Geopolitical News Influence Markets
Russian-Ukrainian conflict is influencing every economic aspect…
Market news on May 26: S&P 500 passed 3000
Let’s look at main movements on the market today on May 26.
S&P 500 surged
First of all, S&P 500 passed the 3000 mark! The market sentiment is really risk-on today. It’s mainly based on recovery dynamics and potential drug developments. S&P 500 is headed to the next retracement level at 3110. Support levels are at 2960 and 2815.
GBP is moving up
Nevertheless, tensions between Washington and Beijing remain in focus as the USA added 33 Chinese entities to a trade blacklist without warning. It’s better to keep an eye on future developments in their relationship.
But, US-China disputes fail to weigh on risks as Donald Trump hasn’t yet pronounced the last word on the Hong Kong issue. The UK Prime Minister Boris Johnson announced the opening of all non-essential shops from June 15. All this played well for the British pound. It has just crossed the retracement level at 1.2265. Now it’s heading to 1.2315. Support levels are 1.22 and 1.216. However, analysts have bearish scenarios for pound in the long-term. Reasons are the end-June deadline to extend the Brexit transition period and the possibility of negative interest rates in the UK.
Oil demand is recovering
Let’s move on to the oil market. The WTI price approaches the retracement level at 35. The head of the International Energy Agency forecasted that the oil market will recover even before the global pandemic. According to him, the oil demand will rebound to its pre-crisis level in the absence of strong government policies, a sustained economic recovery and low oil prices. If the price breaks through 35, it will go further to 37.5. Support levels are 27 and 23.
Similar
What will move the market on February 14-18?
Last week was very interesting for the markets, as we saw the releases of the US Inflation and Disney’s earnings report. So let's see what we should await this week!
What will move the market on January 31-February 4?
The volatility that the markets experienced last week promises the second tidal wave! What should your favorite assets anticipate during the first week of February?
Latest news
What’s New with Australian Unemployment Rate?
The Australian Bureau of Statistics will announce the updated Unemployment Rate and Employment Change data on Thursday, May 19, at 04:30 MT.
Can the UK CPI surprise?
The UK Office for National Statistics will publish Consumer Price Index (CPI) data on Wednesday, May 18, at 09:00 MT.
The US Retail Sales Update
The US Census Bureau will announce Core Retail Sales and Retail Sales on Tuesday, May 17 at 15:30 MT.
