.7%
For the week, the major indices closed sharply higher with the France’s CAC and Spain’s Ibex leading the way:
- German DAX, +4.7%
- France’s CAC, +6.13%
- UK’s FTSE 100, +1.2%
- Spain’s Ibex, +6.3%
- Italy’s FTSE MIB, +5.2%
Looking at the daily chart for the German DAX, the index moved above its 100 day moving average for the 1st time since February 24 this week. That moving average currently comes in at 11559.22. The price is closing above that level trading today giving a more positive bias despite the declines on the day.. The low today in the German DAX reached 11575.74 – above that key moving average level.
Canada first quarter GDP
- Prior was +0.3% (unrevised)
- -2.1% q/q drop
- Sharpest drop since Q1 2009
- Household spending -2.3% in Q1, worst ever
- Exports -3.0%
- Imports -2.8%
- Inventories -$3.7B
- Full report
There’s nothing surprising in this report. Q2 is going to blow away the numbers we see here, especially with so much of Canada still locked down.
Trump tweets out more criticism against Twitter
Twitter is doing nothing about all of the lies & propaganda being put out by China or the Radical Left Democrat Party. They have targeted Republicans, Conservatives & the President of the United States. Section 230 should be revoked by Congress. Until then, it will be regulated!
And so the drama continues to unfold. Once again, just be mindful of the situation here in case it creates further negative spillovers for tech stocks in general.
Comments by the Chinese foreign ministry
- Says that China opposes US actions, calls it ‘pure nonsense’
- Urges US to stop frivolous political manoeuvres
China continues to repeat the same message as it has been doing when it comes to Hong Kong and the US, so there’s nothing new in this.
All eyes will now be on US president Trump and his announcement later today. As such, we can expect the market to be more defensive amid the stirred tensions for the time being.
Japanese stocks recover to end the day closer to flat levels
The market is keeping more cautious but any hints of a major risk-off play remains at bay for now, with investors all still waiting on US president Trump’s announcement on China that is to come later in the trading day.
Despite the slightly lower finish, it was still a solid week for the Nikkei as it gained by a little over 7% in trading this week.
Elsewhere in the region, the Hang Seng is currently down by 0.6% while the Shanghai Composite is up by 0.1%; both also off the lows posted earlier in the session.
Looking to the currencies space, the dollar continues to trade lower as the euro breaks higher above 1.1100. USD/JPY is also being pressured closer towards 107.00 currently.
Auto output fell 33% in the month.
- largest m/m fall since 2013 (based on comparable data)