Financial Market Headlines – 18/7/2018
- The S&P 500 rose 0.4% yesterday as gains in Materials and Technology stocks offset losses elsewhere.
- Technology stocks initially traded lower in the session following a disappointing earnings report from Netflix. Netflix shares dropped 15% at one point before rebounding throughout the day to settle 5% lower. Amazon shares touched a fresh all-time high.
- Federal Reserve Chairman Jerome Powell gave a positive assessment of the US economy during his semi-annual congressional testimony, indicating that gradual interest rate increases were warranted.
- European equities also closed higher yesterday. The Euro Stoxx 50 index gained 0.2%, the German DAX index rose 0.8% and the French CAC settled 0.2% higher.
- In the UK, the pound pared losses after PM Theresa May won a close vote over pro-Europe Tories who want the option of staying in the EU’s customs union.
- On the economic data front, UK and Euro-Area inflation data is due to be released today.
- Asian stocks traded mixed overnight. Japanese equities gained 0.4% while their Chinese counterparts settled marginally lower.
Equity/Bond/Currency & Commodity Market Performance