This week the high inflation fears will dominate the market sentiment once again.
The Commission’s economic sentiment indicator for the 19 countries sharing the euro rose to 105.1 in May from 103.9 in April, beating market expectations of no change.
Services sentiment improved to 12.2 from 11.8, beating expectations of a decline to 11.0 and the mood in industry defied expectations of no change to rise to -2.9 from -4.3. The index for consumers rose to the expected -6.5 from -7.3.
But separately, the Commission’s business climate indicator, which helps point to the phase of the business cycle, continued to fall, declining to 0.30 in May from 0.42 in April, well below market expectations of a decline to 0.40.
DAX reacted negatively on this news with the correlation of S&P 500. The market is now moving by the bottom (support) trendline and if we saw a breakdown, there would be a big probability of bigger price drop.
This market news has only informative purpose and can not be consider as investing advice. While you trading, we recommend you to keep tight your money and risk management.
EURGBP slumped to a fresh 1.5 year low of 0.8421. For this week, the key support area is around 0.8400.
Shares of Gambling and resorts giant MGM Resorts (NYSE: MGM) rallied more than 9% on Tuesday and climbed to a fresh 52-week high of $48.94.
The world's largest pizza chain Domino's Pizza (NYSE: DPZ) is set to announce its third-quarter 2021 financial results on Thursday, Oct. 14.