European Equity Market Handover: “Difficult Times” Keep Stocks Marching Lower
Ken Odeluga | May 23, 2019 08:23
Stock market snapshot as of [22/5/2019 4:53 PM]
- China’s President Xi Xinping has urged the country to prepare for a “a new Long March” with “difficult situations”, an unsubtle and pessimistic assessment of the prospects that a trade agreement could be made with the United States anytime soon
- But Xi will still meet U.S. President Donald Trump in June, according to Treasury Secretary Steven Mnuchin. The comment cushioned the latest fall by U.S. stock markets, as they track European indices in a confirmed declining trend
- The DAX and the FTSE at least, managed to seize small gains into their closes
Corporate News
- The S&P’s Information Technology sector remains among the weakest, but ‘Communications’ – more commonly known as Facebook (NASDAQ:FB), Alphabet (NASDAQ:GOOGL), Twitter and TripAdvisor – outshone all, with strong gains.
- The stay of execution for Huawei (till August) which in turn allows it to continue using Alphabet’s Android operating system, wafts some calm across the consumer Big Tech space
- Outperforming software shares also helped advance software stocks on Germany’s DAX
- But there’s no doubt these remain nervy times. Also, badly timed times for Qualcomm (NASDAQ:QCOM), the giant maker of 5G chips which are at the heart of it all. A U.S. judge ruled that it violated antitrust laws, adding more weight to its shares. They were down 8% just now
- Oil shares fared worst among U.S. industrial indices after crude prices accelerated earlier declines. Official U.S. weekly inventories showed the biggest builds in the Midwest and Gulf Coast regions since 2017. July crude futures traded about 2% lower
Upcoming corporate highlights
"Disclaimer: The information and opinions in this report are for general information use only and are not intended as an offer or solicitation with respect to the purchase or sale of any currency or CFD contract. All opinions and information contained in this report are subject to change without notice. This report has been prepared without regard to the specific investment objectives, financial situation and needs of any particular recipient.
Get The App
Any references to historical price movements or levels is informational based on our analysis and we do not represent or warrant that any such movements or levels are likely to reoccur in the future. While the information contained herein was obtained from sources believed to be reliable, the author does not guarantee its accuracy or completeness, nor does the author assume any liability for any direct, indirect or consequential loss that may result from the reliance by any person upon any such information or opinions."
Original post
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.