Support
European stocks and US Futures lower
Recession fears takeover market sentiment
FTSE plunges to $7,862
Gold attempts to recoup losses
European Markets
The DAX reversed gains from yesterday’s session this Thursday, falling below the $15,600. The UK’s FTSE 100 fell 0.6% down to $7,862.
Sentiment in Europe was quite shaken up after Powell’s 2-day hawkish testimony on the future path of interest rates. In Addition to on going investigation on Credit Suisse by the SEC (US Securities and Exchange Commission) on the technical assessment of their 2019-2020 cash flow statements. The Banks stock dropped 3%, effecting the financial sector.
Commodities
Gold prices inched higher trying to recover losses hovering near $1817.
Oil prices continued to drop for the third day, with Brent losing 0.4% near $82.32. While WTI drops to $76. Oil prices continue to be affected negatively by the future path of interest rates.
US Futures
Markets now focus on Fridays Non-Farm employment claims which will be a catalyst to stock market movement at the end of the trading week.
US futures were in the red despite yesterdays close in the green territory. However, markets continued to show slight inactivity awaiting for further clues on the labor market and the next FOMC meeting.
