Abstract:Global markets have been substantially risk-off since the Bank of England (BOE) highlighted concerns about double-digit inflation and the resulting economic issues on Thursday.
As of Thursday, Global markets turned heavily risk-off late after the Bank of England (BOE) raised concerns of double-digit inflation and economic challenges emanating from the same. The headlines were not only detrimental to the Sterling but also renewed fears that the prices pressures will push Fed toward faster rate hikes, which in turn allowed the greenback to reverse the post-Fed losses.
The risk-aversion wave drowned Wall Street and negatively affected the prices of gold, as well as Antipodeans. Brent oil, however, managed to stay firmer amid headlines from OPEC+ and Europe. Cryptocurrencies also plummeted as traders leave the riskier assets in search of the US dollar.
The condition remained downbeat during early Friday with eyes on the monthly jobs report from the US and Canada, as well as any confirmations on how inflation will push the Fed towards more than 50 bps of rate hikes.
Below are the list of major assets latest performances:
• Brent oil prints three-day uptrend around $111.00.
• Gold extends the previous days losses below $1,900.
• USD Index stays firmer around 103.60 after refreshing two decade high.
• FTSE 100 print mild losses while DAX and EUROSTOXX50 drop around 1.2% each.
• Dow Jones and S&P 500 slumped 3.12% and 3.56% respectively while Nasdaq nosdived almost 5.0%.
• BTCUSD and ETHUSD both remain pressured around the lowest levels since February, close to $36,000 and $2,700 in that order by the press time.
UN report reveals Asian scam operations expanding globally, targeting Africa, Latin America with cyberfraud, generating billions amid crackdowns.
PrimeXBT introduces stock CFDs, allowing trading of major US stocks like Amazon, Tesla, and MicroStrategy with crypto or fiat margin options.
TRADE.com UK sold to NAGA Group for £1.24M after a 65% revenue drop and £346K loss in 2024, marking NAGA's UK return.
The yen's breakout above the 140 mark has caught global attention, and the reasons behind it are more than technical.