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Alphaex Capital Daily Market Brief

22/06/2018

US Equity Markets stocks fell on Thursday with the Dow falling for an eighth straight decline as industrials traded lower again on trade war concerns while Amazon and other online retailers weakened after a U.S. Supreme Court ruling on state sales tax collection. The S&P 500 lost 0.63%, to 2,749.76 and the Nasdaq Composite fell 0.88%, to 7,712.95. Caterpillar lost 2.52% and Boeing fell 1.5%, with the S&P industrials off 1.19% and on track for their seventh fall in eight sessions.

Asian Equity Markets the benchmark Nikkei 225 closed lower by 0.75%, with losses seen across most sectors. Automaker stocks were down 1.89% in early trade. Hong Kong’s Hang Seng Index traded lower by 0.53%, with all sectors except telecommunications in negative territory.

Forex Markets the US dollar fell from an 11-month peak against a basket of major currencies as investors took profits in early Asian trade on Friday, while sterling rebounded from a seven-month low after a slightly hawkish tilt from the Bank of England surprised the market. The EUR/USD rebounded from a fresh 11-month low of $1.1508 it hit overnight after testing technical support in the $1.15 area. It last traded $1.1614, up 0.1% on the day. The USD/JPY was little changed and last traded 109.95.

Commodities Markets oil prices increased by more than 1% on Friday, pushed up by uncertainty over whether OPEC would manage to agree on a production increase at a meeting in Vienna later in the day. Brent crude oil futures were at $74.04 per barrel, up 99 cents, or 1.4%, from their last close. U.S. West Texas Intermediate (WTI) crude futures were at $66.49 a barrel, up 95 cents, or 1.5%. OPEC is meeting together with some non-OPEC members including top producer Russia at its headquarters in the Austrian capital to discuss output policy.

Bond Markets U.S. Treasury yields fell on Thursday on worries about a continuing U.S. trade battle with China.  Benchmark U.S. 10-year note and 30-year bond yields have fallen in two of the last three sessions as U.S.-China trade tensions increased. U.S. 10-year yields fell to 2.904 percent, from Wednesday’s 2.928 percent. U.S. 30-year yields slid to 3.05 percent, compared with 3.064 percent on Wednesday. On the short end, U.S. two-year note yields slipped to 2.545 percent, from 2.562 percent late on Thursday.

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Risk Warning

Trading carried a high level of risk to your capital. Losses can exceed deposits. Please read the full risk warning here

Trading spot foreign exchange and futures on margin carries a high level of risk and may not be suitable for all investors. You may lose all your capital. Loses can exceed deposits. Past performance is not indicative of future results. The high degree of leverage can work against you as well as for you. Before deciding to invest in spot foreign exchange or futures you should carefully consider your investment objectives, level of experience, and risk appetite. If you are in any doubt about investment or the mechanics of such products, you should seek independent financial advice.

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