Asian Markets Remain Mixed, Crude Falls While Eurozone Economic Growth Outlook Downgraded - Global Markets Today While US Was Sleeping
Portfolio Pulse from Akanksha Bakshi
US markets ended higher on Friday, September 8, driven by energy stocks following the decision by Saudi Arabia and Russia to extend supply cuts. However, key indexes saw weekly declines due to investor concerns over interest rates and upcoming US inflation data. Asian markets were mixed, with Japan's Nikkei 225 and Hong Kong's Hang Seng falling, while Australia's S&P/ASX 200 and China's Shanghai Composite rose. The European STOXX 600 index, Germany's DAX index, France's CAC 40, and the U.K.'s FTSE 100 all traded higher. The European Commission downgraded the Eurozone's economic growth outlook due to high inflation and Germany's recession. Commodities saw crude oil and natural gas fall, while gold, silver, and copper rose. US futures and the U.S. Dollar Index were down.
September 11, 2023 | 11:13 am
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POSITIVE IMPACT
Gold was trading higher, which could positively impact the SPDR Gold Shares ETF.
The increase in gold prices could positively impact the SPDR Gold Shares ETF, which tracks the gold spot price.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80
NEUTRAL IMPACT
The S&P 500 saw a weekly decline of 1.3% due to investor concerns over interest rates and upcoming US inflation data, but ended Friday with a 0.14% increase.
The S&P 500's performance was influenced by investor concerns over interest rates and upcoming US inflation data. However, it managed to end Friday with a slight increase, indicating a mixed impact.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80
NEGATIVE IMPACT
The Eurozone's economic growth outlook has been downgraded by the European Commission, which could negatively impact the euro.
The European Commission's downgrade of the Eurozone's economic growth outlook due to high inflation and Germany's recession could negatively impact the euro.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 90
NEGATIVE IMPACT
Crude Oil WTI was trading lower, which could negatively impact the United States Oil Fund.
The decrease in Crude Oil WTI could negatively impact the United States Oil Fund, which tracks the price of West Texas Intermediate light, sweet crude oil.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80