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MARKET WRAP: Stocks Moved Higher On Trade Hopes

Investors remained hopeful that Trump may avoid further escalation with China and this pushed the markets higher

Stocks

  • The S&P 500 Index is set to record the best month for 2019, the index jumped 0.40% as of 15:40 London time.
  • The Stoxx Europe 600 Index moved back into positive territory and recorded gain of 0.05%.
  • The MSCI Emerging Market Index remained mostly positive but recorded gain of 0.08%.

Currencies

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  • The Bloomberg Dollar Spot Index continued its move to the upside despite some weaker US GDP number. It climbed 0.01%.
  • The Euro reacted to the German Inflation number which remained at 0.3%. The currency dropped by 0.18% to $1.1363.
  • The British pound  failed to move higher despite hopes of no deal Brexit isn’t likely to happen. The currency fell 0.09% to $1.2686.
  • The Japanese yen dipped 0.16% to 107.85 per dollar.

Bonds

  • The yield on 10-year Treasuries fell one basis points to 2.04%.
  • Germany’s 10-year yield dropped by one basis point to -0.31%.
  • Britain’s 10-year yield climbed two basis point to 0.833%.

Commodities

  • West Texas Intermediate crude remained sensitive to Iran related news and gained 0.05% to $59.42 a barrel.
  • Gold price dropped maintained its price above the critical level of 1400. It traded mostly in negative territory and dropped 0.60%.

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