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DAILY MARKET REPORT

Global markets are trading mixed on Tuesday as investors are concerned about the increasing number of COVID infections. Ireland and Wales became the first countries on the continent to re-enter lockdown as the number of people who have died from Covid-19 in Europe passed 250,000.

DAILY MARKET REPORT

Global markets are trading mixed on Tuesday as investors are concerned about the increasing number of COVID infections. Ireland and Wales became the first countries on the continent to re-enter lockdown as the number of people who have died from Covid-19 in Europe passed 250,000. Ireland’s total COVID-19 cases confirmed since the crisis began to have just topped 50,000 — a quarter this month alone. Infections are exceeding 260 per 100,000 people over the past two weeks.

EQUITIES

Wall Street ended lower on Monday due to the lack of stimulus measures in the US. The Dow Jones Industrial Average fell 1.44%, the S&P 500 dropped 1.63% and the Nasdaq saw a steady decline of 1.65%.

OIL

Crude oil prices ended lower on Monday as investors' concerns about fuel demand recovery as rising coronavirus cases led to renewed restrictions in several countries across the globe.

CURRENCIES

In the currency market, The British pound trades slightly lower on post-Brexit uncertainty. The UK government said that talks with Chief EU Negotiator Michel Barnier were constructive, but there was still no basis to resume official negotiations. Meanwhile, the UK PM spokesman warned: The UK continues to believe there is no basis to resume talks unless there is a fundamental change of approach from the EU.  

GOLD

Gold price trading lower on fading hopes for a pre-election US stimulus. US house speaker Pelosi’s spokesman said she held talks with treasury secretary Steven Mnuchin Monday and would do so again Tuesday.        

Economic Outlook

On Monday, US Federal Reserve Chairman, Jerome Powell said “We do think it’s more important to get it right than to be first and getting it right means that we not only look at the potential benefits of a central bank digital currencies (CBDC) but also the potential risks,”

On the earnings front, IBM (NYSE: IBM) shares fell more than 2% after-hours trading on Monday after the company Q3 revenue reported a 2.5% decrease from the prior year.

On Tuesday, during the Asian session, the reserve bank of Australia released the last meeting minutes. RBA said its monetary policy tools have become more complex in supporting the economy through the pandemic. and the bank sees a need to further support the economy through various channels.

Moving ahead to the North American session the important economic events to watch the U.S. Building Permits, Housing Starts, and Fed's Quarles speech.

Coronavirus update:

Globally, the number of people infected with the coronavirus across the world surpassed 40.4 million, of which at least 1.11 million people have died and 27.7 million have recovered, according to data released by the Johns Hopkins University.

 

Technical Outlook

EUR/USD: The currency pair climbed to a fresh weekly high of 1.1815 boosted by the weak dollar.

euraud

The important levels to watch for today: Support- 1.1790 and 1.1760 Resistance- 1.1820 and 1.1840.

GOLD: The yellow metal trades above $1900 on Tuesday after the price fell to a fresh weekly low of $1894 during the previous session.

gold neww

The important levels to watch for today: Support- 1900 and 1890 Resistance- 1912 and 1918.

Quote of the day: Remember, your goal is to trade well, not to trade often- Alexander Elder.

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DAILY MARKET REPORT

DAILY MARKET REPORT

Shares of the computer company Dell Technologies (NYSE: DELL) advanced 12% in extended trading on Thursday after the company reported upbeat first-quarter earnings results. The company posted record revenue and operating profit in the first fiscal quarter.

DAILY MARKET REPORT

DAILY MARKET REPORT

US Federal Reserve released the minutes from their last policy meeting on Wednesday. The Fed’s meeting minutes indicated that the US central bank will likely raise interest rates by 50 basis points at its next two meetings in June and July.

DAILY MARKET REPORT

DAILY MARKET REPORT

Germany released stronger-than-expected gross domestic product data. The GDP increased 0.2 percent on quarter in the first three months of 2022, recovering from a 0.3 percent contraction in the previous period.

DAILY MARKET REPORT

DAILY MARKET REPORT

Shares of the video-chat company Zoom video communications (NASDAQ: ZM) bounced more than 10% in Monday's after-hours session after the company announced better-than-expected first-quarter financial results. Zoom also provided profitability guidance for the current quarter and full year.