Nike has dropped to lows unseen since November of 2020 as it faces a boycott in China over Xinjiang's cotton issues.
EU markets start higher
On Wednesday, European markets started higher because hawkish comments by Fed Chair Janet Yellen drove market sentiment.
The EURO STOXX 50 ascended 0.66%, Germany’s DAX 30 gained 0.48% and France’s CAC 40 rallied 0.26%.
In Tuesday’s speech Fed Chair Janet Yellen told that the Fed needs to keep raising rates gradually notwithstanding uncertainty regarding the path of inflation.
Meanwhile, market participants started accepting the fact that German Chancellor Angela Merkel is going to have months of coalition negotiations to form a stable government.
Political risk in Spain is still actual, with the Catalan authorities intending to hold a referendum on whether to break up with Spain on Sunday notwithstanding opposition from the Spanish government.
In general, financial equities grew because French lenders BNP Paribas and Societe Generale rallied 0.45% and 0.29% respectively. At the same time Commerzbank and Deutsche Bank soared respectively 1.17% and 1.24% in Germany.
FTSE 100 jumped 0.44% in London.
Chinese stocks were pressed by the US plans to kick them off US stock exchanges. Alibaba has already plunged by 4% in pre-market hours.
Bitcoin skyrocketed 5% after Tesla’s founder Elon Musk officially announced it will accept the cryptocurrencies as payment.
US retail sales will be out on Thursday, April 15, at 15:30 MT. It is a significant release for traders as it will impact the US dollar.
As the earnings season kicks in, JPMorgan is the first to impress us with the better-than-expected data!
The Reserve Bank of New Zealand will hold a meeting on Wednesday, April 14, at 05:00 MT.